Today more than ever it is important for Credit Unions to future-proof themselves to compete against digital banks and tech giants entering thefinancial institution space in the future. We now live in a time when members are influenced by likes of Netflix, Amazon and Uber and they demand similar experience from the Credit Unions.
Most credit unions are still running on the core systems which were designed back in 70-80s when there were no digital channels, and the only mode of the money moment was physical check which used to take 7 days to clear.
Outdated core systems are hindering the ability to of credit unions to drive digital transformation. Risks of not doing anything are far greater than perceived risk of the digital transformation. Many credit unions continue to use the disjointed solutions while delaying the core system upgrades. Credit Unions not only need core solution to meet members expectation today but also needs to be future ready as members expectations are constantly changing.
Listen to Milind Pathak, Senior Director at Finastra in partnerships with David Koscheski Director Industry Solutions, Financial Services and Josh Cook President/CEO of Community Choice Credit Union discuss why a cloud-based open core banking solution is more important than ever for driving innovations at credit unions.