Keeping up with fintech never ends
Credit unions are devoting a substantial portion of their operational budgets keeping up with financial technology. At last month’s CU Leadership Convention in Las Vegas, Credit Union Journal asked attendees two questions: What will be your next big fintech purchase in the coming one year to five years? And, if you had an unlimited budget, what fintech tool would you buy for the credit union? Read on to find out what your fellow credit unions are shopping for.
Doug Hallstrom, president and CEO of $315 million-asset Minnco CU, Cambridge, Minn.
I would like to employ a new member onboarding platform. We need to get past being transactional and get more conversational with our new members.
With an unlimited budget I would get biometrics – especially facial recognition. It would be great to have a system that is unobtrusive, but when the member walks up to the counter we know them.
Michael Filla, president and CEO of $100 million-asset First Financial CU, Skokie, Ill.
Actually, we just launched a new lending platform, so that is our next big fintech purchase.
I am relatively new to credit unions – about 5 years now – and what I have discovered is there is no such thing as a core operating system. By that I mean what I have a vision for is not offered by anyone. The core system needs to be more comprehensive. I should be able to do so much more. For example, collectors’ notes and tellers’ notes are not in the same place – they should be.
Doris Richardson, president and CEO of $50 million-asset Baton Rouge City Parish FCU, Baton Rouge, La.
We are a small credit union, so our next investment will be in being able to offer an instant issue debit card. We just purchased a new core system, so that was big.
If I could get anything I would get automation for the tellers. I still want tellers so we can have a personal touch, but sometimes tellers need help with tasks such as balancing.
Thad Angelle, president and CEO of $301 million-asset MCT Credit Union, Port Neches, Texas
Our focus is making sure all of our technology is functioning well and meeting our members’ needs. We will continue to upgrade offerings such as person-to-person payments and remote deposit capture, and one major focus is making sure our mobile app is user friendly – those are not always easy to use. If the app doesn’t give the right information to the members, the members won’t use the app. Technology change is happening so fast it is difficult to keep up. If we didn’t have a mobile app, millennials wouldn’t use us.
I already look at technology as if I have an unlimited budget. If I am going to stay viable, I have to stay up to date. And, we have to protect the members’ information.
Date: August 15, 2019
Source: Credit Union Journal