Remaining Competitive In A Banking Market Filled With Disruption
Sustainable success requires continuous reinvention, adaptation, and a willingness to innovate.
Originally published on CreditUnions.com, Wendi Klein, Alogent's VP of Marketing, discusses the importance of how to remain competitive in today's banking market. Read the original article here.
The banking market is no stranger to disruption. Changing consumer behavior, combined with the entrance of new payment providers, and often aging back-office solutions, means credit unions must innovate if they want to remain competitive. Often with a focus on efficiency and member-services, institutions must put equal consideration on refreshing aging infrastructure to keep pace with new channels, devices, and third-party disrupters.
A payments modernization strategy is often multi-faceted as it extends across the credit union for maximum impact. Far gone are the days when each line of business operated in a silo - instead modern solutions streamline check processing workflows and enable omni-channel approaches with consistent member experiences.
These updated strategies and refreshed solutions enable credit unions to compete in today’s landscape, allowing members to bank when and how they want, but also ensuring the institution is positioned for the future with simplicity that lowers overhead, scalability and flexibility through the cloud, and data consistency across all channels.
Isn’t it time you considered a modern approach to check processing?
Channel and Platform Consolidation with an API Approach
Overhead and staffing concerns are abundant today, so why maintain legacy solutions that require specialized teams, custom code, and heavy costs? With many of these platforms aging, explore solutions that offer a standard infrastructure and an API approach. Simplify the check processing ecosystem and maximize internal resources and investments with just one environment to maintain. Benefit from a faster time-to-market for new offerings, managing a common code base and single API across all channels, while enabling members with a consistent UX regardless of where or when they bank.
Ensure Scalability and Innovation Potential with the Cloud
In addition to a centralized deployment mechanism, many aging solutions are installed on-premise, making growth, upgrades and maintenance a bit challenging. By adopting an agile approach and leveraging the cloud, you’ll immediately gain access to an environment that scales quickly and exponentially, enabling your credit union to achieve business goals when increased volumes, or new users and locations are needed. Ensuring your credit union can deploy features and services fast keeps you on the leading edge of innovation, positioned to compete with market disruptors and maintain your member-focused approach.
Eliminate Data Silos and Inconsistencies
A powerful tool for strategic decision making, data utilization is often linked hand-in-hand with payments modernization. Without a single database and reporting dashboard to aggregate your credit union’s data, you lack visibility and a true understanding of how each point-of-capture is performing, and insights into member engagement – such as feature adoptions, fraud stats, user journey insights, gaps in market adoption or education, and more. Leveraging data to better understand the needs of your members, and your credit union overall, is a key differentiator to better services and improved satisfaction rates.
Don’t be held back by staffing difficulties and the overhead required to maintain legacy solutions. Sustainable success requires continuous reinvention, adaptation, and a willingness to innovate – and the time is now.
Alogent’s patent-pending platform, Unify, is a modern, cloud-based offering for banks and credit unions and is the only solution of its kind that universally addresses all payment channels within a financial institution by using a single API. The productivity and cost-savings results are tenfold for banks and credit unions, as well as their customer and members.
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