What Your Payment Solutions and Ocean’s Twelve Have In Common

What Your Payment Solutions and Ocean’s Twelve Have In Common

Originally posted on CUInsight, Ashish Bhatia, VP Product Management for our Payment Solutions, discusses the need and importance of refreshing your infrastructure. 

When Check 21 came into law, financial institutions overhauled their back-end infrastructure to address new image-based mandates, leveraging the most cutting-edge capabilities at the time. Although flashy and new in 2004, a lot has changed since – a year when Ocean’s Twelve and The Incredibles were top movies and the television sitcom Friends signed off the air. It’s hard to believe that was 17 years ago, and likely around the time of your last payments infrastructure update.

As pop culture has transformed, so have consumer banking behaviors and market demands. The check is still a prominent banking instrument, although how consumers transact and leverage it has changed – blending self-service capabilities with in-branch transactions, bringing user experience and simplicity into focus. Individual applications have been deployed to address these trends, but as they age, internal data silos grow, the reliance on specialized IT teams persists, and overhead costs surge.

Isn’t it time to address these challenges with a new, revitalized approach?

Although checks volumes are declining, they are here to stay for the foreseeable future. Ensure your credit union is positioned for the next 17 years (and beyond) with an infrastructure that scales and flexes with the market by leveraging the cloud and a centralized, modern framework. Read on to learn more about ensuring your success – and survival – in the next phase of transaction processing.

  1. Establish a common infrastructure, deploy a single codebase, and save time, money, and resources.
    A consolidated cloud-based approach eliminates line of business siloes and transforms your credit union’s infrastructure into a modern payment’s hub. With just one environment to maintain across all channels, a single codebase allows for custom rule sets to be applied across the institution with an increase in efficiencies – even eliminating batch processing and file transfers between applications. Due to the centralized environment, support and maintenance costs decrease, along with the need for specialized IT teams. Every image or document is treated the same regardless of how or where it is captured – delivering consistency and transparency with fast access to actionable data for both line of business and executive management teams. Reduce your total cost of ownership and deploy new products and services faster by leveraging power of a single API and codebase – making sure your credit union is equipped to quickly address market trends and member expectations. Apply your time-savings to member-facing services!
     
  2. Deliver actionable data to all stakeholders, eliminating silos.
    Data has gone from a “hot topic” to one that is now commonplace – a topic that is linked arm-in-arm with a modernization approach due to its impact on business decisions. By breaking down business unit silos and deploying a single database and reporting dashboard, credit unions gain a clear and centralized view into all transactions, check fraud stats, user journeys, and more. As a result, better member services are deployed, and employees are more responsive in their member-facing engagements. Leverage role-based reporting to empower users throughout the credit union with fast access to critical data for strategic decision making, personalized campaigns, member education programs, and even product improvements.
     
  3. Guarantee transaction fluidity and a consistent UX across all channels.
    Legacy systems, aging processes, and fragmented channels no longer meet evolving member demands for simple, intuitive experiences. As consumer behavior continues to change with the inclusion of new self-service solutions, the need for consistent experiences across all channels is a must. A modern, cloud-based system consolidates all channels under the same, device-agnostic umbrella and delivers consistency across all full- and self-service solutions. Members benefit from the same look, feel, and functionality across all devices and in-branch engagements, ensuring member satisfaction no matter where or how they choose to transact.

Leverage the power of a centralized cloud.

Many banks and credit unions deploy a multitude of platforms to serve each point of capture, resulting in data inconsistencies, disjointed user journeys, and surging operational costs. Strategizing to find ways to maximize internal resources and investments, reduce costs, and deliver consistent but unique user experiences across all channels, are just a few important considerations for a sustainable future.

Built to support the needs of financial institutions of all sizes, Unify, Alogent’s patent-pending, cloud-based, enterprise payments platform, brings all full- and self-service channels together under a single, consolidated platform. Simplify image acquisition with a single API and centralized framework that can be deployed across the institution to deliver a consistent user journey, increased productivity, and a lower cost of ownership.

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