It wasn’t that long ago that digital banking was a standalone function – enabling your members to securely perform a few basic transactions online, rather than coming into the branch. In musical terms, it would have been called a solo act – performing simple functions of convenience and efficiency, not dissimilar to your members’ experience at the ATM.
Fast forward to 2020, and the expectations for digital banking have grown exponentially – requiring both cutting-edge security and integrated, mobile-driven features that delight your members. It can no longer be a solo act; it’s become a central and impactful channel for your credit union.
The pace of digital banking
Ritesh Andley, Product Manager, Fintech and Client Solutions Development at Celero, likens today’s digital banking platforms to being the conductor of an orchestra – it unifies key banking functions and sets the tempo for the member experience.
“Just like in an orchestra, where it’s impossible for the conductor to play all the instruments, it’s impossible for a credit union to build every necessary digital banking capability in-house,” Ritesh says.“
There’s an urgency to deliver new functions in digital banking and to keep up with the rapidly evolving world of fintech. To delay the pace of delivery for the want of reinventing the wheel in-house, can be a costly mistake in today’s fast paced digital landscape,” he adds.
Harmonizing your digital banking and integration roadmaps
Ritesh says that credit unions’ digital banking platforms can benefit from innovation that’s happening outside their existing digital banking ecosystem -- seeking partners by using a strategic, roadmap approach and developing an integration roadmap that is parallel to their digital banking roadmap.
“Digital banking itself should evolve as the vehicle on which fintech partner products can be continuously and seamlessly offered to your members,” he says.
Assessments of potential fintech partners must go beyond the right business model, geography and market readiness. Credit unions also should evaluate the integration of these capabilities into their digital banking framework through alignment in launching these capabilities with their digital banking strategy.
And gaining the attention of your members through marketing and other traction-driven strategies is essential in achieving the differentiation credit unions seekin their local markets.
“The focus is ensuring the partner ecosystem aligns with the digital banking roadmap, and the sustainability and ease of integration of these products into the platform, with the ultimate goal of enhancing your members’ experiences,” Ritesh adds.
Celero is a leading provider of digital technology and integration solutions to credit unions and financial institutions across Canada. Clients trust Celero’s proven track record delivering innovative banking technologies, digital and payment solutions, cloud computing, outsourcing, IT and advisory services.
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