Third-Party Integrations That Make Your Credit Union Rock!
If you're like most credit unions, you're always looking for ways to improve the banking experience for your members. Third-party integrations can complement your core processing system and improve your staff and member experience. This blog post will discuss key integrations that can help take your credit union to the next level!
Everything revolves around your core.
A robust core processing platform is essential for any credit union. Your core connects to all other credit union banking functions and manages all transactions. Core processors can help you connect to third-party vendors, giving you the power to pick the best services for your members.
Head of the Class[es]
As a reference point, ESP partners with over 75 third-party vendors - that's a lot. The easiest way to wrap our heads around this plethora of integrations is to break them down into five broad classes:
Primary Financial Services
Member Services
Credit Union Services
Payment Processing
Paperless Solutions
Primary financial services are the most basic functions of the core. These services allow members to access their accounts, make basic transactions, and transfer money. They include web, mobile, and audio banking.
Member services are member-facing integrations that add extended functionality to your core's primary financial services. If you are looking to grow your credit union membership by attracting a younger demographic, the member services class of integrations is where you should start. Solutions in this class generally require members to be more tech-savvy and more confident in internet-based applications. These products include multi-factor authentication (MFA), online membership application, online loan origination, bill pay, remote deposit capture (RDC), and rewards programs.
Credit union services are integrations that are internal to the credit union. These "back office" applications are not meant for members, only your credit union employees. These integrations include shared branching, data analytics, credit bureaus, and managed detection and response (MDR).
Payment Processing is pretty straightforward; it covers ATM/Debit processing and automated clearing house (ACH) payments.
Paperless Solutions are those solutions that move paper documents into digital files that the core can access. This class of integrations is loved by both the credit union and its members. These solutions will increase productivity and eliminate the hassle of generating, storing and retrieving paper documents in the credit union. Storing sensitive documents in your core allows the credit union and members instant access to files. These integrations include e-statements, e-notices, e-receipts, digital documents, member imaging, and check imaging.
Summary
In conclusion, many different integrations can help make your credit union better. Each integration offers benefits that can help improve the experience for both your employees and your members.
We would like to share how our integrations can help your credit union meet and exceed your goals. Reach out to us for a no-pressure conversation at sales@espsolution.net.