The future of banks and credit unions is technology—technology to improve customer and member experience, and to enhance the “how” behind the what financial institutions do. No where was this more on display than at this year’s CUNA Governmental Affairs Conference (GAC), where more than 5,000 credit union leaders converged in the nation’s capital to discuss and learn about the latest trends and advancements in the industry.
GAC is one of the credit union industry’s leading conferences; a nexus for colleagues, collaborators, technology vendors, investors, lawmakers and others to talk about current issues and future goals. Between the sessions, events, and a keynote address from former President George W. Bush, there was great conversation and engaging topics of discussion. Every year, there are a couple of emerging themes that come from the conference and we wanted to reflect on the ones that we noticed in 2018.
1. Time Saving Solutions
Credit unions crave solutions that enhance their members’ journeys throughout the relationship lifecycle, regardless of the services or loans they use. Just as members want their credit union to provide holistic services, credit unions are similarly looking to their technology partners for equally holistic solutions.
A common problem is that there is just too much data to sift through and so much time has already been spent on creating existing data warehouses. Solutions and products need to be compatible with all core processor systems and be related to any credit union function. Being equipped with comprehensive data models is a necessary tool to decipher and discern meaningful insights; ultimately, credit unions need to connect the data points to tell the story that will best identify the ideal target members.
2. Ease of Execution
Everyone knows there’s an abundance of technology available today. But, with so much accessible at the tip of our fingers, the software and platforms used need to improve the experience for your members. It’s not just about having the tools, it’s about providing cutting-edge technology, coupled with an intuitive and efficient user experience. It’s no longer a nice to have – it’s a necessity to stay relevant in today’s competitive landscape.
3. Are You There, ROI?
For the past decade, our industry has been hunting Big Data, data analytics, data warehouses – really all things data – to get a 360-degree customer view. Unfortunately, in most cases, for all that work and time they have seen little-to-no return or a return that is too difficult to accurately quantify.
One of the industry’s biggest challenges in analytics and marketing is aligning the cost of a campaign with its return. They’re hungry for an option that can accurately measure the impact and ROI of each and every campaign.
After receiving the CUNA Technology Council’s Best of Show Award, we had the pleasure of engaging in a number of insightful conversations with credit unions about the ways they can stand out in their market and effectively compete against banks and other financial institutions. It’s evident that credit unions crave solutions that deliver predictive and measured ROI. Credit unions have an opportunity to disrupt the financial services industry by reaching members with the right services, at just the right time.
By partnering with Saylent, credit unions are empowered to drive new revenue streams and increase loyalty by delivering targeted programs and solutions that their members desire and when they desire it. The industry has already seen the power of our platform and we continue to be honored with recognition and validation. If you’re interested in seeing how our solution can translate your data into real, concrete ROI, please contact email@example.com.
Boston, Mass.-based Saylent, named to Deloitte’s Technology Fast 500 list in 2014 and 2015 and a sixtime Inc. 5000 Fastest Growing Private Company (2012-2017), provides financial institutions with data analytics software and services that improve profitability and product innovation by delivering smarter, deeper, actionable insights on the financial behaviors of consumers and businesses. With Saylent, financial institutions are empowered to drive new revenue streams and increase loyalty by delivering targeted programs and solutions that their customers and members desire.