Credit Union

Creating a high-touch digital experience without limiting the personal touch

Driving Personalized and Responsible Banking

In a recent research, only 9% of the surveyed millennials claimed a credit union as their primary financial institution. Despite their sterling reputation for member experience and personal service, credit unions (CUs) are up against stiff competition from all corners in the digital shift, and they need to keep up. Platforms which are future-focused and enable open banking could be the engine that help them drive strong innovation which would meet their members’ evolving expectations and provide an opportunity to attract new, younger members. These platforms will allow credit unions to partner with fintechs and ensure fast product launches that will create new opportunities, drive revenue and create operational efficiencies.

Innovation accelerated

Over the years, Fintechs have been providing financial services through private-label credit cards at supermarkets, retail chains, and airlines, along with offering sales financing at appliance merchants and auto loans at dealerships. To compete and drive profitability, credit unions must provide the next generation of embedded finance, which involves integrating financial products into digital interfaces that consumers interact with frequently - customer loyalty apps, digital wallets, etc. For customers, acquiring financial services then becomes a natural extension of a nonfinancial experience such as shopping online, enabling credit unions to enhance customer experience and develop new revenue streams without incurring overhead costs.

Credit unions within Canada cater to the underserved customer segment and those who do not feel great or could connect well with big banks personalized product offering. With respect to product expectations, the following are the ones that a credit union customer expects the most within Canada - 1. Personalization, a connection with their local credit union 2. Customer's predominantly expect retail product offering - Term Deposits (GIC) , checking, high interest savings or Mortgage products. Additionally, they also expect business banking offering from a small medium enterprise/ sole proprietorship

Credit Unions are actively engaged in community efforts addressing climate change and impacts of the environment. The ownership and governance structures of credit unions—driven by the member-customers, not by a remote body of stockholders—naturally leads to the company taking better care of the people it serves than a for-profit financial institution. With the customers of today more socially and environmentally sensitive than previous generations, developing and creating green banking products and services has become key to long-term customer retention and investor satisfaction.

Best fit for Credit Unions

Digital Core

Digital Core

A comprehensive  Retail & SME banking suite across Core Banking, Payments, Lending, Treasury, Trade Finance ,Cards and Digital channels.

iKredit360

A comprehensive platform which enables institutions to curate unique credit experiences for merchants, channels-partners, and end consumers.

Wallet

Improve customer engagement and loyalty, reduce your customer’s dependence on cash through Contextual Banking Experience Wallets. Onboard new customers into a wallet with minimal detail or integrate wallet with existing bank app. Add money into the wallet from bank account, credit card or debit card through payment gateway integration. Customers can use wallets to do an array of payments from bill pay to mobile payments, QR code and OTP based payments or even transferring money to another wallet or bank account. Provide mini and detailed wallet statements to your customers with intelligent tagging of spends.

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