Global conditions are driving digital expansion
Rhiannon Stone
Chief Operating Officer, VisiFI
21 October 2020
A digital transformation was already underway prior to COVID-19, and the pandemic has served as an additional catalyst for change. Our analysis of the effects of 2020 and the unprecedented times in the financial services industry is driving us to provide better ways to meet consumer expectations for remote services.
We know COVID-19 has completely affected member needs, as well as credit union needs – from remote services and modified branch services, to regulatory changes, and even to remote staffing for some. Here we are months later and we still have a long road ahead with this pandemic; we need to continue to build a bright future, one without COVID-19 – but at the same time, satisfy the needs of our current situation.
Upon evaluation of these current needs, we should be asking ourselves which trends will be temporary, which trends will plateau, and which ones will continue?
We know once this pandemic is over, our future will be defined somewhere in between the two extremes of digital services and traditional in-person services.
Though both are changed forever, we know in today’s world, credit unions need to be able to do just about everything digitally to complement in-branch services. To do so, it will be crucial to adapt by selecting a technology and branch framework that works best in providing services for their members as well as differentiates them in the marketplace. VisiFI’s foundation in core and digital banking services – spanning decades – keeps us poised to develop technologies and strategies which enable our clients to choose their own path, one that gives us all a brighter future.
One of the continued challenges for credit unions, COVID or not, is gaining access to faster payments to compete with larger banks and financial institutions, fintech apps and established technology firms in the consumer payments space. There is more urgency than ever to innovate and drive down cost in this sector for the rest of the industry to compete.
With strong global experience, and already competitive real-time payment solutions, VisiFI is focused on driving real advantage in every transaction and interaction.
We are developing modern digital card modules which enable continued support of trending features. Our goal is to be flexible to the ever-changing payments industry, and, with our solutions we are able to provide – and continue to innovate – stronger, real-time mobile integrations, touchless technology and other features.
Digital channels are growing rapidly, and with the increase of fintech companies, we are seeing innovative solutions changing the way we think about servicing our members. And competition is tough. Even years prior to 2020, we all knew we couldn’t ignore the importance of developing remote delivery channels. Everything is about member experience, convenience and personalization today. Credit unions must make priorities for these 3 factors. VisiFI’s mindset has been unwavering to this trend, and our team is delivering unique solutions quickly to market. Our digital banking solution continues to see unprecedented growth.
In an article published on PYMNTS, mobile banking has seen the largest shift, at around 45 percent of mobile banking users increasing their use than prior to COVID. Our mobile banking app users alone have grown 40% since January 2020, and that’s not including the increased use of already enrolled users.
And we’ve added big features over the last few years for payments, savings, modern user interface & user experience (UI/UX) and more.
We are investing even further in our end-to-end platform to build lasting relationships with your members, including artificial intelligence (AI) and customer service tools.
In a recent blog by Filene which speaks of the intimacy of AI, it is suggested “to employ new technologies that put people first, credit unions have advantageous positions as member cooperatives that place well-being over profits.” This is a great insight to have when deploying strategies of how AI can fit your credit union’s culture and enhance your member experience. Other options we are adding support faster or instant payments, rewards, card options, analytics and the list goes on – all aimed at thriving, over adapting, in the new era!
Our new Digital Account Opening is timelier than ever. This remote channel puts the account opening process in the hands of the member – a must for any credit union building an end-to-end virtual member experience. Our first credit unions will launch soon. This application will integrate to other solutions credit unions wish to streamline, and it also to builds upon our robust Digital Banking suite.
Data insights – whether for credit unions to drive their business, or members to control their finances, is a top priority for VisiFI. Decades of experience in core data analytics has produced the culmination of a unique data strategy, which we see as evolutionary in the center of multiple data inputs and best of all, real-time insights.
We continue to expand our Real-Time General Ledger ecosystem beyond its obvious abilities. Granular data and additional developments in our modules for profitability, investments, budgeting and more are bringing timely, accurate insight and a world-class solution to those who analyze the financial health of the organization.
Our general ledger’s data structure and instant information allows our clients to manage business proactively. We are also expanding this approach rapidly in our other product suites, with each connected to central intelligence modeling. Our goal is to enable the user to easily (yes easily!) create custom analytics which show the user what’s happening right now in “real-time,” and predictions for the future – allowing the credit union to focus on growing… rather than looking at month’s old data from disparate systems – a true way to stay one-step ahead in the market.
Development in our Core Solutions, and all our modular Digital Solutions, is based on adaptability and flexibility. We continue to deliver end-to-end solutions for virtually any sized credit union, and accommodate third-party applications via a modern open architecture.
In 2020, we added several major releases in our cores, building foundations for modernization and modularization, which is paramount. We know many credit unions in the industry continue to be limited by legacy systems not designed with a consideration of future technologies and integration. Through modularization of our core functionality, we are creating a foundation to stay ahead of the digital curve, and remain relevant to members in an increasingly competitive fintech landscape. Through this strategy we become more agile and quicker in our new developments, and these updates are easily applied to the ecosystem – an advantageous proposition for both the client and the members they serve.
We are focused on the latest innovations to facilitate easy and ongoing technology integration, thereby optimizing back-office efficiencies and increasing productivity. Succeeding however, is all about prioritizing the credit union user and member experiences to drive growth and mutual success.
At VisiFI, we are driven by this priority, producing a comprehensive set of solutions streamlining the experience – whether it is through our core technology platforms covering end-to-end needs of credit unions, through integrated modules as needed to scale-up the overall offering, or through digital solutions delivering on member expectations and safeguarding security and relationships. We keep investing and deploying technology solutions which are enablers – enabling solution paths for credit unions to focus on what they do best, creating a brighter future for members.
