4 Ways Core Technology Can Enhance the Member Experience

Your credit union’s core technology intrinsically is tied to the member experience. It’s also an essential element in building and sustaining your membership base. If your technology isn’t accessible, intuitive and innovative, you might lose members to another financial institution that is more focused on developing cutting-edge, dynamic solutions that add value to the member relationship.

If you want to retain members and spur growth at your credit union, ensure your core:

1. Seamlessly integrates proprietary and third-party solutions. At EPL, our technology solutions are built on a modern, open-architecture system. Our proprietary products provide a streamlined experience for your members, creating efficiencies for them as well as your credit union. Both our robust selection of modular proprietary solutions and ability to connect seamlessly to third-party solutions allows you to provide a custom and unique solution for your members and boost your suite of products. As a credit union, you must remain cognizant of industry and technological trends to stay ahead of the curve. Giving your members access to the best tools the marketplace has to offer is key. 
2. Empowers members with a comprehensive view of their finances. Core software should allow members to access a clear picture of their current financial state, as well as provide the tools to decide how to budget and spend their hard-earned money, take out loans, etc. Members choose credit unions because of the personalized experience they provide. It’s up to you to give them the data they need to make informed decisions and help guide them on their way. 
3. Educates members on products and services that meet their needs. Your software should be used as a tool for your credit union to cross-sell your suite of products and services to your members. Leveraging data from your core solution to tailor recommendations and service offerings keeps them engaged and aware of what your credit union can provide. The first step in getting members to utilize an additional product is education. Data that analyzes member spending options, and this behavior can help you discover new ways your credit union can serve them. 
4. Recognizes and rewards your members. EPL recently implemented a new Relationship Pricing model, which is mutually beneficial to the credit union and its members. Loyalty programs increase customer engagement with financial institutions by providing incentives for them to utilize more services and get involved. At the credit union level, a loyalty program can build a sense of community. You can leverage these programs to reward your members for their business and educate them on different products and services, helping them achieve their financial goals and increasing overall satisfaction. 

Does your core software enhance the members experience at your credit union? Make sure you have the technological systems in place to keep them coming back. Your credit union’s vitality depends on it. 

Robin Kolvek

CEO

EPL, Inc.