Leverage These Six Technologies to Offer Superior Digital Banking

Data shows that now, more than ever before, consumers prefer seamless, convenient digital experiences when it comes to their banking needs — and financial institutions all over the world are taking note. As members continue to clamor for digital banking services, credit unions are hard at work looking for ways to deliver a frictionless experience.

Below, trusted credit union insurance and investment partner, CUNA Mutual Group, shares six tools credit unions can leverage to offer the best possible service while meeting members’ rapidly evolving needs.

  • Artificial Intelligence (AI) and Machine Learning: These technologies use data and computer algorithms to automate human-centered tasks and provide predictive analytics that give you deeper insights on how members engage with your products and services.
  • The Cloud: Credit unions collect an inordinate amount of member data. With the cloud, you can integrate and share more data between systems, enabling faster speed to market and responsiveness.
  • Application Programming Interfaces (APIs) and Open Banking: APIs allow third-party developers to build applications and services that enable you to extend your digital capabilities and deliver a seamless, cross-channel experience.
  • Mobile: People turn to their phones for just about everything. Credit unions can curate a seamless banking experience for this platform. If the mobile experience is subpar, members may fulfill their banking needs elsewhere.
  • Voice Tech and Chatbots: Credit unions can use AI-driven chatbots and voice assistants to improve member service response times, efficiently solve problems, and guide members to self-service tools, which will enable staff to focus on high-value and high-touch member service needs.
  • Internet of Things (IoT) and Biometrics: The Internet of Things — where sensors are integrated into everyday objects and devices — is creating new sources of customer data. With fingerprint scanning and facial recognition technologies, for example, credit unions can deliver innovation while mitigating security risks.

To learn more about CUNA Mutual Group, visit its virtual booth at the Strategic Link Trade Show. Visit during live hours on Nov. 2, from 11 a.m. to 1 p.m. PDT (noon to 2 p.m. MDT), to chat directly with the CUNA Mutual Group team. Additionally, during the month of October, you can earn points as you explore the Exhibition Hall for a chance to win a cash prize! A random winner will be chosen Oct. 30, so visit the trade show floor today!