CUNA News
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • LOG IN
  • Create Account
  • Sign Out
  • My Account
  • Topics
    • Community Service
    • Compliance
    • Credit Union Hero
    • Credit Union Rock Star
    • Credit Union System
    • Directors
    • Human Resources
    • Leadership
    • Lending
    • Marketing
    • Operations
    • Policy & Issues
    • Sales & Service
    • Technology
  • Credit Union Magazine
    • Buyers' Guide
    • COVID-19
    • Digital Edition
    • Credit Union Hero
    • Credit Union Rock Star
    • Subscribe
    • Advertise
    • Contact
  • Advertise
  • Awards
    • Nominate Credit Union Hero
    • Nominate Credit Union Rock Star
  • Podcasts
  • Videos
  • Jobs
  • Contact

News

Home » 7 key trends in core processing
Technology Subscribers

7 key trends in core processing

APIs, chatbots, cloud computing are moving core processing systems forward.

June 26, 2019
Patrick Totty
No Comments
7 key trends in core processing

Credit unions often can’t develop new capabilities because their core processing systems won’t allow it, says Ted Bilke, president of Symitar.

That’s where application program interfaces (APIs) come in.

“Our system allows credit unions to develop their own workflows and, for example, home banking systems,” he says. “We have thousands of open APIs clients can use to modify and extend their systems' capabilities.

“Say you're issuing debit cards,” Bilke continues. “Your core processor can set up the account, issue the card, provide a PIN, connect to a network, and send a text or email. All these processes work to the benefit of both members and credit union staff.”

In addition to the use of APIs, other core processing trends include:

► Support. “We offer ongoing updates, webinars, best practices, and other educational information to make sure clients are as comfortable and confident as possible," says Maria Schuld, senior vice president of banking functions for FIS. “We have a tremendous amount of experience and insights to offer.”

► Flexibility. Core systems should allow credit unions to leverage the technology to differentiate themselves from competitors.

“Also, members should be able to pick and choose which functions they want to use,” Schuld says. This results in enhanced experiences that tie members closer to their credit unions.

► Research and development. “Our 'secret sauce' is to keep investing in R&D,” Bilke says. “We're now on our fifth user interface, and this latest version is 'device-centric.' It works equally well with tablets, laptops, desktops, and smartphones."

► Continuous improvement. Core processors also look internally for ways to improve, including holding regular planning sessions that focus on internal processes and how to better integrate their own platforms, says Derek Everett, Fiserv's general manager of Credit Union Solutions.

► Chatbots. Bilke calls this  technology “a newish trend” whose adoption has been slower than expected.

“Credit unions' more sophisticated members are asking for it, and we're patiently waiting for it to grow,” he says. Members use this service as they would Alexa or Google Home.

First-generation interactive voice response provided basic account information such as balances, recent transactions, and transfers. Second-generation chatbots can pay bills, provide credit card information, and offer the ability to turn credit cards on or off.

“They are evolving the same way online and mobile banking did,” Bilke says.

► Cloud computing. The move to cloud computing will continue, fueled by member data.

“The credit union space has 'data stashes' that, when mined, can present insights into how to target the right members in the right way," says Amy Daniels, Fiserv's general manager of Credit Union Solutions.

Post a comment to this article

Report Abusive Comment

Credit Union Magazine: Winter 2022

Winter 2022

Credit Union Magazine’s Winter 2022 issue highlights data-driven marketing, the board’s role in cybersecurity, elder abuse scams, credit unions’ auto lending advantage, and more.
Digital Edition •  Subscribe

Trending

  • CFPB issues CUNA-opposed proposal on credit card late fees

  • Auto lending report shows significant credit union member savings

  • 2023 Credit Union Hero of the Year voting open

Tweets by CUNA_News

Polls

Vote for the 2023 CU Hero of the Year

View Results
More

Champion for the Credit Union Movement

Credit Union National Association is the most influential financial services trade association and the only national association that advocates on behalf of all of America's credit unions. We work tirelessly to protect your best interests in Washington and all 50 states. We fuel your professional growth at every level and champion the credit union story at every turn.

More CUNA

  • Membership
  • Contact Us
  • Careers

Resources for

  • Credit Union Advocates
  • Leagues
  • Press
  • Providers

Our Affiliates

  • American Association of Credit Union Leagues (AACUL)
  • Credit Union Awareness
  • Credit Union House
  • CUNA Strategic Services
  • National Credit Union Foundation
GET CUNA UPDATES
© 2023 Credit Union National Association | ADA Compliance Notice & Legal
Email Us