Technology has been rapidly advancing for years – if your credit union doesn’t keep up with these advancements, you may find yourself haunted by out-of-date tech. Are any of these tech ghosts haunting your credit union?
On-Prem Equipment
Clunky on-prem equipment was once the only way to handle the immense amount of data credit unions receive every day. With the rise of the cloud, however, on-prem equipment has become a moldering reminder of the past. Expensive to maintain, difficult to upgrade and requiring a lot of square-footage, on-prem equipment should be exercised from your credit union and replaced with a modern cloud server as soon as possible. Cloud servers can be custom built, though that may be cost-prohibitive for most credit unions, or your credit union can partner with a cloud services provider. These providers can help your credit union with implementation and help scale up or down as needed.
Manual Reporting
Member reporting, NCUA reporting, lending reporting – your credit union generates a lot of reports. And if you’re still generating all of those reports manually, you’re losing valuable time that could be spent on other projects. Through AI and machine learning, most reports can be automated, freeing up your employees to focus on other tasks and freeing them from the curse of repetitive report running. Speak to your tech team about creating an automated reporting algorithm or contact a service provider for a solution.
No Personalization
Don’t let your credit union’s messaging go stale – investing in personalized messaging can breathe new life into your credit union’s campaigns and evict the ghosts of campaigns past. The majority of credit union members have indicated that they expect their credit unions to send them messaging relevant to their banking wants and needs; if your credit union isn’t meeting that expectation, you may very well become a ghost town. Personalized messaging can be achieved when your credit union invests in member segmentation and up-to-date member profiles. From there, AI can help to create personalized messaging, such as birthday messages, loan refinance opportunities, credit card offers and more.
Don’t let your credit union be haunted by out-of-date technology – evaluate your current capabilities and reach out to a service provider today. Trellance can help with these and other opportunities, including AI-powered solutions and cloud-based platforms.
Bill Lehman is Chief Marketing Officer at Trellance.
