Since 1998, the credit union sector has seen exponential growth. Due to changes in laws controlling member common interest, combined with looser securitization laws for mortgages, consumer lending and auto loans and frequent mergers between institutions, credit unions are now growing so that they can compete with traditional consumer financial establishments.
Yet, with increased growth comes increased challenges. From the expansion of financial technology to more stringent regulatory and reporting requirements that come with higher aggregate deposits to the increased risk of fraud and digital theft, credit unions are undertaking more technology infrastructure improvements than ever before.
The most common projects for credit unions involve streamlining compliance reporting around CTR, SAR and financial accounting. With a rapidly changing regulatory environment, credit unions need to be able to modify their systems quickly and easily. By automating reporting for tasks involving easily defined triggers and fields, credit unions are able to remove monotonous, time consuming and error prone tasks from staff, who can move onto areas which require human judgement and skill.
Additionally, due to the growth of “fintech”, (almost 46 percent of consumers exclusively do their banking online), credit unions need seamless digital onboarding and support. From online bill payments to mobile access to other self-service tools, consumers in today’s day and age expect to be able to take their banking with them instead of going to the bank.
Credit unions often don’t have the inhouse expertise to design, develop and implement the new systems needed in a rapidly changing technical environment. They need a strong, agile partner to help achieve their business goals on time and within budget.
SRI has been helping global and regional financial organizations meet their technology needs since 2006. We are a local company with worldwide reach. We provide information technology services and support to some of the largest companies in the world, while also providing excellent customer care. With SRI you get the professional capabilities of a large consulting firm with the personal touch of a boutique. All at a fraction of the cost of the typical cost.
If your credit union needs help meeting the challenges of the new fintech era, please contact us today.