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Touching Base With Changing Credit Union Needs

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Technology professionals working with credit unions gathered in Chicago recently for the 2019 CUNA Technology Council conference. Tim Zarkovacki and Joel Troxel attended as silver-level sponsors representing PCS. While there, the team members were able to gain some insights on how small financial institutions are dealing with significant shifts related to technology. Here’s an overview of some of what they learned:

  • Customer retention and relationship building pose significant challenges. As demographics and customer expectations evolve, credit unions are experiencing difficulty connecting with Millennials early in their financial lives and building an extended relationship with this large market segment. Credit unions typically struggle with converting entry products such as car loans into long-term, high-value relationship products such as investment accounts.
  • Technology development strains resources. The organizational structure of many credit unions slows growth when it comes to advancing technology for customer support. IT departments, typically tied down managing branch employees in high-volume call centers, have a hard time keeping up with the fast-moving technology trends for creating satisfactory customer experiences.
  • Disruptive digital trends cause uncertainty. Digital convergence is shaking up credit unions along with most other industries. As customers demand easier access to financial services at all hours, credit unions are scrambling to adopt technology integrations such as AI-driven Robotic Process Automation (RPA) to meet the new expectations for higher service levels.

Credit unions need to move deftly to meet these challenges successfully. The landscape is changing so rapidly that processes that were valid a few years ago no longer work. In order to compete with large banks and the recent breed of maverick technology-based financial services companies, credit unions must adopt new methods. They must learn to take advantage of available tools and leverage technology to their full advantage.

The Experts in Mastering Business Technology

PCS specializes in helping businesses gain a competitive edge by getting the most out of the latest technology. Our team of experts can provide guidance on how best to put technology to work overcoming your industry’s specific challenges. Learn more about what PCS can do for your company and contact us today.

PCS Removes Hurdles for Credit Unions!

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PCS team members Tim Zarkovacki and Joel Troxell recently returned from the CUNA Technology Council conference in Chicago. As silver level sponsors, they enjoyed reconnected with existing Credit Union clients and meeting many new representatives.

According to the CUNA Councils website, “At the CUNA Technology Council Conference, attendees can learn new strategies to innovate and connect with one another within and across their business areas. From thought provoking keynote sessions to updates on the latest industry trends, you’ll return to your credit union with new knowledge, confidence and passion.”

Our team was inspired by Gian Paul Gonzalez’s “ALL IN” session on Friday, September 13th. The entire PCS team strives to be “ALL IN” in the service to our clients, no matter their size.

In speaking with many CUNA attendees, here are three specific ways we can help Credit Unions:

  1. Integrations: In essentially every industry today, there are many data silos and business process gaps. These can be eliminated if they are properly integrated. PCS has been working with Credit Unions for the last ten years and is experienced in integrating many of these platforms to enhance data visibility and increase business process efficiency. Check out our Fiserv and Jack Henry Symitar integration PDFs, which show just a couple scenarios of how an integration could look using industry standard Credit Union software.
  2. Business and Technology Consulting: At the conference, we heard several topics that referenced the need to assess our technologies. In some cases, our clients know they need to get to the next level but they don’t know how to get there. It can be overwhelming. We get it. Our team of skilled consultants can help with your technology assessments and strategy.
  3. Development Partner: In many cases, internal development teams are stretched thin. Our expert developers and engineers can serve as an extension to your team, and in an agile fashion. We have the experience needed to understand your business process and the systems that are involved.

Whether you work in a Credit Union or not, if your business needs help in these areas, we would love to setup a phone call and presentation to show you how we can utilize your systems to increase the efficiency of your Credit Union or business. Contact us today to get started.