Help Your Credit Union Take the Technology Leap

There’s much more expanding the divide between large and small credit unions than their asset size – there’s technology. There are numerous technology offerings that have become the norm for larger credit unions such as remote deposit capture, mobile banking and apps, online banking and online applications. But are these technology offerings out of reach for smaller credit unions? 

A recent study from Callahan & Associates discovered that only 21 small credit unions nationwide had the above technology offerings. The study also showed that these 21 credit unions routinely outpaced similarly sized credit unions in share draft, auto loan and credit card growth. The tech-savvy credit unions also had a higher average member relationship balance than credit unions with a similar asset size: $10, 439 compared to $8.966.

Affordable Technology

If you’re a smaller credit union that hasn’t kept up with larger ones, there’s good news – the cost of technology is becoming consistently more affordable. Online banking and online applications for membership, loans and credit cards have come down in price over the past couple of years. Plus, there are plenty of turnkey versions of these technology offerings out there that can fit even the smaller budgets, and could offer a sizable return on your investment.

The world of technology, especially finance technology, seems to be growing and morphing at a pace that’s too fast. Especially if you’re looking to catch up. But don’t let that intimidate you. Determine what technology would best benefit your credit union and start there.

Why Mobile Banking?

If you’re still not sure, then you might want to start with online and mobile banking. The recent Credit Union Satisfaction Index from CFI Group found that for members, online and mobile banking are the most important aspect of their credit union experience. Another report, this one from Monitise called The Mobile Money Landscape: Market Statistics and Expert Views, reveals that 51% of U.S. adults, or 61% of Internet users, bank online while over 50% of the U.S.’ 5,800 commercial banks now offer some form of mobile banking.

No matter what technology product or service you want to offer your members next, CU Solutions Group has affordable options for nearly any size budget. From online member applications and loan applications to mobile banking and more, we’ll make sure you’re making the best technology decision for your credit union.