FLEX Credit Union Technology, a credit union core data processing solution provider based in Sandy, UT, recently partnered with eDOC Innovations to offer eDOCSignature to their credit union members. eDOCSignature’s mobile enterprise digital transaction management solution (mDTM®) empowers people to perform digital transactions and workflows in a mobile environment.
Posts By: Denise Wymore
The CU*Answers Imaging Solutions team has partnered with eDOC Innovations and Virtual Strongbox to hold contests to create a friendly competition between credit unions utilizing their products to encourage them to adopt a culture internet retailing with members. In today’s world with so many members leading busy lives and being increasingly plugged in to a “get it done now”, smart device culture, credit unions are finding themselves needing to adapt to get business done on members’ terms.
Solution Combining the Benefits of Credit and Debit Cards Selected as Winner of Sixth Annual Collaboration Event
Team Flaming Dragons from HawaiiUSA Federal Credit Union (Honolulu, Hawaii) has been selected as the winner of KnockOut 2017, a collaboration event hosted by PSCU in September. All five members of the winning team received a $1,500 dream vacation travel voucher.
CU*Answers kicked off year three of its popular Executive Study Boot Camp program, welcoming 20 credit union professionals to a year of intensive interactions and collaboration around the subject, “What Makes Data Valuable?” In January a second group of ten participants will meet to kick off the “Building Solutions in a Cooperative” Boot Camp.
This change thing is exhausting. In 2017 our capacity to adjust to change has been challenged. Every day we wake up to see what the Tweeter in Chief said in the middle of the night and who he offended. We wake to discover which TV or political icon acted inappropriately in his past. We hold our breath with every North Korean missile launch to see what terrifying threats are going to be tossed about by leaders with fingers on buttons.
So assuming we are still alive and can focus on business in 2018, let’s examine the big change issues for credit unions. The regulatory side looks favorable for 2018. Now that Mick Mulvaney has taken over the CFPB, we can expect that the regulatory overreach by the CFPB will halt. NCUA, with Chairman McWatters, is in regulatory cut-back mode.
In 2018, more credit unions will begin to escape from the clutches of legacy core processing systems. The business model for some of the legacy core providers is to sell you technology that was developed forty years ago and charge credit unions through the roof to connect other software to the core. That model is excessively expensive, slow to adapt and slow to implement. In response, credit unions banded together and raised over $26 million to form the CUSO Constellation Digital Partners, LLC. Constellation is developing technology that will enable credit unions to pick and choose which apps they wish to provide to their members and then easily connect the apps to the credit union’s core system. It is core neutral. The technology will enable credit unions to both compete with fin tech providers and take advantage of the technology developed by fin tech providers. Credit unions will encourage software developers to create software for credit unions using code that will enable the software to be delivered inexpensively and efficiently. Innovators take note of this opportunity.