TechSolutions4CUs
This is the official Finopotamus podcast. It focuses on credit unions and how they have leveraged technology to solve problems, enhance the member experience and drive growth. TechSolutions4CUs features working credit union technologists, as well as industry experts from around the globe.
TechSolutions4CUs
Navigating the Digital Frontier with Apiture's Chris Cox
In this episode of TechSolutions4CUs, host John San Filippo talks with Chris Cox from Apiture to explore the evolving landscape of digital banking for credit unions.
Chris delves into Apiture's five primary solution sets:
- Consumer banking services
- Business banking services
- Digital account opening,
- Data intelligence
- API banking
He emphasizes the increasing importance of a credit union's digital banking platform, suggesting it's now as critical as the core platform itself. The conversation highlights how digital channels are the most significant touchpoint for members today.
A key focus of the discussion is the strategic advantage of integrating digital account opening with the overall digital banking platform. Chris explains how this creates a seamless experience for new members, allowing them to establish credentials for all services from the outset and providing valuable data for tracking marketing effectiveness.
The episode also sheds light on the nuances of business banking, an area where Apiture has a long-standing presence. Chris points out the distinct needs of business members, such as complex payment options (ACH, wires) and sophisticated entitlement structures for employees, which differ significantly from consumer banking. He notes the growing trend of credit unions focusing more on serving businesses, recognizing the opportunity for new loan types and member growth, and solidifying their role as community anchors. The discussion also touches on identifying business accounts that might be currently operating under consumer account profiles.
Looking ahead, Chris discusses the transformative potential of artificial intelligence (AI) in digital banking. He outlines two dimensions: leveraging AI to improve software development processes internally and incorporating AI into client-facing solutions. Examples include a "data explorer" capability allowing natural language queries of data and the future possibility of highly personalized banking experiences and even "prompt-based banking," where members interact with their finances through simple language commands.
Ultimately, Chris envisions a future where credit unions can offer "super personalized experiences" to individual members, leveraging data and AI to truly understand and cater to their financial needs, thereby strengthening their unique position in the market. He concludes by expressing his excitement about the capabilities Apiture has built to support the business of credit unions.
