Person writing on a whiteboard showing integration points.

Celero Xchange™ includes integration capabilities that allow credit unions to grow their ecosystem of digital services and enable customized member experiences.

Credit unions are responding to members needs to create transformative member experiences and are working to revolutionize their service delivery with fully integrated digital platforms. Open bankingpayments modernization and digital ID are amplifying pressures to transform quickly. In order to respond to new market trends, meet members needs and combat profitability challenges, credit unions need to rethink their operating models.

How can credit unions achieve this? Successful banking transformation programs combine digital tech, data analysis and a focus on people (employees, members, the culture, mindset and skillset shifts that are needed) to deliver new operating models that add value for customers. Adopting an ecosystem approach can enable credit unions to capture additional market value. Continue reading to learn more about the importance of building a digital ecosystem and how Celero Xchange can play an important role to facilitate this at your credit union.

What is a Digital Ecosystem?

According to TechTarget, a digital ecosystem is “a group of interconnected information technology resources that can function as a unit. Digital ecosystems are made up of suppliers, customers, trading partners, applications, third-party data service providers and all respective technologies.”

Credit unions view technology as a force of innovation and want to use technology as a means to differentiate themselves from other financial institutions. Building these large applications can take years, and they are often difficult to maintain and challenging to adapt to changing market conditions. By being part of a digital ecosystem, credit unions can enrich their member experience and offer functionality that consumers might otherwise seek elsewhere.

Why do Credit Unions Need a Digital Ecosystem?

It’s vital that financial institutions become truly digital and embrace technology to improve customer experience. Using data analytics to understand your members fully can be done with personalized, real-time products accessible through multiple channels. Not to mention, member service operations themselves are evolving, with the potential to transform from reactive cost centers to proactive value generators.

Across the wider organization, banking operations are ready for radical and holistic change. Legacy system issues should not hold back new operating models, which can now take advantage of developments in cloud services and open banking. Canadian credit unions can also explore new ways to capture market value by utilizing services beyond banking to serve members better.

Benefits of Digital Ecosystems

  1. Faster adoption of technology. Credit unions can implement new technology in ways that were previously too complicated and unmanageable, allowing them to take full advantage of cloud services and software as a service (SaaS).
  2. Generation of new sources of revenue. Integration creates new revenue streams and allows credit unions to track and analyze wide-ranging data that flows through the organization. They can use this data to create new products and services, providing increased value to members.
  3. Decreased costs with better business processes. Digital transformation and the creation of a digital ecosystem improves workflow efficiency and working relationships with members and partners. Automated data processes and increased organization-wide efficiencies also reduce operational costs.

How Celero Xchange Enables a Digital Ecosystem

Choosing the right integration strategy for your credit union is critical, and Celero has designed a well architected, cloud-native platform that will enable credit unions’ digital ambition. Celero’s role is to ensure that credit unions have the supporting platform required with their choice of partners and vendors that will enable better banking experiences for members, ensuring credit unions are competitive with other financial institutions.

Launched in late 2018, Celero Xchange allows credit unions to seamlessly connect systems, such as their core banking system, to fintech applications and digital banking platforms without the complexity of managing different standards for sharing data between products and partners. Celero Xchange presents an opportunity for credit unions to accelerate their digital roadmap and enables them to create delightful experiences for their members, and it’s all because of open APIs. APIs act as a translator, communicating instructions between systems like core banking and fintech software components. APIs are important because the business models of credit unions are constantly changing due to technology and new trends in the market. The use of APIs allows for credit unions to remain competitive through these changes by introducing innovative new functionality to their banking service or improving efficiency in their back-office functions.

At Celero, we are working with credit unions to transform and respond to serving a digitally oriented member. The Celero Xchange platform allows for speed to market and the ability to quickly integrate with other solutions. Celero Xchange enables digital transformation and encourages credit unions to re-evaluate the way that they operate. Credit unions need to be prepared to shift mindsets and business models to move quickly. Not to mention, accreditation for open banking is on the horizon and having a sound integration strategy is vital if your credit union wants to participate. Celero is able to support your credit union by providing open banking readiness and open banking enablement through the Celero Xchange platform.

Have questions about how Celero Xchange can enable a digital ecosystem at your credit union? Contact us or your Celero Account Executive so we can discuss further with you.

About Celero
Celero is a leading provider of digital technology and integration solutions to credit unions and financial institutions across Canada. Clients trust Celero’s proven track record delivering innovative banking technologies, digital and payment solutions, cloud computing, outsourcing, IT and advisory services.

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