INSIGHTS BLOG

Thought Leadership
Customer making a payment with their mobile phone

With the start of the new year, Canadian credit unions should examine how they can meet their members needs in 2022.

Almost two years into the pandemic, credit unions have shown up for their members in major ways by prioritizing digital banking and exceptional member experience. In 2021 we mentioned that the areas to watch include digital transformation, a more in-depth focus on business continuity planning and the evolving role of the branch. While these are still important, 2022 brings a few more focus areas that credit union leaders should take a careful look at including integration, payments modernization and artificial intelligence (AI).

Integration

As the pace of innovation is accelerating and ever-evolving, credit unions need fast and seamless integration capabilities to stay nimble. The introduction of standardized APIs allows for credit unions to remain competitive and introduce innovative new functionality to their banking service or improve efficiency in their back-office functions. Credit unions who adopt the right integration strategy, are more likely to thrust ahead when it comes to digital innovation.

Solutions like the Celero Xchange™ platform provides credit unions the freedom to quickly combine products and services with other third parties’ capabilities and offer these new services through their own channels. Additionally, the Celero Xchange.NEXT program will enable the composable enterprise and establishes a standardized foundation for API- integration that is future-ready.

Payments Modernization

Since the pandemic accelerated the shift towards digital payments has demanded a quicker pace of innovation to accommodate for the changing ways that members want to pay for things. As we know, financial institutions around the world have initiated their payments modernization journey, adopting newer technology solutions and moving away from their older legacy systems. In Canada, payments modernization will bring faster payment processing to your members while increasing flexibility and security.

With the adoption of ISO 20022 by Payments Canada, credit unions can now have a much deeper understanding of member transactions and payment data. These analytics can provide your credit union the ability to improve risk management, gather better insights, make more informed product decisions and reduce fraud.

Celero Xchange also supports the ISO 20022 standard but if you are not integrated, your credit union should investigate if your banking can support the standard. It is also important for your credit union to examine their data strategy focusing on storage and leveraging that data to better serve your members.

Artificial Intelligence

The implementation of AI within financial institutions is continuing to grow as they look for new ways to support members and their organizations. One of the main areas we are seeing AI being leveraged is in the area of conversational artificial intelligence (CAI). CAI can range from chatbots, intelligent virtual assistants or digital employees.

Not only can AI improve efficiencies at your credit unions, but it can also create robust fraud detection and prevention systems, accelerate risk calculations and fraud detection. As we learned above, payments power the global economy and financial institutions are using AI to improve security and transparency in systems for payments fraud detection and prevention. You can also use AI for identity verification to meet regulatory requirements associated with Anti-Money Laundering (AML) and Know-Your-Customer (KYC).

Whether in automated call centres, real-time fraud prevention or other financial services, AI is helping financial institutions drive the future of banking for their customers. As AI continues to grow and evolve, credit unions must take advantage of the opportunities that are in front of them, both for their members and themselves.

Credit unions have demonstrated their dedication to members over the pandemic. By taking a deeper look into integration, payments modernization and AI, credit unions can better position themselves to continuously improve the member experience in 2022 and beyond.

To learn more about how Celero can assist you with all your technology needs, talk to your Celero Account Executive or contact us.

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.

Read more blog posts by Celero
Subscribe to Celero Insights Blog