Credit Unions: Cherry-Pick Digital Services to stay ahead

Credit unions, the cornerstones of stability for countless communities, face a unique challenge. Their local focus, and sometimes their smaller scale, can require a cautious approach to big changes and large investments. This is especially the case with back-office improvements. Large banks can absorb the hefty costs of system-wide upgrades, but for credit unions such investments can feel like swallowing a boulder. The result? Some still find themselves using legacy systems, frustrated that better solutions seem just out of reach.

Breaking Free from Legacy Shackles

Credit unions (CUs) are a different breed. Owned by their members and as not-for-profits,  they prioritize serving the community, not enriching shareholders. This democratic principle is important, but it also means decisions and investments are weighed differently than in large for-profit organisations. Big-ticket system overhauls, while tempting, can be daunting.

The good news? You don’t need to demolish the whole house to install a smart light bulb. Carefully chosen digital services can deliver huge improvements without complex integrations or hefty price tags. The beauty of many digital applications is their plug-and-play convenience that transforms the way CUs can serve members.

A good example is seen in managing foreign currency sales. Many CU members/customers travel abroad and need travel money. Conventionally this has meant standing in line waiting for the next available teller, not knowing whether the required currency is available that day. But there is a better way. Enter Essiell’s foreign currency service, Money 4 Travel. It’s a  perfect example of how a targeted digital solution can empower credit unions and meet customer demand quickly and easily.

Click-and-collect vacation money via your smartphone

Imagine your members no longer waiting in their branch, but instead ordering their travel money with a few taps on their smartphones. Money 4 Travel makes it a reality. Customers choose their currency, pick their preferred branch for “click and collect,” and voila! No more “when will I get served?” anxieties. This convenience isn’t just for CU members; it’s a gift to staff too. Freed from lengthy transaction times, they can focus on what they do best – building relationships with their members.

But the magic doesn’t stop there. Money 4 Travel sits comfortably on existing infrastructure as well as on new digital core systems.  It integrates seamlessly with your existing foreign currency provider, automatically ordering cash as needed and charging customer accounts. No new hardware, no system hiccups, just pure digital efficiency powered globally by AWS.

Small Bites, Big Transformation

Cherry-picking digital services may sound like a piecemeal approach, but the effect is anything but. Each carefully chosen solution, like Money 4 Travel, adds a new facet to your credit union’s diamond, making it sparkle brighter and serve its community better.

Remember, innovation doesn’t have to be seismic. It just needs to make things better. Carefully chosen digital services do exactly that. And Money 4 Travel is the perfect example: It’s quick and easy to use, and cost effective. It supports significant improvements in efficiency and profitability.

Credit Unions can ditch the “legacy blues” and embrace the “cherry-picking revolution.” Let modular digital services like Money 4 Travel be your secret weapon. Let it transform and future-proof your credit union and let it do so without the pain that used to come with modernization.

By Declan Morton, staff writer at Essiell Ltd.

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