Kristiane Mandraki – Director of Growth at Praxent
Too often, credit unions fall into the trap of trying to be all things to all people, which results in generic digital experiences and exhaustive mediocrity.
To make the most out of tech spend, credit unions must first understand what sets their individual institutions apart, their niche, and then prioritize resources in that area. Often, the differentiator has something to do with the member experience, yet we commonly see credit unions select off-the-shelf software for member-facing digital interactions. This results in a digital experience that mirrors the institution down the street instead of one that’s unique or compelling. While off-the-shelf products have a place, such as for back-office functions, they often fail to spark strong member loyalty or engagement.
Building a custom front-end to acquire and serve members has historically been cost prohibitive and risky, however with the help of a rapidly expanding variety of composable application programming interface (API)-first fintech building blocks, developing a custom, seamless digital experience around the member is more accessible than ever before.
Credit unions that carefully consider their competitive differentiator or unique niche, and then prioritize technology budget in that area, will be well positioned to optimize their tech spend and strengthen member loyalty.
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