We won’t bother linking all the statistics that support this statement:
Digital banking is the front door to your digital branch.
Furthermore, digital banking penetration continues to grow, and not just in younger generations. But after someone enters that front door, you need to make sure the rest of the branch experience delivers. Your members should be able to:
- Open a new account
- Apply for a loan
- Manage payments and subscriptions
- Receive financial education
And that’s just the beginning. Digital branches should provide everything a physical branch can and more. Digital banking has data, geofencing, gamification, automation, and AI on its side.
The next stage of mobile banking platforms for credit unions must be built around this reality. Constellation Digital Partners is building something that we’ve been asking for for years.
Why Basic Digital Banking Won’t Cut It
It’s not just work that went increasingly remote in the last few years—people started banking from home more, too. Self-service channels are the de-facto favorite for an increasing number of members. Where simple account management could have cut it in the past, it can’t today.
The reality is that many digital banking platforms today are part of larger tech verticals. And, while many of the larger providers have broad and sophisticated products in and capabilities, nobody has an answer for everything.
Additionally, connections and integrations are often unreliable. That means outside fintech solutions are often on the clunky side or worse, unavailable.
Members who face endless loading screens won’t be happy. Members who can’t deposit their checks digitally, configure automatic payments, get credit or BNPL when needed…
Well, that’s when members will find an institution that can meet those needs, whether it be a specialized fintech or a competitor.
Where Constellation Truly Delivers
Constellation Digital Partners—Constellation—cut their teeth on connections, integrations, and development solutions for credit unions. Their foundation is in making sure that any fintech, any technology, works for any credit union.
While other digital banking platforms merely allow for third-party fintech connections, Constellation makes them native. In short, Constellation takes fintechs and makes them yours.
Your members, your credit union, your fintechs, your brand.
(In the office, we joked that they are the “Mr. Potato Head” of fintechs and mobile apps.)
It should be clear why we’re excited by this. It’s easy to get digital banking UI/UX wrong, and the consequences are considerable… especially considering how seamless Apple, Robinhood, Acorns, Green Dot, and others make things.
So, any platform that allows a credit union to deliver any fintech experience is A-OK in our book.
But there’s another thing we love. Constellation is a CUSO. In our experience, CUSOs understand credit union culture and needs better than other vendors. They’re also more likely to listen to and respond to feedback.
The Next Generation of Digital
To sum up, digital banking must not only accommodate, but fully incorporate, fintech solutions into their architecture. This will allow credit unions to stay digitally agile and provide new technologies quickly and seamlessly.
The best credit union mobile banking platforms will be built on these principals. Most platforms won’t.
Fortunately, Constellation ranks among the former, and their roadmap looks incredible. In fact, they’re the closest thing to an accessible fintech service bus that we’ve seen. In effect, they allow credit unions to access any number of fitnech services/products through their digital banking ecosystem.
In that way, a partnership with Constellation opens up a universe of other fintech partnership options.
See more about Constellation Digital Partners here:
Like what you’ve seen so far? Sign up for our Fintech Call Program and get a personalized, 30-minute call each quarter. We’ll discuss the latest technologies and solutions, make key introductions, and offer early access to events, giveaways, and more!
And of course, please subscribe to our blog (if you haven’t already)!