A History of Innovation: Xpress Data, Inc. (XDI)

Credit union statement processor and vendor xdi from cu 2.0

Fintech Friday posts usually go something like this:

Something doesn’t work as well as it could. Until now, there’s been no way around it. But this fintech promises to change all that!

And then we dig into AI, automation, blockchain, and any number of emerging technologies.

But although the solutions are often elegant, they aren’t always necessary. Not every credit union needs the technology to succeed.

Well, this Fintech Friday is different…


Credit Union Innovation Where It Counts

There are some services that credit unions need. Think checking / share draft accounts, debit cards, and various loans. These products must work—all the bells and whistles can come later… or elsewhere.

Statements, notices, tax forms, and other critical documents fall under this category. Legally, credit unions must provide them to members.

It’s nothing flashy, but it’s part of what keeps the whole thing running.

Xpress Data, Inc., or XDI, has been helping credit unions with document processing and production for over 25 years now. They know that it’s important work, that it must be done, and that it must be done well.

They also know it can cost credit unions considerable time and resources to produce, print, and mail/deliver everything on time. But they do this thankless job for some 200 credit unions—and only credit unions—in the U.S.

Naturally, in their decades of experience and their credit union focus, they’ve picked up a few tricks…

That is, they’ve focused all their energy on improving the credit union statement and notice process.

Innovations were borne of necessity, and they delivered.


What Kind of Innovations Are There?

Proof that innovation doesn’t need to be flashy to have a big impact:

  • 1996: XDI was the first to combine multiple notices in envelopes. Until then, all vendors were sending multiple envelopes per day!
  • 2002: XDI merged the same types of notices, cutting down on mailing costs and saving time and money.
  • 2004: XDI developed a way to eliminate duplicate files. This ability cut waste, reduced shipping costs and, in all likelihood, reduced member confusion!

Today, their Test Drive feature ensures deliverability of eStatements, eNotices, and other electronic files before they’re sent. And all this speaks to a broader trend:

XDI isn’t content with doing things the way they’ve always been done. When they find inefficiency, they develop a solution to eliminate it. When a credit union needs a new feature, they find a way to make it happen.

It’s not AI. It’s old-fashioned hard work and determination.

That’s where innovation lives.


Want to Learn More About Innovation?

CU 2.0 offers a free service to credit unions called Quarterly Fintech Calls. Here’s how it works:

  • Once per quarter, we’ll call you;
  • Discussions are casual and last for about 30 minutes;
  • We’ll discuss ~5 new fintechs, solutions, or technologies we’ve found; and
  • We’ll follow up with you if you’d like to learn more.

You gain fast, free exposure to new fintechs that we’ve vetted. In return, we get valuable feedback, market insight, and early trend spotting.

Contact us to learn more!

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