By Denise Stevens
A credit union’s logo, colors and tagline – the “look and feel” behind its brand – represent the visual symbols and reminders of what the credit union really means to its members. It symbolizes the emotional connection members feel for their most trusted financial services partner.
This is why it is crucial for credit unions to have the ability to consistently express these fundamental branding elements in all service delivery channels, from in-branch to online and everything in between. Having this control when using third-party solutions that deliver data from other platforms into their own applications is also important.
The Opportunity
The $1.6-billion CFE Federal Credit Union in Lake Mary, Fla. moved to the Symitar core data processing platform and wanted the ability to integrate the most current credit card account balance and transaction information into all of its online and mobile service channels. Additionally, CFE FCU required the integration solution to support the credit union’s branding elements and deliver the same look and feel that members were accustomed to experiencing.
The Solution
CFE FCU, a long-time PSCU Owner credit union, learned that PSCU’s Data eXchange solution has the capability to deliver real-time credit card account data to the credit union’s core Symitar system and its online and mobile member service platforms. Equally important to CFE FCU was Data eXchange’s ability to support its branding requirements and complete the vision of giving members a seamless online and digital service experience.
CFE FCU is currently building a complete member experience that will eventually replace the need for members to use Access Point. By utilizing Data eXchange, the credit union is activelyintegrating advanced functionality such as the ability for members to request balance transfers onto their card from a card at another institution. Upcoming functionality includes the ability to lock a card with PSCU’s Card Lock feature, alerts, the ability to report a card lost or stolen, CURewards balances, eStatement enrollment and travel notifications.
Data eXchange can fetch the most current balance and transaction data for display to the member. Increased performance through Data eXchange will allow CFE FCU to build an even more complete member experience by adding more advanced technology and functionality.
Data eXchange provides the data and functionality, and the credit union determines what components it wants to utilize. Once integrated, the credit union can then display the information in its custom user interface in online banking and mobile applications, while also having complete control over the look and feel. This control over branding also creates an opportunity for the credit union to manage the specific features it chooses to make available for a particular service, which gives members the perception that their credit union possesses greater scale.
The Results
Data eXchange integration has had a significant impact on the experience of members at CFE FCU, which was achieved with a low level of impact to development. The credit union is also now able to more effectively compete with other larger financial institutions. Additionally, CFE’s staff members have seen fewer member calls to the contact center as a result of members having access to the right information and functions through online channels.
All in all, it has been a win for members, and a win for CFE Federal Credit Union.
Denise Stevens is responsible for product management, new product development, digital experience and innovation at PSCU. Before returning to PSCU in 2015, Denise spent two years deepening her field knowledge of credit unions as Executive Vice President at PSCU Member-Owner Vantage Credit Union in St. Louis. Prior to her tenure at the credit union, she spent seven years at PSCU where she ultimately operated as the Vice President of Innovation & New Product Development. Denise’s career also includes roles as Business Leader at MasterCard, Paymentech and Equifax.