Credit unions today are witnessing the advent of true member mobility. Researchers’ evidence and numerous technology developments indicate the rise of a world where social interaction is increasingly driven by the ability to interact anywhere, any time. Credit unions must be prepared for this immutable shift towards the mobile communication network.
Already 50% of mobile users have converted to smart phones, according to the Pew Research Center. And last year, smart phone and tablets outsold the traditional computer, according BI Intelligence, a research and analysis service from Business Insider. Research from comScore’s mobile metrics service MobiLens shows this changing technology landscape is even affecting consumer financial activities, with online payments increasing 80% in 2011 to over 23 million transactions completed.
These statistics represent an opportunity among industry leaders. Early recognition of this social shift in member behavior will enable credit unions to plan their response and take action accordingly.
Increased member mobility is leveling the landscape of financial services, providing more access to membership day or night through services like electronic payment settlement, image document processing, and eSignatures. Now is the perfect time to invest in new emotional and physical infrastructure, while cultivating a culture of electronic payment and image processing inherent to the mobile member’s life.
Transacting business electronically through mobile channels has amplified a growing need for core image processing. Consider, for example, mobile check deposits. Demand for mobile merchant and member check deposits increases every day. Leveraging core image processing creates the capability to turn on features necessary for new business opportunities, such as mobile deposit, and increase the competitive capacity of the financial institution.
Unlike basic processing systems, core image processing provides more advanced capabilities than just the scanning of documents or the storage of images like receipts or photo IDs. Instead, it builds an emotional and cultural foundation for the management of all electronic image content including reports, statements, notices, receipts, photo identification, electronic form workflows, electronic signature processing, and check capture for the teller, branch, or member.
This type of solution not only stores content but automates business processes and provides independent ownership of image content. Core image processing will manage security for content accessibility and processing, mitigate risk through automated business processes and image retention guidelines, and build a centralized, secure, mobile-accessible framework to deliver service to members anytime. Alongside of other core processing systems, it provides an important foundation to capture new market opportunities.
So how can credit unions better embrace this technology? An effective investment strategy for developing an emotional, cultural, and operational core imaging competency begins with harnessing the power of the cooperative business model. Credit unions and CUSOs alike possess resources that, when leveraged by other institutions, can increase emotional and operational foundations and lower investment costs.
Leveraging a CUSO’s core competencies ─ including core image processing, core data processing, and core payment system processing ─ can significantly increase speed to market, create efficiency in cost, and help institutions address new opportunities now and into the future.
Making this strategic investment will eliminate fragmentation in operational processes and image ownership, eliminate inefficiencies in management, and reduce procedural and audit risks. Now is the right time to join the mobile revolution.
To learn more about core image processing, visit http://edoclogic.com.