Credit unions represent a technologically progressive segment of the financial services industry. Credit unions were the first U.S. financial institutions to offer Internet banking and mobile banking. Simply stated, credit unions are technology leaders.
Credit unions often lead the Best of Breed charge when deploying software; however, the same can’t always be said for hardware. Often credit unions feel safer going with proven hardware – i.e., hardware resold by their core processor – over hardware that may better fit their needs. It is challenging for innovative hardware manufacturers, both large and small, to penetrate the market, which seems closed to all but a chosen few.
Today’s forward-thinking core data processors recognize one size never fits all credit unions. These dynamic companies realize that being a credit union’s true technology partner, rather than just another vendor, is about offering choices. These organizations are certifying as many different hardware devices as possible for use with their systems.
In this scenario, the data processor wins by building a stronger, more trusted relationship with the credit union. The credit union wins through its ability to deploy the hardware products it deems best for its unique needs. And of course, the hardware vendor wins, too.
Data processors that provide some sort of hardware certification program offer many benefits to hardware manufacturers, including:
1. a single point of contact at the data processor responsible for routing and answering all technical questions;
2. information on upcoming releases, including information that could impact the operation of the vendor’s hardware devices;
3. unprecedented access to the data processor’s technical resources, including testing mechanisms;
4. best practices developed by the data processor for its users;
5. information on new products or services appropriate for the vendor’s hardware;
6. marketing opportunities to the data processor’s customers;
7. added traction among the data processor’s customers through word-of-mouth.