This article is part of the CreditUnions.com FinTech Series, a new collection of original Q&As that celebrate advancements in financial technology. Learn how your organization can participate today.
Jeffery Kendall, Executive Vice President and General Manager for Global Banking and Financial Solutions, Kony DBX
Kony’s banking applications convert the digital barrier between members and their credit union into a conduit for leading-edge member experience.
The Kony DBX solutions combine basic and advanced functions in an out-of-the-box format that allows credit unions to compete with big banks and fintech disruptors alike without the need for expensive internal or extensive development help.
The Austin, TX-based firm’s innovations also take member engagement to a new level by empowering a one-on-one relationship that allows the user to select their own “personal banker” at their cooperative.
Here, Jeffery Kendall, executive vice president and general manager for global banking and financial solutions at Kony DBX, explains how Kony DBX works.
Please describe Kony’s product and level of innovation.
Kony DBX provides a full suite of digital banking applications for retail and business members. It provides customers with best-in-class applications which are “ready-to-run” but built on the world’s leading low-code platform which allows for the ultimate in flexibility and control.
An example of how customers can truly innovate is best illustrated through Kony DBX’s unique ability to seamlessly weave human interaction into a digital banking platform ― through a proprietary feature called “Engage”. Engage allows members to choose their own personal banker and build a powerful one-to-one relationship with them over time. It was codesigned with credit unions and banks around the world to truly fit the needs of the real world.
In addition to knowing there are real people working behind the platform, members rave about the fact that they ― not the platform ― control exactly when a personal banker gets involved and when to operate on self-service mode. This adds huge value to the user experience.
From the member’s perspective, the handoff between digital and personal transacting is immediate and intuitive. Credit unions can readily see the member’s transaction ― that was mid-stream ― so members don’t have to re-explain their issue. This respects the value of your members’ time and leaves the mode of communication in their hands.
Our agile design allows for secure innovation, customized to your unique brand ― a feature that the banks are paying millions of dollars for with their in-house engineers.
What opportunity or challenge does Kony address?
Credit unions are in the fight of their lives as they compete against giant, multinational banks with fleets of digital banking engineers. Kony DBX gives them the competitive advantage through both innovation and strategic counsel. We don’t just install Kony DBX and walk away; we guide credit unions through the entire digital transformation process and help grow their businesses.
How does your product help credit unions deal with disruption in their marketplace, including differentiating them from banks?
This is where Kony DBX truly shines. Kony DBX is not “Brand X,” which is what you get when you buy off-the-shelf apps provided by core system providers. With that choice, there is zero ability to differentiate beyond selecting a color scheme and adding your logo to their template. Your brand looks identical to your competitors across the street and across the country.
What we offer, instead, is the ability to amplify credit unions’ long history of superior customer service ― with a malleable platform fully integrated with core systems. Kony DBX ingests the data from the core system and feeds it back into the system. The platforms work together, but don’t interfere with one another. Our agile design allows for secure innovation, customized to your unique brand ― a feature that the banks are paying millions of dollars for with their in-house engineers.
How does this innovation increase member value?
Through Kony DBX, credit unions are able to return to their recognized roots ― excelling through authentic relationships with members and the community. Digital banking is no longer a wall between members and credit unions; it is the electronic delivery mode of that same unparalleled service.
How is Kony DBX doing in the market?
Kony has experienced triple digit growth in the past 12 months. The growth of Kony DBX is recognized throughout the industry and throughout the world. Visit DBX.Kony.com to see how regularly Kony DBX continues to be recognized as a leader by the nation’s top analysts.
What kind of ROI can a credit union expect using Kony?
The best way to demonstrate Kony DBX’s ROI is to allow our customers to speak for themselves.
We know that credit unions are part of a close-knit society who regularly collaborate. You can read case studies about our customers ― such as Partners FCU and PSECU ― at dbx.kony.com, or just speak directly to our customers, and your counterparts. They are also listed on our website.
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