Digital Disruption hits Credit Unions
In the digital age, neo and challenger fintech banks are disrupting the financial services market like never before. This multifront attack on banks and credit unions alike threatens everything down to basics like acquiring and retaining customers. And with customers getting technologically savvier by the minute, a strong inclination toward digital-first experiences naturally follows.
Additionally, banks and credit unions are weighed down by an increasing need to support more affordable credit to near-prime borrowers. The fix involves scaling community lenders into self-sustainable entities and allowing borrowers to find a community lender with the same ease they can find other lenders.
All of the above urgently warrants leveraging digital assets with a strong focus on customer centricity. Credit unions need a solution that will allow them to offer cutting-edge digital products, thereby remaining relevant to their customers in the digital age. In essence, credit unions need to be ready to face challenges in the digital financial world. This means a critical need to overhaul their business models as well as IT infrastructure.
Persistent Digital Credit Union SolutionTM
Introducing the Community Lenders Go Digital® Platform. Powered by Persistent Digital Credit Union SolutionTM. Community Lenders Go Digital® is a uniquely positioned socially responsible lending platform developed in the UK. Credit Unions can ‘onboard’ this platform with minimum cost and pay as they use.
This cutting-edge banking platform elevates community banks and credit unions and helps them expand into modern financial institutions without significant investments.
Allows credit unions to quickly launch their first digital product, typically in one to two quarters. Subsequent products and services can be launched within similar time frames.
End-to-End Digital Journeys
The solution provides suitable architecture and components that allow customer journeys and back office processes to be intelligently automated and responsive in real time. This makes the credit union truly digital and competitive in a world disrupted by fintechs and large banks.
Largely Opex Model
Persistent & Gojoko take end-to-end responsibility for customer acquisition, underwriting, integrations, licensing and hosting, thereby making the solution a largely Opex proposition.
Pluggable Components & Service Providers
While the solution comes with a standard set of components and service providers, credit unions have the choice to replace any of these. Moreover, the existing IT setup can be leveraged as-is, while extending the overall solution to achieve the desired business outcome.