Enabling Innovation with the Help of Core Systems
At CSPI, our goal is to ensure our clients have access to the best technology to efficiently manage their credit union and provide their members a seamless digital banking experience. Since acquiring Symitar® CruiseNet® core data processor in October of 2020 and rebranding to Aurora Advantage CU, our team has been driven by innovation, starting with migrating all credit union data center clients to the Microsoft Azure Cloud.
We believe in an open-API infrastructure and understand the importance of partnering with best-of-breed technology partners. Hosting data in the Microsoft Azure Cloud positions our clients with the ability to quickly implement new-to-market technologies.
PYMNTS research data has found that half of CU members value product innovation. How are you helping your CUs with product/service innovation?
In response to faster payments, CSPI has recently taken a few of our clients live on the RTP® network through a partnership with Corporate America to provide our clients access to real-time payments. CSPI recognizes the need for faster payments, and we know our Credit Union core clients want to be on the leading edge. This initial implementation will allow credit union members to receive qualifying credit transfers that will post to their accounts within seconds, providing more control over cash flow, and quicker access to funds.
How important are faster payments to your Credit Union clients and their members? How are you helping in this regard?
There are many benefits to the Credit Union, guaranteed funds and liquidity is appealing to most. However, offering an improved, contactless digital experience to members is a nice perk too!
As an example, our first client to join the RTP® network was Jackson Area FCU. Leigh Bridges, CEO at Jackson Area FCU, shared she was quick to join as their CU had members questioning why it was taking so long for their funds to be available from companies like Grub Hub, Uber, etc. Bridges stated, “It was evident our members needed the ability to receive funds real-time and since implementing, members have noticed the instant transfer of funds and expressed their appreciation.”
By some accounts mobile banking has overtaken branches and the Internet as the most popular way to bank. Have you found this to be true with your clients and how have you responded?
Absolutely! In today’s landscape, we are all connected to our phones. At CSPI, our focus is to ensure we help our clients stay relevant with their digital banking strategy. We continuously seek feedback to confirm our roadmap aligns with our clients’ goals. In fact, we recently introduced a new product, Aurora Launch, an online account opening and lending platform!
Now more than ever, members expect a simplistic and intuitive digital journey. Online account opening and instant funding will position our Credit Union clients to increase account opening conversion rates by streamlining a seamless onboarding application process that incorporates instant ID verification and OFAC checks, in session eSignatures, and enables intelligent cross-selling capabilities.