Exploring the Buy Now Pay Later Boom

 

We often talk about the differences between older and younger generations, and we can add another trend to the list of factors that divide them: the surge in buy now, pay later program participation among younger Millennials, and Gen Z.

Let’s explore the BNPL boom and its role in the future of banking.

Why is BNPL Gaining Popularity?

As online shopping continues to grow in popularity, more and more we are seeing checkout prices being listed as “$349.99 now, or $29.17 per month for 12 months” or “4 payments of” a much more manageable amount. And younger shoppers are loving it. Buy now pay later is gaining popularity.

The younger members of the Millennial and Gen Z populations are not fans of credit cards, and their buying habits back this up. For example, in 2021, 12% of the 18- to 34-year-olds surveyed said they used BNPL for holiday purchases, compared to 0% of the 65 and older demographic, says CNBC. Overall use of the buy now pay later method was up nearly 30% year over year.

But why is BNPL so attractive to younger shoppers? Because it costs less than using a credit card, they say.

The attractiveness of BNPL comes from the idea that shoppers can create a bit more flexibility in their medium-sized purchases. Purchases that fall in the $100-700 range can be split into a handful of smaller payments that are spread out over the next few months, or even over a year. It eases the burden these occasional purchases bring, without incurring the high interest fees one would be stuck with if they used a traditional credit card.

It can be useful for more than just low-income shoppers, though. BNPL often is being used by those who are financially stable, but who want the predictability of the plan without having to incur costly fees or go through a long or drawn-out loan application process.

And, says CU 2.0, younger generations crave financial stability in a world that has been exceedingly unstable for them, they want solutions that leave no surprises. While a loan amount or balance is always available, banking members don’t know what the actual cost of their purchase will be until they pay off the full amount – and this depends on the frequency of payments (and whether the member pays in variable amounts), initial loan amounts, interest rates, the member’s credit score, and more. And if a member puts that purchase on a credit card but doesn’t pay off the full amount during the next billing cycle, the end expense is, once again, a variable and often a much higher price tag at the end. But with BNPL, the total cost is given upfront, and the timing or amount of the payments made will not change that.

How CUs Can Use BNPL Plans to Their Advantage

Credit unions looking to capture and engage more younger members can implement programs and offerings that follow this ultra-convenient and straightforward buy now pay later idea by using account data history for current members, and by advertising these services in a friendly, quick, digital offering.

More and more businesses have these BNPL plans built into their websites either on product pages on somewhere in the shopping cart or checkout process.

Focusing on smaller, more upfront methods of creating recurring payment plans for your members can help differentiate you as a credit union that is both up-to-date on the current trends and also committed to helping and educating members so they can become more financially sound.

Digital Solutions for Rapidly Evolving Banking Trends

IMS Integration wants your credit union at the forefront of digital transformation. From online account opening to web loan applications and Skip a Pay, our solutions are tailor-made for credit unions, because we know that your CU has unique needs and goals for the new year.

Check out our website for more information, or contact us today if you have questions.


Post-COVID Member Habits

 

It feels like no matter what, COVID-19 isn’t done with us. Schools, small businesses, healthcare providers, credit unions – we are all scrambling to find the best ways to keep our livelihoods intact and our families safe. And as such, this has affected how we do things, from day-to-day activities all the way up to prominent life events and important company decisions. And member habits are not immune to the pandemic, just like credit unions and leadership and innovation practices weren’t.

We’ve recently seen statistics and reports laying out post-COVID member habits look like. And most of these reports say the shift in habits is here to stay. Let’s talk about it.

Digital Trends Are Dominating

The gigantic shift from in-person to digital member services was due, in part, to the pandemic. While it’s true that each generation is more and more tech-savvy, older credit union member habits were rooted in just that – habits. While check fraud has been on the rise for decades, older members seemed to still place more inherent trust in their paper checks than in an online account. When many of the face-to-face member options were suspended, older members had to adjust their approach to include more digital options.

In 2020, international credit union membership grew by more than 14 million members. Digital banking solutions will continue to be the most important trend that affects your credit union’s future and should be the basis for continuity and growth planning.

According to Aux, 60% of 2021 survey respondents said they believe member usage of branches will never return to pre-COVID levels.

Women and Young Members Are Biggest Growth Opportunities

The World Council of Credit Unions released a 2020 Statistical Report that showed North America as having the oldest average age for members, at 53 years of age. Worldwide, credit union members are over the age of 45. There is a lot to be said about creating more Gen Z-centered marketing programs and modernizing your credit union’s digital presence.

This report also underscored the importance of creating more opportunities and campaigns to increase the number of women as members and in leadership roles. In Africa, Latin America, and North America, men hold more than 60% of leadership positions. This could hurt future expansion if your credit union hopes to attract more women to become members.

Financial Habits Are Shifting Towards Savings

A recent survey from Aux done from May to June of 2021 highlights areas of change and focus as it pertains to post-COVID member habits and feelings.

When participants were asked what areas they felt consumers will spend more on, the most popular answers were home improvement and travel. And many credit unions have noticed that lending is much less popular than saving right now, which means future loan campaigns and marketing efforts will be successful when they focus on these popular spending categories.

Elevate Your Credit Union to Match Member Habits Post-COVID

When Aux respondents were asked, “how they felt their members’ needs and values have changed…common themes were faster access to money and more digital tools.”

Digital transformation isn’t an abstract idea, it’s a global movement, and your members are depending on you and your credit union to offer the best online solutions to help them navigate this new normal with less friction and wasted time. Online account opening, Skip a Pay, and web loan applications are some of IMS Integration’s greatest assets that help credit unions meet and exceed their members’ expectations.

Check out our website for more information, or contact us today.


Tips for Streamlining Credit Union Operations

 

As credit unions become successful, they grow in size and complexity. And streamlining credit union operations sometimes gets put on the back burner, especially when your leadership has other things to worry about – like a global pandemic.

So let’s go through some top tips for streamlining credit union operations.

When To Start Streamlining Credit Union Operations

Business growth and substantial industry or environment changes are all primary catalysts for investing time and money into streamlining credit union operations.

The first step in a successful streamlining process is to recognize opportunities. Good leaders are not people who know everything, they’re more often people who know when to delegate tasks or defer programs and services to experts in other fields. Here are some ways to capitalize on those experts and opportunities.

Outsourcing Isn’t a Bad Thing

As a whole, the word “outsourcing” conjures images of entire factories and businesses moving their operations to other countries, typically in the pursuit of lower production costs. But your credit union doesn’t need that drastic of a change.

With the digital transformation that has arisen from the coronavirus pandemic also comes a huge shift, for many professionals, to gig work. There are so many more industries and professions being represented by freelancers than ever before, and this is often a great solution when your credit union is focused on streamlining. Are there duties or roles that have once-a-month, quarterly, or yearly tasks? These tasks, especially if they are in highly regulated fields like IT and accounting, can be easily outsourced to ease the burden on your teams without battling staffing issues or spending loads of time interviewing and hiring new full-time employees.

Consolidate Data Systems and Digital Tools

Do you remember the iPhone commercials about how smartphones offer seemingly endless solutions for anything and everything you could need in a day? The ones where every situation or problem was met with the phrase, “There’s an app for that.” This is more true now than it has ever been – there are dozens of tools, apps, and other digital solutions for any problem or request you’ll ever have.

But not all solutions are created equal. In fact, having too many solutions present in your credit union operations offers a great opportunity to pare down and focus on only the most effective tools. For example, Keystone is a popular digital solution with lots of built-in tools that can make your credit union’s online presence more accessible and more desirable for your members and employees. IMS Integration offers a line of Keystone solutions that include web loan applications, correlation solutions, online account opening, Skip a Pay, and more.

Look for Automation Opportunities

When looking for opportunities in streamlining credit union operations, automation is a powerful tool, if chosen wisely.

Repetitive, redundant, and tedious tasks are great candidates for automation.

Kickstart Your Streamlining Initiatives with IMSI: Keystone Infuzion

Oftentimes, streamlining your credit union operations means finding digital tools to help increase efficiency while keeping costs and employee hours down. IMS Integration offers comprehensive services and solutions from credit union experts. Our latest Keystone tool, Infuzion, was developed to streamline complex functions without the need to develop scripts or understand or build Java.

Request a consultation today for more information about our Keystone solutions, professional services, and credit union solutions.


Kids and Credit Unions: Bolstering Engagement in Younger Generations

 

Parents are more uncertain than ever when it comes to figuring out the appropriate timelines for teaching and exposing their children to certain tools and learning opportunities. When do you get them their first phone? Their first bank account? In a world where they can find the information before you show it to them, it’s a good idea to help your members determine when to mix kids and credit unions. Here are some of the best tips we’ve found.

Kids and Credit Unions: When to Start

“Technology has changed the way we make purchases and track them, and kids need to know how things work,” Forbes says in their article “When to Get Your Child a Bank Account And Debit Card.”

Your members are likely struggling to decide when and how to start teaching their children about financial health. While there is no perfect age to introduce them to the world of banking, many experts say the time to start showing them how money and savings work is when they are old enough to understand. Most children can comprehend an introduction to banking between the ages of 8 and 12. 75% of university students don’t know what credit unions are, and the sooner you can get them acquainted with your credit union, the more likely they are to utilize your services as adults. Let’s talk about some ways to bridge the gap between kids and credit unions.

Include App Education

Popular financial apps like UNest and Acorns are creating banking solutions for kids. The younger generations are looking for quick, mobile, and app-based banking solutions and insights. UNest is a credit union-friendly app that partners with CUs to help parents make smart investments for their kids’ futures.

Your credit union can appeal widely to younger potential credit union members by offering educational content and resources that help kids and their parents traverse the latest financial technology. It is also a good idea to audit these apps for their merits and create kid-centric programs to compete with top fintech brands.

Run Kid-Centric Campaigns

April is National CU Youth Month, and this is a perfect time to launch or highlight programs your credit union has available for its youngest members.

The Consumer Financial Protection Bureau has many great resources for catering to a child’s understanding of financial education. They offer resources that describe money milestones, money choices, and much more. Some of their topics include talking about: buying a car, getting a pet, moving to a new house, paying bills, and paying with credit and debit cards.

Credit unions are uniquely positioned to provide financial education resources and events, why not lean into that to appeal to your most curious members?

Leverage Credit Unions’ Foundation

No matter how well-done the campaign, advertising to children is a difficult course of action. And when it comes to opening bank accounts, using credit cards, and the like, targeting children with your campaigns can feel particularly egregious to parents. Enter your trustworthy credit union.

Since credit unions are member-owned, there are no banking executives who are padding their pockets with a child’s allowance money. The money a credit union collects from its members ends up right back in the members’ hands, in the form of fewer fees and better interest rates.

The Future: Kids and Credit Unions

IMS Integration has a wealth of well-honed industry expertise, and we want to use it to create a custom web development plan to help you reach a larger demographic of members by catering to younger potential members. We offer everything from online member applications to data extracts and manipulation, third-party integration, and more. Request a consultation today for more information about our credit union solutions. 

 


Preparing Credit Union Employees for the Holiday Season

 

Like last year, 2021’s holiday season is going to present some unique challenges, many of which are – at least in part – caused by the coronavirus pandemic. Labor shortages and supply chain disruptions are going to make for some challenging interactions, and your credit union will not be immune. Here are some ideas for preparing your credit union employees for the holiday season.

Upgrade Your Tech Game

The 2020 holiday season was a record-breaker in terms of tech use. More people than ever turned to online solutions to shop for gifts, check in with family members, and so much more.

IMS Integration is dedicated to creating top-of-the-line tech-based solutions to help keep your credit union ahead of the curve. With items like web loan applications, online account opening, and Skip a Pay, your members can manage their funds at their convenience and adjust their financial plans to accommodate holiday spending and income changes. Our new Infuzion offering is an extremely powerful tool, developed to streamline complex functions without needing to develop scripts or build Java.

What does all this mean? Your employees will have more time to help with other member needs during the holiday season.

Acknowledge Changing Trends in Member Habits

According to PCSU, there are several trends to be aware of so you can meet or exceed holiday goals. These are great initiatives you will want to make sure your employees are aware of and working to educate your member base about.

The first is that October and November are great months for credit line increases, providing members with more flexibility and larger scope and volume of purchases, including lines of credit with the purpose of finishing

The second pertains to top-of-wallet behaviors. November and December are good months to run promotions and campaigns that bring certain cards and programs back as top priorities.

And the third trend is more geared toward the first of the year. In January and February, your employees should turn their attention and focus to offering balance transfers and convenience checks, helping members to find and take advantage of lower rates once the holidays have ended.

Plan Ahead

Many sources across industry disciplines are reporting that the “holiday season,” rather than being contained to November and December, is actually becoming a 3-4 month endeavor that starts just as August ends.

To help your employees have the tools and resources they need to succeed through these busy months, it’s important to plan ahead.

Auditing past years’ activities, brainstorming new and modified ways to handle the increased demand for products and services, and even hiring seasonal help can be beneficial as you prepare credit union employees for the holiday season.

Don’t Dismiss Team Morale Checks

The holidays, while often touted as the most wonderful time of the year, are often harder for many people, especially those who deal with customers face-to-face (or screen-to-screen). While it’s important to prepare your credit union employees for the holiday season by giving them the professional tools and insights they need, you also need to be aware of the state of team morale and mental health.

While it’s important to celebrate with your team, it’s also a good idea to check in with your teams. If someone isn’t feeling particularly cheery, allow them to take the space they need, even if it means they won’t be attending the company Christmas lunch or holiday dinner. You can even move the celebration to after the new year, so your staff can enjoy the festivities outside of the stress that comes with the frenzy of holiday activity many industries are affected by.

Give Your CU a Great Gift, Too

IMS Integration has a range of professional services that are customized to you. UI and Batch Scripting in Keystone, custom web development, and custom electronic forms are a great gift to give your credit union for the new year. Let our expertise make things easier for you and your employees in future holiday seasons. Request a consultation today for more information about our credit union solutions.


Web Development for Credit Unions

 

In an increasingly digital world, your credit union’s website is the new interactive business card, a source of income, and the main way by which prospective members will judge whether you are the right fit for their financial needs. So let’s talk about web development for credit unions: what to do, what not to do, and more.

Take Advantage of Tracking and Analytics

Your data is only as good as your analysis of it. Data is business gold. It can tell you things about the best times to run certain promotions, the behaviors of different member demographics, and so much more.

When it comes to leveraging your data, you should first break down your credit union goals, and then start collecting data to help give you insight on how to achieve those goals.

End-to-end tracking is also a must. For credit unions, lead tracking and ROI tracking can provide a multi-directional approach to meeting your business goals. Your members and their behaviors can tell you everything you need to know about what products and services you should be offering, and the best methods for doing so.

Prominently Feature Self-Service Options

Typically, people surfing your website are there because of a search or other desire for a product or service brought them here. By prominently featuring self-service options, you give your visitors what they want in a quick and efficient manner.

Online web loan applications, courtesy pay, and other self-service forms are a great way to differentiate your credit union. Many credit unions fail to prominently display self-service opportunities on their websites, and this causes a lot of frustration among visitors. If you are one of the few that takes advantage of this web development for credit unions, it can not only drive more business, but it can also set you apart from other credit unions that are not taking advantage of this web design.

Marketing Trends for 2022

The Financial Brand recently published an article on “How Banks and Credit Unions Are Rethinking Marketing for 2022.” This includes changing up your media mix, reevaluating your marketing budget, and focusing on financial inclusion.

Some of these new trends will affect the web development of your credit union. Members are now more comfortable using multiple banking institutions to help make the most of what they are being offered. The focus now is to be more flexible and innovative, to capture the top spot in your member’s minds. You want them to think of your credit union first. If you aren’t their only financial institution, you should strive to be their favorite.

Don’t Forget about Accessibility

The digital world is one in which many disabilities can become smaller obstacles with the right programming. When you are thinking about web development for your credit union, a great addition to your strategy should be accessibility. Accessibility can be housed within the toggles of your site and can be comprised of things like a “dark mode” setting or designing your online forms to be more accessible. UC Berkeley has a great resource on the top tips for making your website accessible.

Custom Web Development for Your CU

IMS Integration has a wealth of well-honed industry expertise, and we want to use it to create a custom web development plan for your credit union’s needs. We offer everything from online member applications to data extracts and manipulation, third-party integration, and more. Request a consultation today for more information about our credit union solutions.


Boost Member Loyalty for Your Credit Union

 

Retention and loyalty are the main foundation of any customer- or member-based business. And credit unions are no different. And lately, reputation and online presence are determining factors in the loyalty conversation. Here are some tips for boosting member loyalty.

Get Creative with Loyalty Programs

Your loyalty program will be as successful as you make it. Members are constantly looking for the best deals, especially when it comes to financial opportunities like lending, saving, and debt consolidation. 61% of financial institution members would prefer to manage their loyalty benefits through a mobile wallet.

The first thing you need to do to boost member loyalty is to make sure your loyalty program accounts for new and developing digital solutions that have come about either by the natural progression to online services or through the rapid digitization of many industries, as caused by the coronavirus pandemic.

Top priorities for your revamped loyalty program should include:

  • Streamlined services: lending, FAQs, user-friendly apps and banking processes
  • Optimized mobile solutions and capabilities
  • Application checklists, reminders, and estimation tools (mortgage, personal loans, web loan applications, and more)

Personalization

Social media, promotional emails, Starbucks coffee cups – people like their consumer experiences to feel personal, not transactional or mass-produced. And credit unions are tailor-made for this. If you can offer similar products and services as big banks but do it in a way that feels significant to your members as individuals, loyalty to your credit union and your financial brand will increase.

Creating authentic conversations and transactions with your members can help them commit to loyalty programs and campaigns. And data and automation can help make the personalization process more efficient and error-free.

Reach Out to Struggling Members

One way to increase loyalty is to offer more assistance and education to your members who are struggling financially. Adding extra classes or online resources that cater to those in the lowest income brackets is a great way to do this.

If you have members who are in arrears, your credit union’s leaders should spend some time brainstorming and implementing processes that can help your most vulnerable members create some momentum for future financial growth and success. This is especially true with Millennial and Gen Z members, who are ultra-focused on paying down debt and achieving financial independence from student loans and other expenses incurred in early adulthood.

Optimize Your Technology

Rapid service and after-hours access are things your members have come to expect in this increasingly digital world. Leveraging technology on all fronts will help your members remain loyal because they know your credit union is at the forefront of innovative solutions.

Technology optimization can mean creating and revamping mobile apps, including new computers or tablets in your employees’ workflows, and creating contactless touchpoints that could include kiosks in your branches, or other ATM or online services that can enhance your member experience.

Boost Loyalty with Customized CU Solutions

A robust digital presence is instrumental to the success and future of your credit union. IMS Integration has a number of elegant member-facing web solutions for your credit union, including Make a Statement, Online Courtesy Pay, Online Self Service Forms, and Trial Balance.

Request a consultation today for more information about these and other credit union solutions we offer.


4 Common Reasons Your Members Switch Banks

 

Part of knowing how to create a successful business continuity plan for credit union member retention comes from the knowledge that we gain from studying what makes your members choose to leave your financial institution for another. So here are some common reasons why your members switch banks.

Better Data Protection

The COVID pandemic has accelerated the digitization of a lot of businesses, and that has in turn increased cybersecurity risks. That is why, in a recent study done by Morning Consult, the number one reason respondents switch banks is because they are looking for better data protection.

The easiest way to combat members switching to another bank is to incorporate facts and messaging into your mobile and online banking marketing programs. Because even if their data is safe, members want to know the particulars.

Better Customer Service

Your members have a lot more information than previous generations. If they don’t like a product or service, no matter how long they have given their patronage to a business, they shop around for better options.

This is exceptionally true when it comes to customer service. Consumers are much savvier now, so if the customer service at your location isn’t up to their standards, they likely won’t hesitate to switch banks. In fact, a study from The Ascent reported that 97.18% of respondents ranked “quality of customer service” as either “somewhat” or “very important” when deciding where they’d open a new account. And as digital offerings become more and more accessible and user-friendly, it’s only getting easier for an unsatisfied member to switch banks.

Better Digital Features

According to Banking Journal, recent data suggests that bank customers under the age of 55 are much more willing to switch banks to take advantage of better digital features and services. And 37% of customers regardless of age said they are more likely to switch banks now than they were in the past, likely due to the effects of the coronavirus pandemic in banking and other industries.

Uncertain Financial Times

Our banking situation is often based on the same feelings we have in the summertime. It sounds crazy, but think about it: if you are at your son’s baseball game or a backyard barbecue, you want to park your chair somewhere in the shade. And for as long as the shade covers you, even while the sun changes position, you stay in that spot, even if there are bigger shade spots nearby.

Your banking situation is the same: if we are in pretty stable financial times, most people are fine with not needing to switch banks because nothing is making them think about making a switch. But if we are in the middle of economic instability, like a recession, people will be more apt to shop around and consider looking into the steps it takes to switch banks.

IMS Integration Can Help Build a Strong Foundation for Your Digital Credit Union Needs

IMS Integration is here to assist you so you can better serve your members. With our professional services, you can take advantage of custom web development, UI scripting, batch scripting, and custom electronic forms.

Request a consultation today for more information about our credit union solutions.


4 Takeaways from ‘Digital-First Banking Trends Report’

 

SilverCloud recently published the “Digital-First Banking Trends Report” (you can download the free report here). There is a ton of insightful information in the report, so we wanted to go through a few of the best takeaways, which include mobile banking, technology adoption, and more.

Customer Self-Service

SilverCloud reports that the average daily use of knowledge bases on bank and credit union websites increased by 69% year over year from March 2020 to March 2021. Current and future credit union members will now expect to be able to find banking solutions, applications, and answers to their questions through your website or mobile offerings.

A list of some of the most common topics in self-service offerings include transfers, cards, lending, hours, and appointments. IMS Integration has a number of solutions like web loan applications and online account opening that can help bolster your credit union’s self-service programs.

Mobile Banking

A lot of the self-service growth was taking place on mobile apps and platforms in the last year as well. And mobile users were doing a lot more than just checking account balances, they were looking for help with products, technology, and even just general support.

The more streamlined your credit union’s website and mobile interfaces are, the easier it is to attract and retain members. The increase in work-from-home opportunities and other remote events and meetings means that it’s becoming less convenient to have to swing by the bank or credit union to drop off a pay stub or withdraw cash. There’s even a continued rise in smart wallet use – forget paying with cash or card, many people enjoy the simplicity of paying by phone.

Chatbots

With 24-7 tech comes the need for 24/7 support. Thankfully, you don’t need to start hiring night shift chat or hotline managers to keep up with your members’ needs.

“Chatbot usage on bank and credit union websites and mobile apps increased 272% year-over-year, says SilverCloud. Their study even showed that those who used chatbots over more rudimentary search bar inquiries typed an average of 14 words and found helpful answers to mid-tier and slightly more complicated questions. Your members are no longer seeing chatbots as glorified search bars – they’re using this evolved technology to find answers to questions that normally would require a person-to-person phone call. This evolution helps increase the effectiveness of your credit union’s self-service offerings while lowering your call volumes.

IMS Integration also has a number of automation options like batch and UI scripting that can be customized to your credit union while still providing efficient solutions for your teams.

Appointment Scheduling

While walk-ins are still welcome, the ongoing coronavirus pandemic has created a high demand for more pre-scheduled appointments, up 107% from 2020, while walk-in numbers have decreased by 55%.

The following appointment types saw growth since last year: business banking, retail banking, investments, and auto loans. Only appointments for checking and savings declined – no doubt affected by the huge leaps in technology and self-service availability we mentioned above.

Keep Up with Tech Trends in Banking

IMS Integration has a large selection of online and backend solutions to help keep your credit union up to speed on the latest and greatest advancements in the banking industry. Our Corelation solutions and new Infuzion tool are making customized tech solutions look easy.

Request a consultation today for more information about our credit union solutions.


5 Benefits of Finance Automation

 

Finance automation technology can be scaled – it can be all-encompassing, or it can help your credit union increase the efficiency in some processes so your employees can spend more time serving your members. Let’s talk about the five benefits of financial automation.

Fewer Errors

When automation is done right, it creates fewer errors than manual data entry or calculation performance. But rather than replacing your staff with automation, most finance automation is meant to be guided by individuals, keeping that human touch, and then set free to perform as it should, in the background.

Higher Consistency

Every employee is different, and no matter how hard you try, each individual will handle situations and complete tasks in the way that best suits them. This is great for inclusivity, but not so great for processes that should be standardized. With finance automation, you can create greater consistency through standardization.

Increases Information Utility

When you have automated real-time data collection, you can increase information utility. This allows you and your teams to recognize patterns and address issues much sooner than if you had your employees trying to collect and aggregate this data by themselves.

Decreases Fraud Risks

We all want to believe the best in people, but even innocent mistakes can have a devastating impact on your credit union.

Fraud risks, especially those tied to online and electronic activities, are continuing to increase. And certain innocuous employee habits can leave gaps in security big enough for fraudsters and cybercriminals to take advantage of.

Finance automation, by creating greater consistency and reducing the potential for errors all while minimizing human contact with the mechanics of a standardized process, can help decrease fraud risks by limiting the number of people and the time they are involved in a process.

Saves Time

As with most automation, finance automation saves time. It saves your employees and members time when it comes to running the programs and collecting the data. It saves you and your managers time because you don’t waste so much time trying to identify what went wrong, and where, and who.  

Great Examples of Places to Implement Finance Automation

Spend Journal recently shared some finance automation opportunities, and we wanted to list a few here:

  • Payroll: If you think no one cares about a small mistake, try missing someone’s payroll check.  Automated payments, both internally and from member to credit union, are a perfect place to implement finance automation, and payroll is a great place to start. 
  • Banking Statements: IMSI’s Make a Statement service can help you with that. Create e-statements and e-notices, and even consolidate multiple statements to the same vendor automatically.

IMS Integration Wants to Help Lower Fintech Friction

IMS Integration is here to assist you so you can better serve your members. With technology solutions tailored specifically to credit unions, IMSI can offer great services that your members will love, like Skip a Pay. You can set it up for member use, for staff use, and it is fully integrated with your core system.

Request a consultation today for more information about our credit union solutions.