Often times, smaller financial institutions are left wondering, “Where do credit unions and small banks get their core software?” The good news is that the answer to that question is easier than you might think. Thanks to the cloud and modern APIs, these systems can be installed in a matter of days. These systems begin with digital account opening software and offer additional features such as fraud detection and regulatory compliance. They also serve as systems of record for lending. The future of the financial services industry is based on new core systems that are being built for this purpose.
When it comes to technology, it’s no secret that consumers are accustomed to cutting-edge experiences. In the past, unlocking your smartphone required a four-digit code. Now, you can unlock it using your face. Likewise, most retail shopping used to be done in brick-and-mortar stores. But today, most people shop online. That means your members expect cutting-edge capabilities. Luckily, there are innovative software solutions for credit unions and small banks.
When it comes to small banks and credit unions, most of the time, they’ll seek assistance from private vendors that provide custom solutions. One such solution is Turnkey Lender, a credit union and small bank-specific risk management and fraud prevention platform. The platform has a lot of positive reviews on G2crowd. You can request a demo and find out more about the features of this software.