LAS VEGAS -
“There are a number of credit union clients that are looking into it or really committing to it in a big way,” Daniel said.
Open Solutions, which is based in Glastonbury, Conn. and offers as its platform The Complete Credit Union Solution, has a pretty robust offering in business services, as it offers a similar platform to banks that are considerably larger than the largest credit union. “Really, the only limit for a credit union is their own knowledge,” said Daniel, senior VP and general manager of Open Solutions’ Credit Union Group.
For credit unions either already in business services or not considering such an expansion, Daniel said the options for growth two-fold: “Number one, find a way to do more business with your current members. And number two, be more convenient.”
He cited several client CUs, including Tukwila, Wash.-based BECU and San Diego-based North Island, as examples of credit unions that have seen rapid and solid growth.
“CRM has become a big thing for us,” Daniel said. “We’ve developed integrated CRM on our core, rather than interface to a third party.”
The most recent CRM release now creates a one-look view of all the relationships a member has with a credit unions and, in cases where the member grants permission, relationships with other providers. The credit union then has the option to adjust pricing based on that total relationship and to anticipate what product or service the member might need next.
“It’s one thing to have tools, it’s another to use them,” reminded Daniel. He pointed to North Island as an example of a CU that worked with Open Solutions to create some pretty sophisticated relational pricing. “Often, developing this is great, but the question then is deciding how to price,” he observed.
Daniel also had this prediction for credit unions: prepare for some long-loved solutions to begin disappearing. He pointed to all the acquisitions and consolidation of brands within the vendor community by larger players seeking to offer end-to-end solutions. “Some vendor products are going to go away with all those acquisitions,” he said. “Many of the systems CUs use today are going to go away. It’s a matter of when, not if. Companies don’t buy other companies to support multiple products.”
