Now that 2018 has ended, it is time to look at how financial institutions have fared over the year. It is fair to say that it has been a year of changes. Modern technologies, such as machine learning automation and artificial intelligence, have taken the industry by storm. Meanwhile, data security issues have come to the fore. When paired with market shifts and regulatory changes, it is easy to see the year has been a challenging one. As we embark on 2019, financial institutions are wondering which factors will affect their success this year. Which will be the key issues for 2019? One thing is for sure, finding up-to-date payment solutions for credit unions will have a role to play.
What Are the Predictions For 2019?
One major prediction that experts have touted for 2019 involves, as you may have guessed, technology. Technological advances are moving swiftly across all industries. However, the financial industry is especially feeling the pressure to adopt the latest ideas. Increasing numbers of financial institutions have been embracing technology, at least at some level. Yet, as we move into 2019 and competition is high, the pressure to move with the times increases.
For financial institutions that have yet to take on board the need to change, 2019 could be a disruptive year. This is especially pertinent to credit unions, which are frequently lagging in the technology stakes. Some still seem to be stuck in the past, and unable to even adopt Cloud technology. For those organizations, the idea of embracing machine learning automation or AI seems insurmountable. Nevertheless, the need will be even more pressing over the course of this year to make those changes.
The Adoption of Fintech
Experts predict the change for 2019 will come in the form of big data and analytics. Financial institutions that have yet to grasp the importance of big data must do so this year. Failure to do so could mean to fail entirely. This year will be a year of increasing attempts to gain actionable insights from big data. In the future, machine learning will predict consumer behavior and companies will adapt strategies accordingly.
A drive toward finding the right payment solutions for credit unions will also become more relevant this year. As many financial institutions struggle to stay competitive in the modern marketplace, they must adopt new measures. Finding newer and better ways to receive payments is becoming ever-more important. Ensuring that access is widened and that payments can be made more easily is key to competitiveness.
Adopting a more convenient system for member payments will be high on the agenda for 2019. It has become increasingly clear that credit unions and other small financial institutions that fail in this respect often sink. Major banks have long been offering online web portals and telephone banking payment systems. Smaller institutions and credit unions now need to become competitive in this arena. To stay relevant, organizations must now adopt convenient and comprehensive payment processing solutions.
Customizability and Compliance
This year looks set to see a continued drive not only for convenience but also for customizability. Financial institutions will be looking for third parties with their own areas of expertise. They want to harness them to their advantage. In the case of payment solutions for credit unions, this means choosing a system provided by a trustworthy organization.
BillingTree’s payment solutions for credit unions represent a convenient and customizable way to strengthen member and customer relationships. BillingTree is leading the way by also ensuring complete compliance together with integration into existing software solutions.