5 software banks need to increase efficiency.

If your credit union is not using banks’ software, you are hurting your efficiency and productivity. Using the right software can facilitate various aspects of efficiency, from overall organisation to how you stay in touch with members.

You may struggle to stay in touch with members using multiple different platforms or struggle to get reviews. You may waste too much time processing loans and maintaining the details of them. Perhaps you are at risk of fraud that could cost your credit union thousands of dollars. Or maybe your members have been asking for more online banking features that you cannot afford to provide.

All of these issues and others are easily resolved with the best software for banks. To help you increase your credit union’s efficiency, we have gathered the top software options, each of which will help your company in different ways. 

1. EBANQ

EBANQ is an excellent option for credit unions who still do not offer a mobile banking application or who need to upgrade or replace it. It provides turn-key white-label banking software, so you do not have to waste potential profits creating a mobile banking application for your members. It is ready for mobile devices right out of the box, but it is also fully customisable. EBANQ claims to get your credit union a mobile banking platform within 24 hours, complete with your branding.

The software includes mobile applications for both Android and iOS and an extensive open API. It is also scalable, modular, and future-proof. If you want, you can even incorporate features for digital currencies in addition to built-in multi decision currency support.

In addition to mobile applications, EBANQ offers EBANQ Core, which is a solution for all devices. That online banking solution adjusts to the browser, screen size, and device and is compatible with desktops, laptops, tablets, and smartphones.

By offering mobile banking to your credit union members, you will enhance your bank’s convenience and the overall customer experience. If you already have mobile banking software that lacks features, upgrading to EBANQ can help retain and attract new members. Mobile platforms also encourage your members to rely on your bank for more things, expanding your products.

Because EBANQ is a white-label solution, it is much more affordable than a custom solution would be, yet it still offers all the features your members and team need. It also makes it possible to compete with the convenience large banks deliver via their mobile applications.

2. Fraud.net

While many of the other software for banks on our list include an element of fraud prevention and risk management, Fraud.net offers a complete solution for protection in your credit union. This solution protects against fraud throughout the entire lifecycle of a transaction. Before the transaction, it can include login scoring and device fingerprinting. During transaction reporting and decision making, it can include custom ML models, analytics and data mining, and alerts and case management. After the transaction, it allows for step-up authentication and to authenticate all change requests.

Account takeovers via brute force or credential stuffing

• Payment fraud
• KYC/AML
• Insider fraud
• Synthetic identity
• Loan and credit fraud
• Collusion fraud
• Application fraud
• Call centre fraud
• Marketing and affiliate fraud
• Mobile fraud
• Gift cards and rewards
• Chargeback protection
• Omnichannel fraud
• Return fraud

The Fraud.net software offers protection thanks to a combination of data enrichment, AI, deep learning, its collective intelligence network, and its partners. The company also aims to continuously evolve and update its software as fraud continues to evolve.

3. Temenos Analytics

Temenos has several products that can improve your credit union’s efficiency, including Temenos Analytics. This software for banks combines analytics, reporting, and business intelligence. Using this software lets you harness the data your credit union already has or could easily gather via daily transactions. You can then use the software analysis to improve efficiencies, make smarter decisions, drive innovation, and become more agile.

Using this particular software for banks gives you access to real-time data and analytics regarding your credit union members. It also includes a robust AP and embedded analytics capabilities, making it possible to use the software in any digital banking that your credit union offers. It also includes self-service analytics.

Perhaps one of the most useful aspects of Temenos Analytics is its profit analytics. The software features a comprehensive solution for profitability management, including activity-based costing capabilities and funds transfer. Specifically, the software lets you calculate how profitable each customer and product is based on the best-practice financial models, so you can make adjustments to boost your profits.

If you are interested, Temenos also offers other software for banks, including options that fulfil the same purposes as some other software on this list. For example, Temenos Transact offers core banking, and Temenos Financial Crime Mitigation prevents fraud, money laundering, and other financial crimes.

4. TurnKey Lender

TurnKey Lender is another company with multiple software solutions for banks and credit unions, but we chose to highlight the Lending Software System for Credit Unions. This solution works better for your credit union’s unique needs than software designed with banks in mind. It is a leading automation platform that also features AI-driven credit scoring.

Alternative Credit Scoring is AI-driven and designed to help your credit union stay within your risk parameters for credit while booking more loans. It helps you reach prospects who have thin credit, expanding your portfolio. It also improves the profitability of your portfolio by correctly pricing new accounts.

The platform is entirely cloud-based, meaning that your credit union can access everything, including reporting, collection, and servicing from any device. Easy access gives you the ability to check on the credit union while on vacation. This bank software’s other features include digital onboarding that speeds up the process, fraud prevention, processes analytics, and reporting.

The lending process automation solution lets you automate as much or as little of the lending process as you want, including reporting, payment collection, servicing, underwriting, decision making, and loan origination. You can always change your mind and add another functionality.

As a bonus, you can supplement this software for banks with other services from TurnKey designed for credit unions, including custom credit decision algorithms, digitising legacy solutions, and adjusting your platform to meet your business flows.

5. Podium

Yet another excellent software for banks that fulfils multiple purposes is Podium. Podium saves you time with communication and gaining reviews.

Members of your credit union likely have different preferences regarding how they want to contact you. You may even have other preferred methods in place based on the type of interaction. This leads to wasted time, as your team needs to check multiple platforms. The Podium Interaction Platform lets you overcome this hassle by combining all of the messages from various channels in a single location. There are also available filters and the ability to assign conversations to employees or credit union locations, helping you stay organised with your communications.

The Reviews feature of Podium will help you get more positive reviews from members of your credit union. As you know, having more positive reviews is likely to bring you more members, boosting your profits. This system works by automatically inviting members to write reviews. It can also help you automatically gather online reviews to boost your ranking and make your credit union easier to find.

Why software for banks is relevant to your credit union.

Each of the above pieces of software for banks improves your credit union’s efficiency and profit differently. When used correctly, banking software allows you to offer your members more services or a higher level of convenience. At the same time, it protects your interests and streamlines your processes for more efficiency.

Using core banking software lets you take advantage of technology to automate or improve processes’ efficiency, leaving your employees free for other tasks. At the very least, the software gives your employees time to push sales on products that bring in a profit to your company. In the best-case scenario, they help you pinpoint which products are the most profitable to sell, letting you focus on those.

As you improve efficiency, not only will your team have more time for other tasks, but members will be more satisfied. This satisfaction can improve referrals, especially if you use software to encourage reviews, bringing new members to your bank. The increased efficiency and convenience of transactions and products at your credit union may also convince members to hold more money with you or choose your credit union for developments, such as a home or auto loan.