The landscape of your members’ lives is in a constant state of flux. As market conditions evolve, technology advances, and peoples’ priorities shift, they will look to the service providers who can best fit their evolving needs and expectations.
When it comes to home buying and mortgage financing, potential members look for in-depth insights from experts, self-service capabilities and personalized service. For credit unions, onboarding people with true mortgage expertise and investing in state-of-the-art mortgage technologies, whether via best-of-breed off-the-shelf solutions or custom development, can be expensive and unrealistic.
But here’s the truth: If resource and budget constraints limit your credit union’s ability to innovate, personalize, and provide the proactive service you strive for, members will look elsewhere for their mortgage needs and financial growth. And even if they’ve otherwise been happy as a member of your credit union, they may be lured away by another financial institution that better meets their evolving needs.
Fortunately, you don’t have to face this hurdle alone. CUSOs like TruHome offer solutions that not only address these challenges but remove some of the most common time consuming tasks that keep you from connecting with your members, like doing tedious administrative work and ensuring compliance.
Three Ways a CUSO can Support You as Member Expectations Change
1. Game-changing technology implementations
These days, it’s nearly impossible to deliver the service your members expect without the support of a strong tech stack. For credit unions, the choice comes down to best-of-breed, out-of-the-box solutions vs. custom development.
Best-of-breed solutions are the proven programs, applications and software you can buy off the shelf from a provider and install to use in your credit union. The robust functionality of these solutions is designed to achieve a specific result and is often well-suited to the goals of your credit union … but actually leveraging them to achieve those goals can require a substantial amount of implementation work, refinement and integration with existing systems.
Custom development is building software from the ground up, tailored specifically for what your credit union wants to achieve and how it works today. While their custom nature means they’ll be built to your exact specifications and workflows, it also means you’ll wait longer until they’re ready to use, and will have to know exactly what you’re looking for before building can begin.
There are pros and cons to both off-the-shelf products and custom development, and CUSOs know their way around both. When you partner with a CUSO, you can take advantage of their experts’ technical knowledge and benefit from solutions designed to work best for your credit union’s needs.
Because a CUSO like TruHome is dedicated to credit union mortgage offerings, they’ll eliminate the discovery process and help you zero in on best-fit solutions without eating into your department’s budget and time. They’ll guide you through implementation, streamline your new tech-supported processes, and have you up and running in a matter of weeks rather than months or years.
2. Total compliance integration
Compliance review and approval is a necessity, but time-consuming, process of any financial institution’s operations. Credit unions are no exception. If compliance feels like a roadblock or a bottleneck at your credit union, it could be resulting from compliance not being a fully integrated part of your workflows.
When you work with a CUSO, however, compliance review is integrated into each and every process at the appropriate time as the foundation of all your work. That seamless integration not only means you can create better products and deliver a better member experience, it means you can spend less time doing so.
3. Rediscovered time for the work that matters
In these and other ways, partnering with a CUSO allows your credit union professionals to get out of the weeds and on to what they do best: Member service.
With a CUSO on your side, you can leverage variable staffing models (all vetted and trained by CUSO experts, of course) to augment your employees’ time. CUSOs have invested in technologies that help complete your most repetitive, manual work by leveraging automation, allowing your professionals to focus on serving your members.
You’ll find your team as a whole is more productive and focused, and delivers better results, when the most tedious of their tasks are taken off their plates and put into the capable hands of a CUSO. And because a CUSO like TruHome works only with credit unions, we have the confidence, experience and knowledge to validate your member-focused activities.
As member expectations continue to evolve, these three benefits of partnering with a CUSO will stay the same. Because no matter how the market changes, one thing will stay the same: The need to focus strategically on your members and what they need from you.
A partner like TruHome can save you time, money and energy on technology decisions and implementations, compliance reviews and approvals, and the tedious tasks that pull your employees away from your members. And with the support of our expertise and vetted technology solutions, you can glean all-new member insights, stay ahead of market fluctuations and resulting member trends, and increase your expertise.
Connect with TruHome today to become a partner and start delivering delight to your members.