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CU System
CUs outline IT priorities in new study
BOSTON (1/29/08)--Credit unions are early adopters of technology and tend to be more technologically savvy than banks of similar size, according to a new research report. The report, “The Information Technology Priorities of U.S. Credit Unions,” by Aite Group, indicates that during the next year, 35% of credit unions surveyed plan to deploy business lending solutions. Other technologies to be adopted include: member analytics, 33%; online cash management solutions, 27%; core banking systems, 27%; and customer relationship management, 27%. “Credit unions’ attitudes toward technology place them at an advantage over many banks, especially community banks, which tend to be more cautious technology adapters,” said Christine Barry, report author. “In today’s environment, where technology can help to level the playing field, an aggressive technology strategy is key to survival.” The study also indicated that online account opening, online member service tools, and customer analytics are top priorities. Only 8% of credit unions surveyed said they will offer remote deposit. Aite surveyed 101 credit unions with more than $100 million in assets.


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