Transforming the Member Experience in Credit Unions

Digital First. Member First. Community First.

Banking & Financial Services / Credit Unions

OVERVIEW

Infinite enables credit unions to deliver efficient, secure, and member-focused digital experiences while maintaining compliance with regulatory standards and adopting next-gen technologies. We work with Credit Unions on their Modernization and Transformation Journeys including Core Banking, Digital, Member Experience journey design, Member Relationship Management, Application modernization, Cybersecurity, Cloud & IT Infrastructure Management, Data Analytics & Business Intelligence, Risk Management, and Compliance.

Infinite helps credit unions become agile, competitive, and resilient institutions capable of meeting the evolving expectations of members while maintaining their commitment to community. We enable credit unions to navigate business, operations, and Technology transformations with confidence, enhance member satisfaction, drive operational efficiencies, and achieve sustainable growth in the rapidly evolving credit union landscape.

Digital Transformation in Credit Unions

Engage

Infinite enhances credit union member experience through next-gen member journey design and digital transformation to deliver resilient growth.

Core Systems

Infinite supports banking with solutions in core and online banking systems to deliver member-focused financial services products and services.

Foundation

Infinite partners with credit unions to modernize their technology foundation with Cloud, API, Data and Platforms.

Ecosystem

Infinite delivers cost-effective services from nearshore delivery centers in Costa Rica and LATAM in a shared services model tailored for credit unions.

Engage

Infinite’s Pre-built member 360 Solution in Salesforce Financial Services Cloud helps Credit Unions leapfrog in member experience journey

Infinite stands as a partner to credit unions, offering not just solutions but a holistic approach to enhancing member experiences and achieving sustainable growth. By empowering credit unions with insights, technology, and member-centric strategies, Infinite enables them to thrive in an increasingly competitive financial landscape while staying true to their mission of serving and supporting their members.

Business Challenges

Broken Leads & Referrals
Abandoned Applications
Fragmented Onboarding experience
Disconnected Servicing due to Siloed systems
Unavailability of actionable insights leading to Revenue leakage

Infinite’s Solution

Reusable components leveraging the power of Salesforce Financial services cloud and Mulesoft.
Prebuilt connectors enabling real-time integrations with key applications including core banking and Loan origination systems
Highly agile solution packages for different stages of transformation journey

Business Impacts

Faster CRM implementation to maximize ROI
Smart outreach with Intelligent sales and precision marketing for accelerated revenue growth
Optimized Digital Onboarding for enhanced & personalized member experience
Connected Servicing empowering call center with seamless connectivity & actionable insights for improved operational efficiency
Unified Banking experience

Key Outcomes

Smart outreach with Intelligent sales: Increasing top line through data driven precision marketing and intelligent sales
Optimized Digital Onboarding: Transforming member onboarding through personalized and enhanced digital experiences
Unified Banking: Harnessing the power of Salesforce through connected core and loan origination applications for accelerated
Connected Servicing: Empowering call centers with seamless connectivity and intelligent insights to improve productivity and member satisfaction growth

Core Systems

Core banking systems are the backbone of credit unions, enabling them to deliver essential banking services, manage member relationships effectively, and ensure operational efficiency and compliance.

As credit unions continue to evolve in response to technological advancements and member expectations, robust core banking systems play a crucial role in supporting their mission of providing member-focused financial services. Infinite has extensive experience in supporting core systems implementations, migrations, cloud transformation, integrations, etc.

Key challenges Credit unions have in their Payments Transformation Journey are ...

Competing with Larger Financial Institutions
Cost of Compliance and Regulation
Technology and Infrastructure Investments
Member Experiences
Cybersecurity Concerns
Integration and Interoperability
Limited Scale

Why Instant Payment is something “must have” to be competitive

Instant payments are crucial for credit unions to meet their member expectations, compete effectively with larger banks, enhance operational efficiency, and support overall growth and member retention. Embracing instant payment capabilities not only satisfies current member demands but also positions credit unions for future success in the evolving financial services industry.

Infinite offers next-gen Instant Payment solutions with FedNow using key accelerators and solutions

Innovation & Modernization

Modernizing legacy platforms & products
Ease of Integrating both internal and external systems from PaymentHub.
Single Window – Supporting all payment types and money movement.

Compliance & Industry Mandates

Meet all regulatory compliance and industry standards
Realtime Fraud Detection to reduce security threats
End to End testing and meet certification mandates with pre-built testcases

Cost Effective & Value for Money

Hosting, Monitoring and 24*7 Support in both shared services and Managed services model
Reduce cost of development and testing by ~ 35%
Pre-built integration adapters to external and 3rd party platforms.

Foundation

Transforming Credit Unions with Cloud Migrations

Credit unions are increasingly embracing cloud migration to modernize their operations. Key considerations include:

Regulatory Compliance

Ensuring adherence to strict regulatory standards (like NCUA in the U.S.) is crucial, with cloud solutions designed to meet these compliance requirements.

Risk Management

By addressing concerns about data security, service reliability, and vendor trustworthiness, credit unions can confidently move to the cloud while maintaining strong risk management practices.

Legacy Systems Integration

Transitioning from deeply embedded legacy systems involves thoughtful planning to integrate and ensure seamless compatibility with cloud solutions.

Cost Considerations

Although initial migration costs can be high, the long-term benefits of scalability and cost savings make cloud migration a valuable investment for credit unions with careful planning and budgeting.

Credit Unions are adopting a Hybrid Cloud strategy

Data Security and Control
Risk Management
Legacy Systems Integration

Cost Considerations
Performance and Latency
Customization and Control

While these factors have traditionally favored on-premises hosting for core banking and other critical applications in credit unions, the landscape is evolving. Credit unions are actively exploring hybrid IT environments or selectively moving non-core applications to the cloud to leverage scalability, agility, and cost efficiencies.

Public Cloud adoption delivers significant benefits to Credit Unions

Cost Efficiency
Scalability and Flexibility
Enhanced Security and Compliance

Business Continuity and Disaster Recovery
Innovation and Agility
Remote Access and Collaboration

In summary, migrating to the cloud enables credit unions to leverage advanced technology capabilities, enhance operational efficiency, strengthen security and compliance measures, and position themselves competitively in the evolving financial services landscape.

Infinite delivers all phases of the Cloud migration journey for Credit Unions

Cloud Advisory & Strategy
Assess & Design
Mobilize & Cloud Foundation
Migrate & Modernize
Transformation & member Experiences

Manage Operate and Governance
Cloud Security
Ongoing Cloud Innovation
Risk and Compliance
Post Migration QE/QA

Industrialized approach to cloud migration & modernization to achieve standardization, efficiency, cost reduction, scalability, improved service levels, and easier deployment of new services. We establish a Robust Governance & Dashboard Reporting for Engagement which can scale as we migrate more systems to the cloud.

Ecosystem

We provide an end-to-end ecosystem of fintech partners, solutions, nearshore delivery and shared services operating model for credit unions.

Shared Services Factory Model:

Infinite employs a robust and cost-effective Shared Services Factory model, leveraging our nearshore and offshore resources to deliver services across the banking and financial sectors. Key features of our Shared Services model are:

Provides shared services support for credit unions.
Provides scalable development, support, implementation, migration, and support through a standardized and automated delivery model.
Factory model support with outcome-based pricing model including Fixed price and price per Application.

Infinite’s Costa Rica & LATAM delivery centers:

Infinite has banking and financial services delivery centers in Costa Rica and in the LATAM region.

Mergers & Acquisition (M&A)

Infinite provides consulting services from strategy to execution in Credit Union’s Mergers & Acquisition (M&A). We can help you with our comprehensive playbook covering below workstreams to achieve your strategic objective through M&A.

12 Key Post Merger Integration Workstreams

Business Integration

System Integration

Infrastructure / Data Center / Cloud Integration

End User Computing

Facility

Network

IT Operations

Communication, OCM & Branding

Software Licenses

Target Architecture – Common Technology

Business Processes

Human Resources

Challenges & Solutions

Overcome inconsistent member experience across channels

Infinite helps credit unions to enhance their member experience by designing and implementing integrated, synchronized and seamless omnichannel user journeys. This is across assisted channels such as branches and contact centers and digital channels like online banking platforms and mobile apps.

Improve efficiency by modernizing legacy systems

Many credit unions face a widening divergence between the agility, modern IT infrastructure, and systems demanded by emerging business needs and the legacy systems and technical debt they have in place. Infinite can help modernize these legacy systems to adopt newer technologies like Cloud, microservices architecture, AI, API based integration, devops, and modern platforms to stay competitive, meet member expectations, and achieve substantial cost savings.

Enhance competitiveness with AI-first business strategy

It is imperatives for credit unions to build an AI-first strategy to stay competitive and provide a superior member experience. Infinite helps by creating a credit union specific AI strategy and roadmap in line with business strategy and member-focused principles. Our AI roadmap for credit union helps in prioritizing the right use cases and taking a platform approach to scale AI adoption in a safe and low-cost manner.