Research on Technology in Credit Unions Released by Info-Pro Lender Services and Filene Research Institute


Fond du Lac, WI - April 20, 2016 - ​​​Info-Pro Lender Services, Inc., the nationwide provider of real estate tax monitoring, escrow processing, flood determination, and home insurance monitoring services, alongside Filene Research Institute, a nonprofit, independent think and do tank for the consumer finance industry, announced the release of their whitepaper titled, “State of Data Technology in Credit Unions: The Sink-or-Swim Crossroad Ahead.”

 

The author of the whitepaper was world-renowned Professor, Jignesh M. Patel. Professor Patel is a professor in computer sciences at the University of Wisconsin-Madison and has worked in the area of big data for over two decades.  

Info-Pro and Filene undertook a focused study of credit unions to better assess the current challenges that credit unions face. Their aim was to determine the role of technology in empowering credit unions to meet the challenges they face today as well as those they anticipate in their near future. 

The results were illuminating, highlighted by the finding that the majority of credit unions employ outdated data technology to power major business functions, and lag behind consumer expectations when it comes to mobile offerings. Other key findings include:

  • When respondents were asked to rank the importance of products they offer to members, as well as their satisfaction with their credit union’s current offerings, a significant gap emerged for checking/savings products and mortgage products. While respondents felt it was highly important their credit union offer these products, they were less satisfied with the actual products their institution currently offered. 
  • A similar disconnect was uncovered in the area of marketing techniques. While respondents ranked new marketing techniques such as social media and pay-per-click advertising as highly important, they were dissatisfied with their credit union’s current use of such strategies. 
  • The research found deficiencies in credit unions’ abilities to use data for important tasks such as cross-selling, maximizing revenue per member, retaining members, analyzing consumer and market trends, and more. 

Read the full whitepaper here.

Info-Pro’s President and CEO, Chad Raube, commented: “Although credit unions face challenges when it comes to technology, there is also tremendous opportunity for those institutions who lead the way.  Info-Pro helps credit unions capitalize on technology to better serve their members, streamline operations and boost profitability. As a leader in providing essential software solutions for credit unions, we aim to go beyond the role of a vendor and partner with our credit union customers to help them maximize success. Research like this helps us deeply understand the industry and current trends, to better serve our credit union partners.”

About Info-Pro Lender Services, Inc.

Founded in 1997, Info-Pro provides banks, credit unions, and others in the financial industry with real estate tax tracking, escrow processing, flood determination, and property insurance monitoring services. Its mission is to provide an unrivaled customer experience for lenders and it currently services over 300 customers across the U.S. Info-Pro is part of the Guaranty Service Group of companies, which includes Guaranty Title Service.


 

By Brian Carmody April 24, 2016 0 Comments

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