Credit Union Financial Exchange Information

The pace of change and consumer demands is increasing at a faster rate. No longer can credit unions talk about their dedication to the member without proving it on a daily basis. Credit unions must be faster, more efficient, more collaborative and more innovative in order to please members and keep competitors at bay. Unfortunately, without the right technical infrastructure it is difficult to do so, especially when resources are limited and competition from highly capitalized financial institutions is fierce. One technical barrier that has hurt both credit unions and their members is the highly inefficient systems integration process, which is required to connect applications (e.g., personal finance management, online banking, lending, IVR) to core processing systems. Imagine tapping into the very essence of the cooperative spirit, with credit unions and industry vendors collaborating to tackle this issue. That’s what the Credit Union Financial Exchange (CUFX) is all about. Experts from leading credit unions and top vendors are coming together on CUFX, an initiative of the CUNA Technology Council, to develop standards that would make product and service integration across the credit union industry faster, easier and less expensive.