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Empowering Credit Unions Through Technology

In a recent study, more than 6 in 10 financial leaders said their priority was to find a better way to access siloed data and workflows – and more than half said such siloes were one of their most significant barriers to innovation. Technology challenges such as legacy infrastructure, closed systems, inadequate integration, delayed adoption, inaccessible data, and a lack of security can often be attributed to systems simply not talking to each other. Aside from the struggle they create for credit unions, disparate and disjointed data systems are also far too common.

For many credit unions, the answer may be a single solution that can integrate multiple systems and functions. One option is a cohesive corporate credit union platform, such as Beastro, released in 2022. A collaborative effort between a member of Curql Collective’s ecosystem, Corporate Central Credit Union, and credit unions, Beastro was tailor-made from the ground up for the unique needs of credit unions. It is a unified platform that allows corporate credit unions to engage with members and conduct financial transactions and operations.

Beastro’s foundational open API-based architecture positions this Software as a Service (SaaS) corporate credit union platform as a conduit for seamless transactions and services, effectively addressing the limitations of legacy systems and fragmented workflows that often impede operational efficiency. This design approach ensures that Corporate Central and credit union members have direct control over functionality, improvements, and innovation. Thanks to its unique architecture, Beastro integrates seamlessly with the larger financial services ecosystem and fintech. It also fortifies security, boosts efficiency, and optimizes workflows.

Innovation in Action

When credit unions leverage the power of a unified platform built specifically for the industry, they can realize benefits in a wide array of business tasks and functions.

Cash Forecasting and Efficiency:

Gone are the days when credit union staff must manually enter branch, ATM, and ITM orders into multiple systems. With the right single-member service platform, credit unions can take advantage of cash forecasting services to accurately forecast and order cash while optimizing inventory levels across the organization. For example, with the help of Beastro, a $5 billion member credit union now enjoys greater precision in cash forecasting and inventory management optimization to enhance efficiency and cost savings.

Cash Delivery Revolution:

Maintaining adequate cash inventory is paramount for credit unions looking to serve members at the teller counter and the ATM. With a member service platform that offers seamless integration with armored car carriers, credit unions can take advantage of simplified cash delivery services. For example, Beastro’s Cash Management module allows users to effortlessly order cash, supported by transparent communication facilitated by open API integration.

Boosting Financial Efficiency:

When corporate credit unions can streamline financial operations and automate transactions and ledger updates, they save time and increase productivity.

Elevated Sales and Service:

Building relationships with members, both old and new, requires that corporate credit unions synchronize member sales, marketing, and service data. With Microsoft Dynamics Sales, Service, and Marketing integration, platforms like Beastro eradicate manual inefficiencies, enabling more seamless operations and more effective marketing and sales activities.

Document Management:

When credit unions have access to a centralized repository for agreements, documents, and statements, seamless document handling is also ensured.

User-Driven Enhancements:

When a member service platform is user-driven, it is more agile and responsive to credit union needs — such is the case with Beastro, which has implemented 74 user-generated enhancements, with 110 more in the pipeline.

Paving the Way Forward

Amidst these transformations, Corporate Central's vision extends beyond immediate innovations. Their mission encompasses the integration of innovative fintech solutions that harness aggregated credit union transactions and data, enabling intelligent anti-money laundering and business intelligence with federated data. This vision also aspires to redefine cash delivery forecasting and master intelligent money movement, core system integration, and AI-driven virtual assistance.

As the journey unfolds, 2024 is poised to be a pivotal year. Corporate Central envisions seamlessly integrating innovative fintech solutions, steering the credit union landscape toward efficiency, integration, and technological excellence. This journey reflects the collaboration and innovation that underpin the essence of Beastro, propelling credit unions into an era defined by these values.