Out With the Old, In With the Digital New:
The way people interact with their financial institution of choice has evolved. Today, more than ever, consumers have an abundance of options at their finger-tips as banks, credit unions, and fintechs compete for market share. The differentiator doesn’t always just come down to technology. It’s also the connection these organizations build with consumers that allow them to create brand loyalty.
Over the next 24-months, REV will completely reconstruct its tech stack, implementing solutions that easily and intuitively engage with its members. This undertaking is about more than merely introducing new software. It’s about building a digital ecosystem that seamlessly integrates to eliminate disparate systems, improve ease of access, and help position the right products at the right time to meet each member’s unique needs.
“The reconstruction of REV’s digital infrastructure allows us to methodically evaluate the resources used at every level of the organization,” said Jason Lee, CEO & President at REV. “We will identify pain points, assess strengths, and implement solutions to automate day-to-day operations, while also providing members a modern digital banking experience.”
The goal of employing new technology will be to reduce application times and improve the onboarding and retention experience for REV’s members. This phased approach kicked off with the launch of a brand-new plastic card processor who offers greater customer support and network stability. Additional enhancements will include a new consumer and commercial loan origination system and online account opening platform, offering instant decision making without any manual intervention for a faster turnaround time.
REV has also started laying the foundation for a data warehouse, which will aggregate, store, and analyze information across all systems creating a more complete view of the credit union’s relationships. REV will be in a position to better understand member behavior and leverage a new customer relationship manager system to present the right products at the right time.
With the world becoming more digital there is an expectation that REV is able to not just meet the needs of members, but to anticipate needs and proactively bring financial solutions to the table before life events arise. With a new digital banking platform that will further modernize the member experience by enabling greater self-service functionality, REV is now the digital-first financial institution it has aspired to be since rebranding in 2020.