November News: FSRA EDC Enhancements; InfoLend prepares for Beta Testing; Building True Partnerships and Trends That Will Shape 2025
Product Updates
FSRA EDC Enhancements and New Features
In November, we worked on enhancing FSRA capabilities to streamline processes and improve user experience. Some of these updates have already been released, while others are set to be included in the upcoming release.
These new features are designed to reduce manual input and simplify the reporting process, providing our partners with a smoother, more efficient experience and improved data management and compliance.
Your continued feedback has been instrumental in shaping these enhancements to better support your success. Thank you for partnering with us to drive innovation!
InfoLend Prepares for Beta Testing and Q1 2025 Launch
We’re thrilled to announce that InfoLend will be entering beta testing very soon, marking a significant milestone in its development. We’re gearing up to onboard clients in Q1 2025, making InfoLend more accessible and impactful for credit unions across Canada. Stay tuned as we work closely with our partners to fine-tune the system and prepare for its official release.
For more updates or to learn about InfoLend, feel free to reach out!
Customer Success
Building True Partnerships: The Role of Customer Success at Infonancial
In customer success, we have a high focus on immediately resolving problems or answering questions. One of the fundamental rules at Infonancial is to always be available to our customers.
This means that any one of our clients can normally give us a call, actually speak to a live person, and connect in meaningful conversations. The obvious advantage to this is the resolution of the issues. But the secondary advantage is that our clients realize that we are fully engaged and interested in their ongoing success.
With time, many of the conversations become less transactional and shift over to updates on what is happening in their credit unions, their future plans, and how we can adapt to their changing needs and the needs of their members. This leads to the very desirable transition of no longer being a supplier but a true partner.
The development of our LOS is a perfect example of this relationship. Our clients were telling us that they were not happy with any of the existing LOS choices and asked if we could come up with a better solution. In turn, as we developed InfoLend, we used a system of continuous feedback from the front-line lenders to fine-tune development.
In addition, this process was very streamlined with developers in ongoing and direct conversation with credit union staff. Customer Success is not only about technology and software. You can create a win-win relationship by caring and true conversation with your partners.
Client Spotlight
Building Community: The Story of Bay Credit Union
Bay Credit Union, founded in 1946, has grown from serving the Finnish-speaking community of Port Arthur to becoming a prominent financial institution in Thunder Bay. With a focus on delivering personalized, responsive service, BAY Credit Union offers competitive products and services to its 5,000 members, while keeping operations local and member-focused.
The credit union proudly reinvests its profits into its community, offering signature donations to organizations like the Regional Food Distribution Association and Salvation Army, and supporting initiatives that address local needs.
Infonancial is proud to be a trusted partner of Bay Credit Union!
What’s New at Infonancial?
Welcoming New Talent!
In November, we welcomed Laura Nucci Pontelli as our first Digital Marketing Intern and Kyle Ingham as a Software Development Intern supporting our InfoCore and InfoLend Teams.
These new additions to our team will help strengthen our connection to the credit union industry and drive further innovation in our latest product updates and enhancements. We're excited to have Laura and Kyle on board as we continue to grow and enhance our offerings for our partners.
Industry News
Fraud prevention in focus: Key takeaways for financial institutions
The Momentum 2024 fraud panel emphasized strategies for financial institutions, particularly credit unions, to combat rising fraud risks. Key recommendations included establishing simple, standardized fraud prevention policies, prioritizing education for both employees and members, and leveraging partnerships to share fraud prevention technologies. Financial institutions should report fraud quickly through systems like the Central 1 Enterprise Fraud Management solution and encourage victims to report incidents to the Canadian Anti-Fraud Centre (CAFC) to improve collective fraud detection.
As emerging technologies like AI, open banking, and cloud services shape the financial landscape, credit unions should collaborate with fintech partners to adapt and ensure fraud protection.
Read more about the key points of preventing fraud and contact with our team to help you in this area!
Tech Trends
The 10 Most Important Banking And Financial Technology Trends That Will Shape 2025
2024 is coming to an end, and new banking and financial technology trends for 2025 are already taking shape. According to Forbes, banks and financial service companies that want to maintain a competitive advantage in a rapidly changing market should keep an eye on the 10 trends that will shape the market in 2025.
Some of the trends mentioned include the growing prominence of AI in operations automation and customer service, personalized financial planning, sustainable products, central bank digital currencies, and the potential of quantum computing. Additionally, it mentions the rise of super apps, challenges in AI regulation, and adaptation to economic uncertainties.
To learn more about market trends in 2025 and be prepared, click here.