Launching a combination of scalable features, BankSocial provides solutions to challenges faced by credit unions and community banks. The press release states that the market is ready for an economical, integrated platform that delivers new services – economic payments, transfers, and a seamless mobile or digital banking experience with capabilities to include multiple banking relationships and digital currencies. The BankSocial platform is designed to grow the deposits and revenues of participating credit unions.
\
The Hashgraph Association is set to provide financing and investment in solutions that leverage Hedera’s Distributed Ledger Technology (DLT).
Credit union industry support for BankSocial
The BankSocial platform helps credit unions diversify into non-traditional banking services, aiming to ensure they remain relevant to future generations of consumers while growing deposits and revenue.
Envisant is a credit union service organisation helping credit unions across all 50 states achieve their vision. Officials from Envisant emphasised that credit unions succeed by leveraging their strong member relationships. BankSocial brings Open Banking products and services to the company’s credit union partners that help them continue to remain relevant in an increasingly competitive environment.
Prodigy delivers a modern, cloud-based core platform, delivering freedom and flexibility for progressive, mission-focused credit unions that want to own their technological destiny. The company stated that the BankSocial platform allows it to add new Open Banking tools and features for customers.
A new generation of credit union and member benefits
According to the official press release, the rollout of the BankSocial Open Banking platform is scheduled to align with the evolving needs of credit unions. The next phase, focusing on core identity and payment solutions, is slated for Q1 2024, with subsequent features rolling out in phases to ensure smooth integration and adoption.
