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How APIs Are Evolving and Empowering Core Processing a Half Century After Their Creation

The term Application Programming Interface (API) has existed for more than 50 years, since the late ’60s and early ’70s when technologists first explored and perfected ways to connect programs and databases. Continually growing APIs’ ability to integrate has been critical to the growth of digital technology in every industry ever since.

The credit union core processing space is a great example. APIs are essential to working with our CUSO partners and credit unions to continually advance the capacities of Prodigy’s cloud-based core platform and other offerings. They enable us to innovate faster with applications that are the foundation to grow the member-facing functionality credit unions continually demand from us to offer superior member service.

APIs are the instructions, specifications and language used to communicate between disparate systems and applications. API widely refers to seamless connectivity for extracting and sharing data in the digital world. They give credit unions a competitive advantage to quickly connect and expand products and services with whatever third-party platforms whenever they want, uniquely combining these capabilities to serve their members better.

For credit unions, that ranges from basic account management to sending mobile payments. APIs simplify and expedite processes that require connecting the core platform with today’s myriad external applications and empower credit unions to embrace a modular approach to their technology stack. Without disrupting core functionality, we can add, upgrade, or replace system components, giving the modern credit union the flexibility to adopt technological advancements and respond to growing member expectations.

APIs Enhance Member Experience Through Connectivity

APIs help credit unions streamline their operations in multiple ways. A great example is enriched reporting capabilities by automating data retrieval. That not only sharply reduces time and money spent on such administrative tasks but enables staff to focus more on value-added strategic functions, using their enhanced ability to parse and understand their data and their newly found time to focus on providing a better member experience.

Integrating consumer-facing third-party applications is another area where APIs allow our partner credit unions to step forward in a crowded, uber-competitive marketplace. Seamlessly connecting your core directly to personal financial management tools is a good example. Credit unions also can choose from various loan origination systems and credit scoring tools that best fit their particular fields of membership.  

Credit union members expect their institutions to help them achieve and maintain financial wellness. From transaction history analysis to real-time notifications, API-enabled integration allows credit unions to give members greater control over their finances, leading to greater member product use, satisfaction and stickiness. 

Leveraging Opportunities for Continued Growth Through Connection

Prodigy harnesses the power of cloud computing with APIs, and that’s why we never became the commoditized technology that was popularly predicted not so long ago. At Prodigy, we’ve long understood and leveraged the capabilities the cloud and APIs give us to remain the central provider of essential technological functionality.

APIs also give us the power to connect our forward-leaning partner credit unions to the growing array of fintech solutions, allowing credit unions to leverage new growth opportunities in the credit union way. Are you ready to connect? Conquer your core with Prodigy.

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