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As quickly as technology advances, so do the expectations of members for an instantaneous, protected, and intuitive experience from start to finish. Roughly 40% of users say a poor digital experience reduced how often they bank at a financial institution.

It’s clear that ensuring your credit union’s technology is competitive is critical to member growth and retention. Curious what technology other financial intuitions are investing in? And how much they’re allocating?

For the second year in a row, financial institutions have doubled their investment in technology. Per $1 billion in assets, the 2023 average was $780,000 and if the pattern continues by 2025, that number will exceed $1 million.

One of the many benefits of a partnership with Elan is access to our expertise, scale, and ability to bring products, solutions, and the latest technology to members quickly — and at no cost to your credit union.

General Manager of Elan Credit Card, John Owens, shared “Flexible payment capabilities are in high demand from consumers. With no additional cost, our credit card partners can bring exciting new functionality like Paze^SM and Card ExtendPay® to their members, enhancing their purchase experience and competing with other national issuers.”

Additionally, Elan implemented a proactive API enablement strategy which offers a deeper and larger breadth of API capabilities than most credit card issuers. The suite of more than 25 APIs focuses on easy ways for credit unions to manage information. As credit unions continue to grow their API adoption, they will be able to provide an improved customer experience, as well as a more technologically competitive interface.

This spring Elan cardmembers were also introduced to an enhanced mobile experience to manage their credit card spending, payments, rewards, and more. 

Video transcript

By leveraging our turnkey issuing solution, your members can access the latest technology while you reinvest those funds into different initiatives and services for your members.

As you map your digital strategy for 2025 and beyond, we welcome you to learn more about how an Elan partnership may be the right fit for your credit union.

Download the whitepaper for source information.

Paze and the Paze related marks are wholly owned by Early Warning Services, LLC and are used herein under license.