Unlocking the Power of Seamless Integration: Velera and Kinective's Groundbreaking Partnership

In a move that promises to revolutionize the way credit unions navigate the digital landscape, credit union service organization Velera has announced a strategic partnership with banking software company Kinective. This collaboration aims to empower credit unions with a seamless integration solution, eliminating the traditional development challenges that have often hindered the adoption of new software products.

Empowering Credit Unions to Thrive in the Digital Era

Overcoming Integration Hurdles

Historically, the integration of new software products into the diverse ecosystem of core banking systems has posed a significant challenge for fintechs. The time-consuming and costly development work required to integrate with each individual core system has often been a barrier to innovation. However, Velera and Kinective's partnership seeks to change this narrative.Through the integration of Kinective's Gateway technology, credit unions can now access a single "integration point that opens access to an entire ecosystem of core systems." This streamlined approach not only reduces development time and costs but also enables credit unions to stay ahead of the curve, quickly adopting new technologies and delivering enhanced services to their members.

Catering to the Evolving Needs of Younger Consumers

The partnership between Velera and Kinective comes at a critical juncture, as community banks and credit unions (CUs) are capturing a significant share of younger consumers. The PYMNTS Intelligence report "Local Roots: How Community FIs Can Win the Digital-First Generation" revealed that 52% of Gen Z and millennial consumers were considering switching to community banks, with 47% weighing CUs as viable alternatives.This trend underscores a growing dissatisfaction with the impersonal service often associated with larger banks. While effective digital capabilities remain a priority, personalized service is becoming equally vital. Nearly half of Gen Z consumers said they would change banks for tailored financial guidance and spend management tools, reflecting a broader demand for financial institutions to provide unique, purposeful support rather than a one-size-fits-all approach.

Prioritizing Personalization and Digital Engagement

Jeremiah Lotz, senior vice president of product and data experience at Velera, emphasized the importance of personalization in an interview last month. He highlighted that the digital engagement credit unions have with their users is about more than just how often they're logging on, but how members are interacting with those CUs and how effective the financial institution is in meeting the needs of those digitally-minded consumers."One of the biggest measurements we look at is: Was a consumer able to complete something that they expected, and then how did they feel about that experience as they went through that process?" Lotz said.The partnership between Velera and Kinective aims to address this need for personalization and seamless digital experiences. By leveraging Kinective's integration technology, credit unions can now more easily introduce new software products and services, tailoring their offerings to the unique preferences and needs of their members.

Driving Efficiency and Cost Savings

For Velera, the partnership with Kinective offers significant benefits beyond just improved integration capabilities. The collaboration promises faster time-to-market for Velera's products, streamlined development, and substantial cost reductions, ultimately allowing the credit union service organization to deliver even more value to its clients.By eliminating the traditional barriers to integration, Velera can now focus on developing innovative solutions that cater to the evolving needs of credit unions and their members. This, in turn, enables credit unions to stay competitive, enhance their digital offerings, and provide a more personalized and engaging experience for their customers.