Insights from Catalyst

Welcome to Catalyst Corporate's blog, where thought leaders share their insights on news, trends and events. Have a blog idea? Contact the Communications Team

Digital Transformation Made Simple

November 17, 2021

By Karen Coble, Vice President of Sales

I set out to write a simple blog about how Catalyst Corporate’s TranzCapture service can make life easier for credit unions as they face digital transformation. But said blog took a detour in the direction of complexity.

A Pulitzer Prize-winning cartoonist named Rube Goldberg caused my swerve toward complication. Goldberg gained fame in the early part of the 20th century when he drew hundreds of cartoons that featured zany inventions. His name became synonymous with comically over-engineered gadgets that performed simple tasks in indirect, convoluted ways.

Rube's Self-operating napkin machineYou may have encountered some of his cartoons, like the one he used to design a self-operating napkin.

His cartoons led to use of the expression "Rube Goldberg machines" to describe wacky contraptions that were overly complicated.

And he is the inspiration for an annual competition known as the Rube Goldberg Machine Contest, which challenges participants to do simple things with decidedly un-simple methods.

Contestants – usually engineering students from prestigious universities – try to out-complicate each other while performing tasks such as turning off a light, hammering a nail, and zipping a zipper.

But while Rube Goldberg helped turn complexity into a laughing matter, little humor is found in the daunting challenge credit unions face as they consider the task of digital transformation.

As I talk to credit unions, I often hear that digital transformation is one of their biggest challenges. So, I was not surprised when the Filene Institute also cited digital transformation as one of the top challenges facing the credit union industry.

In a report titled, The Future of Digital Transformation for Credit Unions, the author noted that 80 percent of financial industry leaders surveyed in 2020 said COVID-19 had uncovered shortcomings in their institution’s digital capabilities.

With challenger banks and fintechs poised to increase their market share by appealing to consumers with frictionless, mobile convenience, how can credit unions compete, the Filene report asked.

“Many small and medium sized credit unions, for example, are not delivering a digital experience that meets members’ expectations and have not consolidated their data, rendering it useless for increasing efficiency or personalizing service,” the report said.

“Credit unions risk losing revenue, relevance, and relationships if they cannot bring their digital service offerings up to par,” the report added.

How can that be remedied? Perhaps the answer is found in a simple tool with advanced capabilities – an anti-Rube Goldberg machine, if you will.

I believe TranzCapture is a prime example of an “anti-Rube Goldberg machine,” as it aims to bring simplicity to the task of digital transformation.

TranzCapture is a credit union industry answer for the hard complexities that arise when contemplating changes needed to maintain relevance.

Simply put: TranzCapture bundles key tech-oriented services that create efficiencies in your deposit processes, while making it easier for members to access your credit union. Those are some big wins.

The highly valued remote deposit services include:

  • Mobile Capture
  • Teller Capture
  • Branch Capture
  • ATM/ITM/Intelligent Kiosk Capture
  • Business Capture

And whether bundled together, or added separately to augment existing services, TranzCapture always brings convenience, such as single sign-on to access remote deposit check scanning, review, and administration. Additionally, a recognized implementation team makes onboarding easy, while cloud-based updates reduce IT burdens and costs.

Poet Oscar Wilde may sum it up best: “The simple thing is the right thing.”

Ready to take the first step toward simplifying your credit union’s digital transformation process? Want to know more? Explore the many other features and benefits of Catalyst's Corporate's TranzCapture suite of deposit services today.