When choosing a core banking system structure, many credit unions are finding that open is the way to go. Core banking systems with open architectures enable institutions to keep up with rapid technological changes, as well as deliver best-of-breed functionality to their branches, ATMs, and online and mobile channels, experts affirmed.

With an open architecture, credit unions can also easily integrate their various banking channels to application program interfaces for partners and third-party developers, resulting in improved member experience, convenience, satisfaction and engagement.

"Because banking solutions develop so quickly and from a variety of non-traditional solution providers, an adaptable, open architecture system lets financial institutions react to changes in this ever-changing environment," Stan Cowan, senior solutions marketing manager for the Toronto-based fintech provider D+H, said.