The beginning of a new year is a perfect time to look at the way your credit union does business. By keeping these seven basic resolutions in 2016, your credit union can offer great service to your customers and maintain an ideal working environment for your staff.
With disaster recovery, it’s not a matter of “if”—it’s a matter of “when.” Sooner or later, important data will be impacted by hackers, a natural disaster or plain old user error. Thinking about it now means less panic when it happens. Have a robust, multi-layered plan in place so you can return to business as usual with a minimum of disruptions.
The current economic situation might have left you with a tight budget for 2016. Think about what you can cut without compromising efficiency or data security.
Whether you’re a small local credit union or a large one, good communication is the key to making things run smoothly. During 2016, make a resolution to communicate clearly at all levels of the organization. Clear communication can happen face-to-face in meetings or by other methods, but it needs to happen.
More and more customers are doing their banking on mobile devices, such as smartphones and tablets. If your credit union hasn’t already optimized the user interface to make it just as convenient for small screens as it is for desktop computers, now is the time to make that change.
Cloud-based business solutions can help you run your credit union more smoothly and safely. By moving important functions from office-based physical infrastructure into the cloud, you can enjoy better security, increased efficiency and reduced IT costs.
Especially when you’re going through a big change such as a core conversion, it’s crucial to talk with your staff at each stage of the process. Let them know what’s going on with your credit union and answer their questions honestly.
Your customers may have questions about mobile banking, home banking, bill pay or other aspects of their user experience. Take the time to listen to them and respond to their questions. Consider using live online chat or other methods to encourage communication with customers. Live chat can take some of the pressure off the phone lines.
By taking the time to make smart plans about budgeting, communication, customer service and technology, you can make 2016 more successful than ever.
Credit unions may appear to be akin to banks in some people’s eyes, but, in fact, they are quite different. Yes, consumers can get checking and savings account services, auto loans and more at both credit unions and banks. However, that is about where the similarities begin and end. Credit unions, by nature and by their history, offer a collaborative approach to financial services and financial management.
The early credit unions originated out of a spirit of cooperation, often formed by people engaged in similar lines of work. Teachers’ credit unions and construction workers’ credit unions were commonly known examples of these new financial institutions. The credit union concept included different people coming together to pool their resources so that they could offer services, such as lending money, to each other.
Credit unions started as and remain today not-for-profit organizations. Their goal was to have all members work together as a team for the good of the whole. This is in stark contrast to banks, which have always been run with the goal of generating profits for the organization without concern essentially for the individual contributors.
As the world has evolved, so too have credit unions. Yet, through that evolution, the spirit and role of collaboration have not diminished. The existence of Credit Union Service Organizations (CUSOs) is a prime example of this. CUSOs are groups in which multiple credit unions come together and pool resources to get what they need to serve their members, just as members once did to create individual credit unions.
The cooperative nature of credit unions allows them to be more nimble and responsive to their member needs. A focus on what members need is always at the heart of what credit unions do and offer and how they may choose to change.
Even when upgrading technology systems, credit unions put the needs of members first. Solutions are only really valuable insofar as they truly benefit the end users: the members. Innovative credit unions know this and seek out equally innovative solutions that help them do just this. When these partnerships are found and created, the credit union organization and members together will thrive.
Security of information and 24/7 access to funds and data are some of the most pressing needs of consumers today. Credit unions are well poised to offer these and more to their members, thanks to their strong belief in the power of collaboration.
CUProdigy is in the unique position to help Credit Unions ‘Advance Beyond’ by providing a core processing platform that puts the member experience first. CUProdigy empowers credit unions with a comprehensive solution that is both robust and scalable.