The decision to invest in new credit union technology is not made lightly. There are many factors involved, not the least to be considered are cost, compatibility, and anticipated gains from tech provided efficiencies. Take for example the Efficiency Ratio often referenced as a measure of credit union success... Technology plays a huge role in driving that number. But what good is it to invest in technology if your employees can’t use it to its fullest potential? What can you do to ensure your investment is optimized? Sitting through vendor presentations and reviewing slides only goes so far. There’s a certain amount of understanding and knowledge that can really only be gained from practical, hands-on use. Once your employees reach a comfort level with the basics of your credit union core processing software, what else can be done to encourage them to dig deeper and to further maximize your tech investment? Here are some ideas to help build on that knowledge and get them thinking out of the box... or at least out of the classroom.- Join User Groups - User groups are a great tool and often overlooked as a source of information. Just about everyone has Googled the occasional IT question and found answers in a forum. Joining a user group for your specific technology platform not only provides another resource for troubleshooting answers but can make you aware of potential problems, provide workarounds or solutions, learn about best practices and also provide a network of contacts in your area.
- Subscribe to Blogs - Blog articles can provide a wealth of information and can be found on a variety of platforms. Your technology vendors may host their own blog or replay content created by industry news channels. Check their social media sites, such as Facebook or LinkedIn, they may publish content there as well. Subscribing is an easy way to stay up-to-date and current on the latest tech offers, conversations and hot topics, all delivered conveniently and directly to your desktop or smartphone.
- Attend Conferences - Another great way to network and make connections, and hear first hand of the latest and greatest core technology developments. At many credit union conferences, you will find a representative from your technology provider, opportunities to have your questions answered or perhaps an environment where you can expand your product knowledge. Attending a conference has the added benefit of employees attending together, as a team, providing the foundation on which to build cohesiveness and problem-solving skills together.
- Volunteer for the User Committee - Many credit union tech vendors set up a User Committee in order to receive first-hand feedback on how they feel about the current solution and how it could be enhanced. Encouraging your employees to participate in the user committee will help keep them engaged and informed, but also invested in the successful outcome of your new tech application.
- Ask To Be a Part of Beta Testing - Before a product is officially on the market, the final phase of development is to test the technology on a limited basis, with a limited number of credit unions, in order to obtain feedback on its performance. Being a part of this testing will often mean a discounted price for the product being tested. It will also give your credit union a competitive advantage in being the first to market with a particular new technology or feature.
- Experiment in the Training/Testing Platforms - Similarly, once the new technology is in place, encourage your employees to spend time experimenting with the various tech tools and capabilities using “fake” data. Have them try to generate a report, run analytics, complete a form, track performance, etc. without using real-time information. Learning to manipulate the data when there’s no deadline or fear of making a mistake will allow your employees to develop a comfort level with the software, and maybe inspire them to be creative with it.
- Explore Beyond Your Comfort Zone - This ties in nicely with the above idea of experimenting on the training platform. Encourage them to learn how to perform a task, and delve into the advanced options of the application. Many credit unions are satisfied with the basic features of their technology because they don't know how to use the advanced options. However, exploring additional features may open up opportunities for your credit union to gain a competitive advantage by offering a member service that your competitors do not.
- Be Active in Online Academies and Universities - Continuing education is always a good investment. Explore the online learning channels that your tech providers offer. Building upon your knowledge base and preparing for any new technologies on the horizon will keep you competitive as an employee and a credit union.
Now that we reviewed 8 ways to improve your knowledge of credit union technology, read about 7 key ratios to measure credit union efficiency:
