Credit Union Best Practices Achieve Efficiency in Credit Union Operations by Doing these 6 Things


Achieve Efficiency in Credit Union Operations by Doing these 6 Things

credit union operations best practicesWe live in a world where less has become more. Hybrid technology cars have given us the ability to go greater distances on less fuel. Dietitians developed vitamin and protein packed shakes to keep us fuller for longer. Watching a season of the latest TV show can be streamed all at once, with no commercials. Tasks that used to take hours or weeks to complete, now process in a matter of minutes thanks to advancing technology. The right technology enables you to improve your credit union operations and efficiencies, getting more done than ever before, and increasing revenues without having to hire more people. One way to measure operational efficiency is with the "members per full-time employee" ratio. If you are able to increase the number of members you serve, without hiring more full-time employees, you are using resources effectively, and most likely taking advantage of automated technology.

Here are 6 ways your staff can achieve greater output with less input:

1. Marketing Automation - Having marketing automation tools in place is like having additional employees selling your products at all times. The initial work of setting up follow-up emails, campaigns, and managing member data lists can be tedious, but hugely impactful and efficient in the long run.  For example, creating automatic emails to go out on member's birthdays, personalized to them, will make a member feel welcome.  Sending marketing eBlasts about products that are geared towards member spending and saving habits can greatly increase sales of those products and services.

2. Automated Reports - From compliance to member account information, reporting should not only be automated, it should be insightful by providing notices and warnings when established criteria is met.

3. Set it and Forget it Functions - With the right technology, credit unions should be able to configure an initial setting for a member that they don't need to frequently maintain. Skip-a-payment for school teachers during the summer months is a perfect example. You shouldn't have to set a calendar reminder to advance the members due date every July. Other set it and forget it functions might include automatic interest rate changes or payment reductions based on configured criteria. 

4. e-Signatures - This is a no-brainer... enabling members to electronically sign loan documents and other materials will reduce the time to close the loan and eliminate unnecessary trips and meetings. Also, eliminate the hassle of using outsourced electronic signature applications by choosing a loan origination system (LOS) that has built-in integration with multiple eSignature providers. This way your Loan officers won't have to launch a separate program and can simply send and receive documents from within the LOS.

5. Automated Compliance ChecksCompliance within your credit union should be facilitated with technology, and many of its requirements can be automated or at least built-in to certain workflows that qualify. For additional options, SimpliRisk is an effective compliance automation solution for transaction monitoring, risk rating and member due diligence to support credit union AML and BSA requirements.

6. 360-Degree Member Services - Exceptional member service is the anticipation of member needs. Thanks to advancements in credit union core technology, MSRs can have a 360° view of members in order to easily offer credit union member services that exceed expectations and expand the member's integration with your credit union. 

Credit union operations best practices is most certainly tied to improving technology to increase efficiency. Your members per full-time employee ratio makes a powerful statement about your operations when membership and revenues increase without the need to add the additional expense of more employees. For executives, this means not only less time finding and hiring new employees, but more time to focus on other revenue generating programs. 

Download the FLEX Operations eGuide 

Preston Packer

Written By: Preston Packer

Executive Vice President | CMO at FLEX Credit Union Technology
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