Automation! Everything is great until a computer can do your job. Just Think of how many Blockbuster employees were replaced by RedBox. When we say credit union operations, what is the first thing that comes to mind? Do you think of the many tasks back office employees need to accomplish daily? Or possibly the required monthly processes including credit card billing cycles, variable rate changes, or insurance postings? No matter the size, credit unions have the right to demand operations that can be streamlined and automated. After all, managing your credit union's operations should never take away from managing your credit union.
As credit unions pride themselves on extraordinary member service, automation will provide more consistent and streamlined operations, while saving staff time. Credit unions should have access to the same powerful operations tools as their larger financial institution competitors. Technology should be designed for efficiency and provide peace of mind, which will instill confidence in its users.
What operational areas can save time and money using automation? The answer to this question may vary between credit unions, however common manual tasks like credit life and credit disability or insurance postings are a start. What about managing daily reports, end of day and end of month processes that are staff intensive operations? Receiving timely analytical reports, such as member behavior can direct product offerings at the most appropriate life cycle stage. Think of all the other tasks your staff could focus on if automation was at work behind the scenes.
If those weren’t at the top of your priority list, then maybe the time and money savings of automated eNotices will get your attention. Notices for delinquency, collection status, negative balance, overdrafts, interest rate changes, and interest rate reductions require time and energy away from staff. Tasks such as popular skip-a-pay or skip payments options can be set up for automation. Credit union core systems should be used to create operational efficiencies through automation, if you don't feel you are acheiving efficiency it is never too late to start.
