This time of year promotes reflection on what we should be grateful for in our lives, from family and friends, to work and social life balance. It is a time to count our blessings, share our wealth with those less fortunate, and consider changes we can make to improve relationships and our own quality of life. And while Thanksgiving is a time for family and faith, the holidays often afford us time to evaluate changes we can make for the coming year to improve efficiency at work. Credit unions finalize budgets and plans with board members, and often the idea of a core system review is part of those discussions. When evaluating your current core technology, it is essential to consider how your core makes your work-life easier.
Consider paper, for example. Is your current core able to provide you and your members with the efficiency that paperless provides? If tellers are armed with scanners at their workstations, and can scan deposit checks and slips that then automatically integrate and update the member's account within the core, you realize a time savings. However, it can also be a significant cost savings all around with reduced expenses associated with printers, ink, and paper.
By extending those same efficiencies to members' lives, you use your core to provide value and retain or attract members. Remote Deposit Capture not only cuts back on paper, but gives members the power and convenience to use your mobile banking app for increased productivity in their own lives. The right core technology can make the remote deposit feature useful and foolproof, such as ensuring a member is not double depositing the same check.
eDocuments, such as eStatements, eReceipts, loan documents and more, available through your internet banking portal, is a true convenience for your members. It is also great for paperless efficiency within your credit union. When your core provides easy access to all documents associated with a member, indexed and easily recalled within the account, you have created a time saving tool for all involved.
Technology has a single purpose: to make our lives easier. And your credit union core system is no exception. As 2015 starts to wrap up, and you look for areas of improvement for the year ahead, consider your core to be a strong partner in making your CU run its best.