At the core of any effort to increase efficiency for your credit union is an inherently straightforward idea: you need to empower both your employees and your members to do more with less.
If the functionality of your core processor (or the lack thereof) essentially leads to a situation where you're forced to do "more with more," you're not looking at a "solution" at all. You're looking at a burden that is ultimately holding you back and inhibiting growth.
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With that in mind, there are four core ways that technology can be used to improve efficiency for both your credit union and its members alike.
1. Automating Your Back Office
For the average credit union, the back office is filled with many tasks that, while critical, are also inherently time-consuming. (Many CUs still rely on manual, paper-based processes.) Maybe you have already dipped your toe in the proverbial waters of a modern technology stack, but you're still spending a lot of time trying to get disparate systems to communicate with one another.
Bringing everything together with a new, modern credit union core processing solution allows you to embrace automation. Not only does this save an incredible amount of time (and allow employees to focus on more important matters), but it also helps eliminate issues like human error and inaccurate reporting, too.
2. Rejuvenating the Credit Union Membership Experience
Technology can also be used to offer products and services to members that are more relevant and personalized than ever. This is especially important for younger members in particular (Millennials or Generation Z) as these demographics are more likely to experience financial fragmentation.
By using technology to rebuild the member experience in a way that makes more sense for the modern digital world, you give people a better insight into their finances than ever before. This allows for better decision-making when it comes to their financial future, which helps build trust and loyalty in your credit union.
3. Forget "Top of Mind"--Try "Top of Wallet"
Along the same lines, it's important to never forget that modern members have more choices than ever when it comes to how they do their banking. In addition to credit unions and traditional banks, they also have things like P2P solutions as well.
By using technology to offer the modern payment solutions that people crave, you can increase efficiency and remain competitive at the exact same time.
4. Empowering Lending
Finally, improving the lending process is a crucial way that technology can improve efficiency for both credit unions and their members. For decades, the lending process has been one filled with endless paper-based, and in-person processes. Not only were these manual tasks time-consuming on their own, but they also led to an approval process that moved along at a snail's pace.
By leveraging digital loan lifecycle management software and the right credit union core processing platform, you can provide A) a more efficient process for employees, and B) a more enjoyable one for members because their requests are being approved faster than ever.
In the end, most of the goals you've set out for yourself as a credit union can be accomplished by increasing efficiency - especially long-term growth. To find out more information or to learn about how to apply principles like these to your own credit union and its members, click the button below to get started.
