BY JOHN WAUPSH
Are efficiency and proficiency being maximized at your credit union? If not, you could have a hard time competing in the not so distant future. These five touchpoints will help make your CU better at both what it does and how it does it.
Without knowing much about your credit union, I’ll throw this out there: you have too much overhead and not enough expertise across your team to compete long term. Within five years, you will need half to three-fourths of your currently human-powered retail banking work to either be assumed by technology or outsourced to a whole host of trusted partners.
Make a list of all the tasks you know that your credit union should not be doing. What should be vaporized by technology or could be dramatically improved by a reliable expert vendor? Research specialist companies that have proven success in banking, and next to each task, write potential vendor names for continued due diligence.
While this shopping list will naturally include the obvious technology vendors, it should also consider areas inside your organization that need supplementary help (e.g., compliance, marketing, etc.). In addition, it should round out with the professional services needed to compete today (e.g., data security, search engine marketing, business intelligence tools, research).
The world has changed, and that’s why we are where we are. But as much as it may put you in the defensive position from a service perspective, advancement in technology, ubiquitous digital access and the push toward a convenience economy afford your credit union the opportunity to become much more efficient and proficient in how you do what you do.