BY MICHELLE HARBINAK SHAPIRO
As your credit union takes stock of the past 12 months and plans for the year ahead, don’t forget to make enterprise technology a key part of the assessment. CUB’s tech expert predicts that these five trends are the ones your CU likely will – and should – be focusing on in 2017.
With the end of 2016 having recently passed, annual traditions are still at the forefront of people’s minds. For those of us in the Cleveland area, we we’ve just heard non-stop Christmas music played on one of the local radio stations and our weather people have attempted to predict how terrible the upcoming winter outlook will be.
For many businesses it’s also the time of year to evaluate how well their organization preformed in the past 12 months compared to goals and key initiatives. It’s also the time, of course, to start planning for the upcoming year ahead. While I don’t claim to have any clairvoyant abilities, I’ve always enjoyed researching market trends and seeing how they compare within different industries.
The enterprise software market, while stable, differs in forecast depending on which specific market you look at. Some industries, like healthcare, have seen a major uptick in enterprise software implementations to meet new electronic medical record (EMR) initiatives for improved patient care. While there’s no comparable electronic information management initiative within the financial services industry, more banks and credit unions are focusing on improved data management to enhance security and member services.
Regardless of the industry, spending for enterprise technology is on the rise. According to a recent survey published through SourceMedia research, nearly 70 percent of chief information officers said they plan to spend between one and 10 percent more on technology next year compared to previous years. The other nearly one-third of the 300 respondents from various financial institutions intend on growing their IT budgets even more.
Looking ahead, here are five trends I believe we’ll see credit unions focusing on in 2017 (based on research I’ve read and conversations with our customers):
More credit unions evaluating next steps in the digital revolution
I’ve been in the financial services and software industries now for more than 15 years. Since making the transition, I’ve heard financial institutions talk about eliminating paper and going digital. While years ago it may have been a high expectation to fully eliminate paper and manage data electronically, today it has become the expectation.
Younger generations coming into the workforce want to have access to all financial information digitally, opting for in-person visits at a physical office rarely or only when necessary. To suit their needs, and the growing need for instant access to information for all, credit unions large and small are implementing enterprise information platforms to better manage processes, content and cases and to become more agile, efficient and effective.
Improved records management and retention for compliance
Compliance isn’t a new trend for financial serveries organizations. But it also isn’t a simple process for these providers either. To keep up with the growing number of regulations and documents/records – and to avoid fines and bad press – I believe we’ll see more credit unions setting records management functionality as a priority in 2017.