3 minutes
Get the most out of your credit union’s board portal.
Today’s fast-paced financial services environment is forcing credit unions to be more responsive -- and more flexible -- than ever before. For a credit union’s board of directors, this means having a secure channel to streamline communications between board members that can facilitate quick, seamless responses to planned and unplanned events as they arise and increasingly, credit unions and their boards are leveraging board portal technology to achieve this.
Why Board Portals Matter
First and foremost, a board portal provides a secure channel for credit union executives to access institution information anywhere, at any time. Board members no longer have to wait for a printed board packet to arrive in the mail, as they can now access all of their documents digitally, through a laptop, or even a tablet, if they so choose. This benefits members as it affords them additional time to prepare for meetings through prior review of the agenda, consideration of critical decisions beforehand, and input of any changes ahead of the meeting. From a convenience standpoint, this also allows them to directly access important information while they’re mobile and on the go. For credit unions with board members not in the same geographic location, board portals save time and money on travel, while allowing executives to engage in secure discussions from literally anywhere in the world.
Perhaps most importantly, board portals can effectively safeguard institution information to ensure it does not end up in the wrong hands. In the wake of recent security breaches at billion dollar corporations including Deloitte, Yahoo! and Equifax, document security is paramount for credit union executives. Because portals are digital, this eliminates the risk of materials getting lost in the mail or simply misplaced, and if an electronic device is stolen, the documents on the device can easily be wiped remotely. Similarly, board portals are equipped with a wide range of security features including passwords, workflows, user authentication and encryption to protect information transferred among board members and stored in the portal.
Furthermore, any changes made to documents in the board portal are tracked through a built-in revision feature, reducing the risk of information in the system getting lost or changed in error. Documents within the portal are also version-controlled, allowing board members to view who has accessed or edited specific files or documents.
How to Get the Most out of a Board Portal
Board portals provide credit union executives with a powerful collaboration tool to better manage board interaction. The ability to archive and search previous board packets within the portal allows board members to readily access historical files, previous meeting minutes and other documents at any time. This streamlines meetings and serves as a convenient method for board members to review past discussions or decisions to gain insight for upcoming meetings. Archiving documents also simplifies auditing and compliance by creating a permanent, accessible record of all materials that regulators or bank employees review on a yearly basis.
Governance is an area where a board portal can provide significant benefits. Efficient board governance stems from collaboration, productive meetings and better decision making. With the ability to communicate and strategize at any time from any place, boards can spend more time making vital decisions that impact the strategic direction of a credit union and its members.
Mark Anderson is CEO of Banc Intranets a provider of content and document management tools for credit unions--including a board portal (DirectorsLink) and intranet solutions--in Johnson City, Tenn.
