How can your CU get the right line-up of tools to empower employees and engage members?
By Stan Cowan, CCE
Sponsored by D+H
For many years, credit unions have given first consideration to technology and made everything else secondary. But they can no longer afford to think this way, given the highly competitive landscape. Instead, balancing high-tech and high-touch experiences must be CUs’ top priority in today’s omni-channel environment. And it follows that staff members need to have great technology tools at their fingertips if they’re going to do a great job serving members. A credit union’s core system has always been its technology backbone. Credit unions rely on a variety of sources of information when deciding on the best set-up for both team member and consumer experiences. During their research, many credit unions try to figure out whether their best set-up is building out the core system with additional modules from the same vendor or integrating third-party solutions with the core. Some credit unions seek advice from consultants because they value the perspective they offer. Consultants typically see challenges from other institutions first hand and can offer ideas. Some CUs feel the consulting fee is worth it because it helps them uncover key unknowns and learn from other clients’ experiences. Staying open to new and different options and perspectives will allow your team to evaluate technological solutions and choose ones that integrate well, giving your team (and eventually your members) the synergy needed to succeed. (See how one community bank does this.) Other credit unions build the relationship with their core system provider into a long-term, trusted partnership. When this happens, your core provider’s rep knows your team well, understands your membership and, therefore, can be a wonderful source of information for many years, helping your team make the best decisions for your members and employees. Finding a true, core partner can have many benefits, as this credit union case study describes. Still other credit unions prefer to trust the intimate knowledge of their internal team members to come up with choices and solutions. Keep in mind, this method can take longer and use time team members could spend executing other strategies for the year. But on the other hand, even when you ask for help from external sources, your credit union will still be responsible for successes and failures. What are the reasons your credit union has built its technology systems as it has? Which of your reasons are most important? Who has helped your credit union with its decision-making? Aligning your strategic priorities with the right technology solutions will help you achieve your credit union's short- and long-term goals. Stan Cowan, CCE, is senior solutions marketing manager for CUES Supplier member D+H, Lake Mary, Fla. Learn key strategies for IT decision-making at CUES School of IT Leadership, Sept. 27-29 in Charleston, S.C. The experts at CUES Supplier member and strategic provider Cornerstone Advisors regularly help credit union assess their technology needs and set their technology strategies.
