April 20, 2017
Ian Warner

Credit unions lead in tech adoption, so what are lessons for boards?

In North America, credit unions launched mobile banking apps faster than banks.

Why? Credit unions say it’s because they were quick to understand members’ desires for tech convenience, and quick to learn from the theft of Yahoo’s 500 million personal records. So, credit unions acted fast to provide mobile services while increasing safeguards on members’ financing information.

It’s great that credit unions are attuned to member needs for ease of information access and security – but what about the needs of their boards?

Just as credit unions noticed their most valuable members came into branches the least – the highest contributing director’s are often the most time starved, frequent travellers. And of course boards are flagging the security risks of the data shared with them through email or free file-sharing services.

Today, board portal technology brings online convenience and security to boards. Even if you’re already using board software it’s worth reassessing if it’s the right tool.

Ask how your board performs on these fronts:

  1. Convenient board communication and updates – Are you scrambling before board meetings to get agendas and documents to directors, sometimes sending different versions at the last minute?
  2. Top-notch data security – Are you using email or free sharing tools that put credit union data at risk? Or are you storing board data on servers in a country that doesn’t best safeguard access?
  3. Meeting inefficiency – Are you spending time at meetings helping directors find the right documents for discussion instead of using time for strategic decisions?
  4. Director engagement – Are your administrators fielding frustrated emails from directors unsure where to find information and asking for mobile and tablet access – especially next-generation directors you worked so hard to recruit?
  5. Bang for buck – Have you compared different tools to ensure the price you’re paying is fair, the features are progressive, and the service is reliable?  A lot has changed in the last five years. Today, premium security and features come with affordability.

If easy information access, data security and affordability are critical to your board, get to know Aprio.

Curious? Find out more.

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