Three steps to tackle the inevitable: Change

Last fall, I divulged how I cope with the end of summer. Like many, I am not a big fan of change. This autumn, the transitions in my life seem as taxing as those of the current NFL Commissioner.

But as John F. Kennedy said, “Change is the law of life.”

Whether you like change or not, here are three tips to help you not only cope with change, but to take it head on and help your credit union come out a winner this fall. Like the Cleveland Browns! (I’m not sure if I’m kidding yet. Ask me in a few weeks.)

1. Sharpen your expertise

Banking consumers are increasingly relying on smartphones, tablets and laptops for their money management needs. They want convenience, customization and mobility. To stay competitive and meet members’ expectations, credit unions need to current with the latest technology trends and consumer demands.

The best way to do so is to seek out financial services thought leaders. You can easily gain insights from whitepapers written by industry experts such as Cornerstone Advisors. Also think about attending webinars or conferences, such as the CUNA Technology Council Conference.

2. Look internally for opportunities to improve
As you gain expertise, focus on what you can control. Credit unions have been imaging documents for decades. However, many of them only do so to capture information electronically. That means they lose out on the chance to optimize the processes that surround that electronic documentation. A key aspect here is the increased efficiencies that workflow can bring.

Workflow automatically routes loans through appropriate approvals to keep costs low and service high. This way, employees focus on the jobs they were hired to do, rather than spending time working in manual processes and chasing paper files. Workflow not only boosts productivity, it also helps credit unions process more loans with fewer resources.

3. Find the right partner to find the right solution

If the change your credit union is embracing requires a new technology partner, you’ll need to do your homework. Reach out to your peers for insights. I also recommend analyst research firms such as Gartner, Forrester Research and CEB TowerGroup to help narrow your list.

Whether it’s a document management solution, core banking platform or a loan origination system, look for a vendor that has extensive expertise in financial services processes so they’ll know the best practices, tips and tricks to make your solution work best.

Keep in mind how the solution will grow and evolve with you. It should have the ability to easily integrate with any existing or new technology that your credit union implements. It should also be designed for change and easily altered by IT so that it meets your needs right now and over the next five to 10 years. You know, because there is only one constant…CHANGE!

Michelle Harbinak Shapiro

Michelle Harbinak Shapiro

Michelle Shapiro has more than a 15 years of experience in the banking industry to her role as Financial Services Industry Expert at Hyland Software. Her mission is to share ... Web: www.onbase.com Details