A new car is a funny thing. As soon as you pull it off the lot, it’s value has decreased by thousands of dollars. Technology is odd in a different way. You buy a new piece of tech, and by the time it arrives at your door, they’re already announcing the next version. At your credit union, things might not seem to move quite that fast, but outdated tech can be a problem. While it’s okay to be a step behind with the tech you use in your personal life, outdated technology at your office can have a negative effect on your business. Here are three reasons it may be time to update the tech at your credit union…
It’s too slow: It’s awful when things lag. When it takes forever for your computer to respond to a command, it can be terribly frustrating. Whether it’s a software or hardware issue, if it’s becoming stressful for your employees to use their equipment, it may be time to upgrade. Periodically ask your staff how things are running and start researching new products if necessary.
It’s not safe: Old tech can still be productive as long as it’s running smoothly, but that doesn’t make it hacker-proof. Older systems are more vulnerable to being hacked because hackers have had more time to figure out how to access them, so it may be time to go “out with the old and in with the new”.
It’s not enough: Even if your staff is getting by with outdated technology, are you giving your members everything they want? Keeping up with the Joneses isn’t something you should worry about when the Joneses are your neighbors, but when they’re your competitors across the road, it might be time to take a second look at the advantages of new technology. By having the latest fintech available for your credit union, it will allow you to provide members with the products and services they want. If you’re not giving them what they’re looking for, someone else will.