5 questions to ask when considering new technology at your credit union

Where are our greatest needs?

There may be something new and exciting on the horizon, but is it the greatest need you have right now? Is your mobile app out of date? Do you keep getting complaints about it? If so, maybe it’s time to shift focus from those cool things you want to the upgrades you desperately need.

What are the benefits?

How will this new product or service be beneficial to the credit union? Will it attract new members? How will it benefit our current members? Will it make their lives easier? If the purchase doesn’t come with strong benefits, then you should stop considering it.

Will this work for us?

Sometimes a product will sound good in theory. Figure out if it’s the perfect fit or just a passable solution. Sometimes with a little more research, you’ll find a better product at a more affordable price. Spend the time doing good research and don’t make a hasty decision.

Is it easy to use?

The best technology has an easy learning curve. Is it going to be easy for your staff and members to adjust to this new way of doing things? If it’s only going to cause a lot of confusion, it may not be the right choice for your credit union.

Is it going to provide a significant ROI?

Good technology will bring improvements. Whether it’s saving time or increasing profits, in the long run, it should help your bottom line. Technology has a cost, but it’s value is determined by what it brings you in return.