The success of your credit union is intimately connected to the technology you choose and how it’s applied. When it comes to credit unions operating as financial institutions versus technology institutions, the lines have become increasingly blurred. Credit union CEO’s are progressively finding themselves operating more like CTO’s. This may be an unwelcome amendment to their job description, but the nature of the business requires this balance to be found.  A dangerous mistake that an executive who is not comfortable with technology can make is the mentality of “if it’s not broken, don’t fix it”. This can be a risky tactic, as ‘broken’ technologies are not always easily identifiable. Your credit union core system may work, but it could be creating inefficiencies that are not quite as obvious.

Is your credit union core software doing its job by creating more efficient processes, and not just simply ‘working’? Consider these ratios as KPI’s (Key Performance Indicators) of how your technology systems and architecture are keeping up with demand:

continue reading »