Before a skyscraper of high-tech, member-facing products and services can be built, a solid foundation of internal systems, technology and processes must exist.
Credit unions are pushing for more omni-channel, self-service offerings for members, including adding more capture points and more mobile and online services. However, in preparation for more member-facing technology with the infrastructure needed for all of the pieces to work together properly, CUs also are renewing their efforts to clean up their back-office operations.
Indeed, providing excellent member service and appealing to the tech-hungry millennial generation—and their equally savvy older counterparts—starts with getting back-office operations under control. A 2013 Capgemini report found that 60 percent of customer dissatisfaction actually emanates from inefficiencies in the back office. So automating as much of the back-office workflow as possible—and eliminating inefficiencies—will cut costs, support member-facing technology and create a competitive advantage to propel future growth.continue reading »