Drive growth with business process outsourcing

Financial services is in a mission-critical stage: either your credit union grows, streamlines and evolves to meet members’ needs or you get left behind. It takes a greater investment in both human skills and technology than ever before. It requires agility and out-of-the-box strategies. And it requires a commitment to efficiency and improving the member experience.

Few and far between is the credit union that can take it all on solo. With so much at stake and so much required, credit union teams are tasked to rise to challenge after challenge. When stretched too thin, your credit union risks losing valuable key players and the increased costs of recruiting and retaining talented replacements. Just as problematic, your credit union risks losing valuable members, too.

Many credit unions will find that Business Process Outsourcing, or BPO, is a cost-effective solution that helps them drive growth and improve agility without dropping any balls along the way. With BPO, your credit union can entrust to certified and experienced professionals a variety of specific business functions, processes, or tasks that serve as a distraction to creating a better organization and delivering a more member-centric experience.

Ways to leverage BPO

You want your credit union’s teams to remain focused on executing strategy, providing superior member service, and innovating for the future of your organization. With BPO, they can. To allow your staff to focus on what it does best, BPO can take on peripheral tasks and manage entire functions of your organization, absorbing non-strategic processes. These can include a variety of business areas, such as IT, call center support, legal and compliance, indirect loan processing, consumer lending tasks, member onboarding, quality control, loss prevention, bookkeeping and more.

Growing with BPO

By allowing your core team to remain focused on high-priority objectives and enhancing the member experience, BPO can deliver several benefits to your credit union:

• Sharpened focus on core functions – With BPO, your employees are free to focus on your core business functions, which allows them to focus on strategy, business opportunities and the member experience.
• Cost reduction – BPO can assign functions and business processes to vetted professionals with the expertise needed to complete tasks efficiently. It is a way to obtain specialized services without needing to hire a costly full-time staff. This helps reduce overhead costs for your credit union.
• Greater efficiency – With BPO, your staff is relieved of the credit union’s non-core business functions. This means your team can get back to putting their best skills to work, which results in more efficient, higher quality work product. BPO also augments your teams’ work to boost productivity.
• Enhanced culture – By helping to unite credit union teams behind a common core mission, BPO helps internal teams better function as a cohesive unit that shares values and purpose.
• Elevated expertise – Outsourcing processes to experienced professionals ensures your credit union gains much-needed expertise for highly technical functions, which can deliver countless benefits such as enhanced performance.

Business Process Outsourcing services, like those offered by CU Next Gen, can facilitate growth by making a dramatic difference for your credit union. With a sharper focus on core functions, lower costs, greater efficiency, an enhanced work culture and elevated expertise, your credit union is able to remain dedicated to driving and executing strategy for growth and enhancing the member experience. It can better confront the many challenges it is sure to face in a more competitive industry as consumers further embrace technology. And it is better positioned to deepen existing member relationships and capture new ones.

To learn more about CU NextGen, visit cunextgen.com or call 1-800-311-3928.