Survey outlines credit unions’ technology challenges

One in five CUs lacks sufficient skilled technology staff.

by. Kevin Paugh

Technology is the second-biggest budget item for credit unions just after employee salaries, according to the CUNA Strategic Services Technology Survey.

Specifically, the C-level survey respondents noted:

  • 20% of credit unions do not have enough skilled staff to support the organization’s technology functions and needs;
  • 25% of credit unions do not provide sufficient technology training for their staff;
  • About 10% have only basic systems in place to meet immediate credit union needs;
  • Three-quarters of credit unions indicate they make effective use of technology to support members; and
  • Over 25% recognize that technology is an investment in their mission, and executive leadership integrates technology decisions with organizational strategy.

Outsourcing information technology (IT) continues to be a trend with today’s credit unions. A high level of survey respondents (85% or more) indicated they outsource some or all of their IT to a vendor partner.

Almost 6% noted they were 100% outsourced, with all IT functions being outsourced to a vendor partner. Additionally, about 12% indicated heavy IT outsourcing, 28% moderate, and over 40% noted occasional outsourcing.

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