As we embark on a new year, our team explored key areas of focus for credit unions as they continue on their digital transformation journeys.
Too often leaders believe that digital transformation is a finite project with a definitive endpoint. This couldn’t be further from the truth! Digital transformation is a journey – technology and member needs are constantly evolving, therefore, credit unions have to be agile, innovative and strategic in maintaining, growing and transforming their technology infrastructure and capabilities.
Credit union leaders must consider all potential threats and opportunities that could impact operations and their members. Natural disasters, cyber attacks, new digital experiences, data protection, and more.
While most businesses develop 3-5 year strategic plans, they often fail to develop an IT-focused strategy that considers the comprehensive needs enterprise-wide. It is critical for credit unions to develop a culture that embraces technology, integrating it across all areas of the organization.
In the new year, credit unions of all sizes should consider how IT can support its overall goals for 2023.
As you consider your IT strategy and goals, here are the three most common projects that small credit unions in particular are planning to tackle in the new year.
- Backup/Redundant ISP Implementation
A backup internet service provider (ISP) is a secondary internet service provider you can rely on in case your primary link goes down.
Outages happen and they can occur anywhere at any time. Most credit unions couldn’t last more than a few hours without internet access, therefore, it’s critical to have a backup ISP in the event your primary connection goes down. It’s vital to the service of your members to avoid internet outages and to keep your credit union running smoothly.
- VoIP Phone System Implementation
Voice over Internet Protocol (VoIP) is a technology that allows you to make voice calls using a broadband internet connection instead of a regular (or analog) phone line.
As credit unions expand remote work options and manage growing distributed workforces, VoIP software integrates well with desktop computers for use as “softphones” which provide more accessibility for employees who are working remotely. VoIP creates a more flexible and redundant system without having to buy costly hardware that must be maintained and eventually replaced.
- Password-less Identity Access & Management Implementation
Password-less authentication refers to a method of verifying a user’s identity without the use of a password.
It can be difficult to think of new passwords and with so many devices and apps requiring them, a real challenge to remember them all. However, strong passwords are extremely important to protecting personal and professional data and devices.
Password or credential stuffing is a cyberattack that tries “stuffing” already comprised username and passwords from one site into another site in hopes that the user uses the same login information across platforms.
A password-less solution improves user experiences by eliminating password and secrets fatigue, and providing unified access to all applications and services. This also strengthens security by eliminating risky password management techniques and reducing credential theft and impersonation.
Credit unions can improve their competitive advantage and start the new year off strong with a comprehensive IT strategy that is agile, innovative and forward-thinking.