To outsource or stay internal: Set your priorities

Credit unions are there for all of life’s big moments, from signing the loan for a teen’s first car to depositing that first paycheck. Streamlining their services and developing better connections with businesses and patrons is a natural part of growth, which also means creating a larger staff. But what does it mean to expand a team and what is the best path forward?

Outsourcing is a popular solution, wherein a business relies on an outside firm for service. However, many credit unions also opt to rely on their internal staff for all duties.

Whether staying in-house or shifting services elsewhere, credit unions need to know their priorities and the complete picture before committing. Find all the details below.

Staying In-House?

Outsourcing is an exciting proposition, but keeping tasks and management at home is also incredibly beneficial. Before searching elsewhere, it’s best to decide if the in-house team can handle a more significant load required by business expansion.

1. The Core Business

This may seem obvious, but it’s worth stating to be clear. As a general rule, keep core business duties with the internal team. For one, this means the credit union stays on top of its main services of handling money, loans and accounts.

2. Motivational Moments

Furthermore, staying internal is motivating to the employees themselves. Because they already work in their positions and handle complex tasks, they feel secure in their ability to help patrons and contribute to the well-being of the credit union. Other people who take on these outsourced tasks have a different connection to the company and may not deliver above-and-beyond service.

3. Coaching Togetherness

The camaraderie between workers is not to be dismissed, either. Having the ability to meet with, guide and coach people in-house allows the team to grow and develop together. Managers cannot set priorities and boundaries in their outsourced workplace.

Opting for Outsourcing?

Businesses choose firms in a variety of fields, including:

  • Digital communications and development
  • Web development
  • Marketing
  • Customer service
  • Cybersecurity

Save money and rely on trusted expertise to streamline services across the board.

1. Cybersecurity

Why waste time troubleshooting unfamiliar devices and programs when a trusted team of experts can whip up a solution in an hour? Patrons will receive faster help and the internal team can process their tasks at lightning speed.

Furthermore, trusting outsourced technical professionals means better security. Managing a credit union means storing and securing all kinds of sensitive information. One way hackers can corrupt or hold information ransom is through unsecured Wi-Fi networks. A trusted team of professionals will know best practices to create secure connections, like hiding an SSID from unauthorized users.

2. Cost-Effectiveness

This process ultimately saves money. Labor is often cheaper in other regions, allowing businesses to cut costs internally. However, be sure the chosen outsourcing firm is ensuring ethical workplaces and wages to protect this addition to the team.

3. Digital Communications

Seeking outside help fills knowledge gaps and expertise. If the credit union struggles with web development and marketing, a digital development firm can take over this task and deliver stellar results. Everything from search engine optimization to specifics like content marketing can introduce new patrons and businesses to these services with videos or blogs.

Advertising to the community about the benefits of using a credit union for financial security is an integral part of growth, but not a skill that inherently comes with management. The world is steadily growing into a digital marketplace and relying on experts who can navigate this field is the quickest way to gain traffic and leads.

4. Customer Service

Responding to calls, troubleshooting errors and fielding questions is a time-consuming and complex task. Customer service relies on empathy and understanding, which takes time and energy. Why not shave off some of the internal team’s time and outsource customer service calls?

If the firm is outside the country, help can be on the other call line outside of standard business hours. Consider a patron who suffers from a hack in the middle of the night. Luckily, it may still be early evening on the other side of the world, where the outsourcing firm can answer.

Choosing Your Priorities

There are multiple answers for staffing practices. If a credit union’s goal is to become more secure and streamlined with technology, then perhaps outsourcing technology tasks to professionals is the right path. However, another credit union may want to expand its number of patrons over the year. This means that there will be more accounts, money flow and vital tasks that core, in-house members should handle.

Consider the goals of the credit union and how different outsourcing methods may hinder or benefit everybody. Whatever the future holds, having a trusted team is always crucial.

Evelyn Long

Evelyn Long

Evelyn Long is a writer and the editor in chief of Renovated. Her work has been published by the National Association of REALTORS®, Training Journal and other online publications. Web: Details