With a new year approaching, many people begin making resolutions to improve their lives. Many credit unions will use this as an opportunity to reconnect with their members and provide both tools and incentives to help them improve their financial lives. But how many organizations will turn inward and make a resolution to improve their own governance?
With the budget season coming, many credit unions will be in a position to invest in improving their governance. Here are three reasons why investing in digital governance is critical:
- Agility and collaboration are required to serve a diverse and evolving membership.
- Digital governance leads to improved productivity, which results in more engaged boards.
- Digital governance saves both time and money.
$229 million Downey Federal Credit Union, Downey, California, took the leap to improve its digital governance by investing in board management software. Dr. Edward Potter, a director with Downey, recently said, “We used to have over 100 pages in our board packets that had to be typed, duplicated and mailed. With [board management software] … there’s no trying to mail something ahead of time. Everyone just has it at their fingertips. It has changed our entire board meetings. They are much shorter, much more efficient and lots more fun.”
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