Board Portals Bring The Future Of Credit Unions Closer

Credit unions have seen incredible changes over the last few years, but in the long-term future, they may be almost unrecognizable. Credit union membership looks poised to increase dramatically, while the number of credit unions serving them is set to shrink as mergers create bigger credit unions more capable of competing against banks. They will have a whole new vocabulary for the financial services they offer in some jurisdictions, and financial technology will play an even bigger role in how they provide those services to their members.

They will have to adapt to increased competition, too, especially in core lending, where FinTech startups are eating away at both banks’ and credit unions’ business. While for now they are mostly limited to personal lending, as they succeed in one field, analysts expect they will move into auto lending, mortgages, and business lending with time.

Boards of directors are going to play a key role in guiding credit unions into the future, and they need superior technology to communicate efficiently and transparently in doing so. If you haven’t already, it’s time to learn about the benefits of board management software for credit unions.

#1 Better Meetings

Directors are always complaining about wasted time in board meetings, whether it’s because they lose precious time amending minutes or reviewing updates to documents they should’ve had before hand. Board management software like Aprio Boardroom gives directors the freedom to work effectively between meetings. Documents are instantly updated, and directors receive email notifications when it happens. As soon as their tablet, laptop, or smartphone, with the app downloaded, connects to a signal, they have the most recent information in their hands. They can vote electronically, letting directors approve minutes before the meeting begins, while collaborative tools help them make amendments without eating up precious time during the meetings.

#2 Better Security

Whereas in the past, the big push toward board software was to get away from cumbersome, expensive paper board books, there are plenty of electronic alternatives boards of directors can use to get away from paper. However, none of them are as secure as board software, which is especially important for credit unions. As financial institutions, they are major targets for cyber criminals and hackers. Your members’ financial information is at risk when it’s in the hands of directors who don’t have the tools to protect it from cyber criminals.

#3 Affordable Pricing

Several years ago, secure board software may have been out of the reach of credit unions, or at least smaller players on the field. Today, secure software is not nearly as expensive to provide, and that’s reflected in the pricing of board software solutions like Aprio. While offering the level of security Fortune 500 companies seek out, their pricing puts them within the reach of credit unions, not-for-profits, and government agencies.

Boards need all the help they can get steering credit unions into the future, given changing regulatory landscapes and increased FinTech competition. Put better tools in their hands by investing in board software.