As credit unions become successful, they grow in size and complexity. And streamlining credit union operations sometimes gets put on the back burner, especially when your leadership has other things to worry about – like a global pandemic.
So let’s go through some top tips for streamlining credit union operations.
When To Start Streamlining Credit Union Operations
Business growth and substantial industry or environment changes are all primary catalysts for investing time and money into streamlining credit union operations.
The first step in a successful streamlining process is to recognize opportunities. Good leaders are not people who know everything, they’re more often people who know when to delegate tasks or defer programs and services to experts in other fields. Here are some ways to capitalize on those experts and opportunities.
Outsourcing Isn’t a Bad Thing
As a whole, the word “outsourcing” conjures images of entire factories and businesses moving their operations to other countries, typically in the pursuit of lower production costs. But your credit union doesn’t need that drastic of a change.
With the digital transformation that has arisen from the coronavirus pandemic also comes a huge shift, for many professionals, to gig work. There are so many more industries and professions being represented by freelancers than ever before, and this is often a great solution when your credit union is focused on streamlining. Are there duties or roles that have once-a-month, quarterly, or yearly tasks? These tasks, especially if they are in highly regulated fields like IT and accounting, can be easily outsourced to ease the burden on your teams without battling staffing issues or spending loads of time interviewing and hiring new full-time employees.
Consolidate Data Systems and Digital Tools
Do you remember the iPhone commercials about how smartphones offer seemingly endless solutions for anything and everything you could need in a day? The ones where every situation or problem was met with the phrase, “There’s an app for that.” This is more true now than it has ever been – there are dozens of tools, apps, and other digital solutions for any problem or request you’ll ever have.
But not all solutions are created equal. In fact, having too many solutions present in your credit union operations offers a great opportunity to pare down and focus on only the most effective tools. For example, Keystone is a popular digital solution with lots of built-in tools that can make your credit union’s online presence more accessible and more desirable for your members and employees. IMS Integration offers a line of Keystone solutions that include web loan applications, correlation solutions, online account opening, Skip a Pay, and more.
Look for Automation Opportunities
When looking for opportunities in streamlining credit union operations, automation is a powerful tool, if chosen wisely.
Repetitive, redundant, and tedious tasks are great candidates for automation.
Kickstart Your Streamlining Initiatives with IMSI: Keystone Infuzion
Oftentimes, streamlining your credit union operations means finding digital tools to help increase efficiency while keeping costs and employee hours down. IMS Integration offers comprehensive services and solutions from credit union experts. Our latest Keystone tool, Infuzion, was developed to streamline complex functions without the need to develop scripts or understand or build Java.
Request a consultation today for more information about our Keystone solutions, professional services, and credit union solutions.