From day-to-day activities to regulatory reporting, staff training to member experience, success in any area of your Credit Union comes from having efficient, well-oiled internal operations. Being able to create stability within your current systems means you can look to the future, and having a strong base means you can act on opportunities to grow. But how do you get there?
Have an audit of your systems and processes to improve internal efficiencies
Could your Credit Union be working smarter? Standardising the ways your branch operates means you can bring a systematic, disciplined approach to your processes. Putting guidelines in place for everything from staff performance through to core system automation, processing times, and hardware management means you can instil consistence and, most importantly, accountability throughout your Credit Union.
Develop a coherent risk management strategy
The economic uncertainty of the last few years has put an increased focus on risk management for all financial institutions, and Credit Unions need to keep up if they want to become major players. If your Credit Union is defining major strategic objectives without taking risk into consideration, you’re opening the door to real issues in the future. Knowing what risks you face both day-to-day and during new initiatives means that if a worst case scenario does come to bear for your Credit Union, you inherently know how to deal with it in the most effective, efficient way possible.
Make use of technology and tools that help you stay compliant
Having IT functionality that you can trust to provide the information you need to stay compliant gives your Credit Union the space it needs to take a holistic approach to meeting regulation. Being able to trust your system and the data within, means you can expand your focus on improving your off-system processes, preparing for PRISM inspections, and getting ahead of the game when it comes to monitoring and adapting for future changes.
Take advantage of training days offered by your IT supplier
Your IT system should help, not hinder, your day-to-day and big picture planning. Take advantage of training offered on new and existing products, as well as any refreshers that may be available. Feeling prepared and empowered will strengthen your team, and knowing the ins and outs of your system means less time spent looking outwards, and more time focused on improving internal efficiencies and processes.
In order to support growth in the future, your Credit Union needs to be operating efficiently now, before you put your foot on the accelerator. A strong base is necessary in order to achieve any of the goals you set yourself, whether that’s thriving, or simply surviving, so it’s worth taking an in-depth look at your internal operations, and any efficiencies you may be missing out on.