Today's financial services industry has changed a great deal from 10 or even five years ago. Industry consolidation has forced credit unions to consider how to do more with less and identify creative ways to reduce costs, while also maintaining a high level of member loyalty. One of the best ways to do this is by investing in and leveraging technology that:
- Helps employees become more efficient at completing day-to-day, routine tasks;
- Improves communication and engagement between members and employees; and
- Enhances management's ability to oversee all aspects of the business.
But what technology does all of these things and why haven't we heard about it in the latest headlines? Simple – because it's been around for quite some time.
Intranets provide a centralized location for employees to access and exchange information such as company news, product brochures or other documents that frontline staff require quick and easy access to. Knowing where to go for certain types of information eliminates wasted time searching for files and other resources, while also enabling employees to deliver service faster and with greater accuracy – collectively improving the member's experience. Moreover, these systems are equipped with administrative controls, giving management the ability to see how everything is working and the power to make improvements when necessary. However, intranets are more effective than any "shared network" because they help credit unions coordinate employee training more effectively, serve as a valuable tool for HR to engage with disparate employees and provide IT departments with greater latitude in managing ticket requests or issues in real-time.
AOD Federal Credit Union, an Alabama-based credit union, reduced IT ticket requests by 20% within a 45-day period of launching its employee intranet, while also saving on soft costs such as paper usage and employee time spent searching for important documents and files, such as current interest rates, product sheets and policies. Similarly, AOD engaged its employees across its branch network by building community message boards so that employees could easily communicate, plan events outside of work and post notices that might normally be reserved for an office bulletin board. For a financial institution that's spread across multiple states, the ability to connect employees through a single channel (which is also customized to match AOD's unique brand) unifies its employees into one cohesive group and ensures consistency, while also bringing together employees who might not otherwise interact.
As credit unions review their current investments and determine what tools they should keep in place, the dollar value of an investment's return will be a primary factor in their deliberations. And in 2018, we can expect that credit unions will once again focus on providing members with an even greater level of service than before, while also cutting costs. This means that credit unions must effectively identify where their resources are best spent and there's no more telling statistic for an operational technology than seeing its self-reported ROI. If time is money, don't you want to see that reflected in the technologies that boast the ability to save time?
When it comes to internal processes and operational technologies, it's often difficult for leadership to understand the true value of the service they are paying for. This is why technologies that convert their operational efficiencies into total dollars saved are worthwhile. Further, this also reveals other existing inefficiencies or areas of improvement so that management can quickly respond and streamline employee efforts.
On the surface, an intranet centralizes internal communications, but its capabilities far exceed this sole function. It improves total productivity and eliminates the unnecessary waste of resources – both of which are primary goals for credit unions headed into 2018.
Mark Anderson is CEO of Banc Intranets. He can be reached at 423-926-8527 or [email protected].
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