Explore New Credit Union Tech This Fall

New Credit Union Tech This Fall

Credit unions are facing stiff competition from growing Fintech challengers — startups like Acorns are reinventing how customers can save, and savings from round-up transactions are only one front where credit unions must keep ahead of the curve. Besides member-facing technology, don’t forget about technology that your organization needs to run smoothly and efficiently.

Board portals in particular are an area where your technology may be outdated, or you may simply be paying more than you need to, thanks to the emergence of new companies like Aprio that offer superior security at a much lower price than most board software vendors. Credit unions that are already using board software technology may want to re-evaluate when their contracts expire. The world of board software technology is much different today than it was several years ago, and there may be a better deal out there.

What’s changed in the world of board portals that should make you re-evaluate what your organization is using? The lower cost of security is a major change in the latest board software technology on the market, putting a superior product in the hands of organizations that don’t have Fortune 500 budgets. Security is a top priority for all credit unions and keeping confidential financial information secure is a significant challenge. When board directors need to discuss a potential borrower’s finances or a financial strategy going forward, carelessness can easily put them in breach of regulations. Board portals are designed to prevent these slip ups by keeping all documents in the portal and available online or offline, where it’s protected from malware, Man-in-the-Middle attacks (where a cybercriminal intercepts emails), and ransomware.

Security should not get in the way of convenience, either. Every barrier to easy and instant access is a barrier to compliance, and compliance is a security issues. You need a board portal that supports training your directors so that they use the technology. You can’t have directors requesting that admin send board documents by other means, as that will compromise the security of the information. That’s why board software technology vendors like Aprio include one-on-one training for directors as part of their software package, as well as no-charge training for new directors. Directors receive instant notifications when new documents are uploaded or updated, or when meetings are scheduled. They can also markup documents using annotation tools both online and offline, with the portal automatically updating as soon as they connect to Wifi. With directors on the go more than ever, mobile and offline access is a must-have feature.

Board software technology helps your directors prepare for meetings, work in-between meetings, collaborate on discussions, and even vote remotely. The technology needs to be secure and it needs to be fully supported, 24/7. Your credit union can get all that at a much lower price than what you’re already paying. Start looking for new board software technology options this fall and find a solution that will improve your board meetings.