Looking to Do More with Less? Look to Efficiency-Boosting Technologies
With a flat yield curve and tight margins forecast to be with us for a while, every credit union is looking for ways to operate leaner and more efficiently. Initiatives that can help you grow without increasing head count or save money that can be reinvested into member service are the perfect kinds to pursue in a tight market. And one of the best places to look for those pay-offs is in the area of technology.
The same Internet delivery channel that is improving convenience for your members can also help you operate more efficiently--if you leverage it to its full potential. Consider how much call volume you could off-load from your call center if members could get automatic e-mail notifications of certain events--for example, when their balances fall below a particular threshold. Electronic alerts technology allows for this capability, and credit unions that use it are seeing significant savings. Electronic alerts allow members to find out about critical events sooner so they can manage their accounts better; in turn, the credit union reduces call volume and the high costs of member notice mailings.