Credit unions wanting to streamline their operations and cut their costs should consider collaborating with other credit unions to meet their shared needs, according to a new report from the Filene Research Institute.
Authored by Michael Taylor with SchellingPoint LLC, A Road Map For Credit Union Back Office Collaboration was the result of more than 150 interviews with credit union executives from all parts of the industry.
"This report gives credit unions a tool with which to document the success and failure of existing collaborative ventures through effective case study development," said Filene Chief Research Officer George Hofheimer. "It also helps them develop business metrics that tie their collaborative efforts to improvement of the member experience and cost savings. And it helps them increase the role of operational excellence. A balance between member service and efficiency needs to be struck, and collaboration may hold the key."
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Hofheimer suggested that initial collaborative efforts must necessarily focus on processes that can be standardized to help multiple credit unions achieve a common, shared goal. The first step of any collaboration, he said, begins with a small step. "This study suggests that large-scale collaboration may be one of the actions necessary to assure long-term survival," he added.
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