Andrew Tilbury

One of the biggest challenges facing credit union executives, managers and employees is how to continue improving member service without adding significant operational expenses. Theoretically, the multiple systems that make up the IT infrastructure at credit unions are tools for boosting productivity to free up employee time that can then be spent on members. But multiple studies and in-depth interviews with credit union leaders paint a different picture.

In fact, the very systems that should be helping employees are instead often hurting productivity.

For example, a recent survey uncovered that 75% of credit unions are running a document imaging system that is five or more years old. These legacy systems are no longer being upgraded by their suppliers and are widely regarded by their administrators as difficult to maintain and, most importantly, nearly impossible to integrate with newer systems that are the key to the future success of credit unions. These include loan origination systems, eSignature tools and updated core processors. Not surprisingly, these very same systems are the key to future loan growth, member acquisition and retention, and operating efficiency.

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