The efficient management of a credit union can help drive sustainability and reduce manual processing. It also means that the staff has more time to speak with members who need more information about the credit union’s products and services. If you’re looking to improve the efficiency of your credit union, keep these things in mind.
Use Financial Technology
Credit unions can use financial technology to make their processes more efficient. They can, for example, take advantage of a procure to pay solution by getting in touch with companies like Mutual Marketplace. Having such a system in place can help manage the entire credit union transaction process from the submission of requisitions to the processing of invoices and the final submission of payments.
Educate Credit Union Customers
A credit union can sometimes reject applications due to several reasons, such as an unfavourable business credit score or a high debt-to-equity ratio. Instead of merely sending out rejection notices, credit unions should consider educating their clients on how they can improve their chances of approval. This can help bring down the number of unqualified applicants that apply for funding. Credit unions, in turn, won’t have to spend their time rejecting applications and instead focus their efforts on approving and bringing on board new clients. This can help improve overall efficiency.
Introduce E-Signatures to Clients
Allowing credit union members to sign their loan documents and other materials electronically can eliminate unnecessary meetings and trips as well as cut down the time to close a loan.
Opt for Marketing Automation
Having marketing automation tools is like having extra workers selling credit union products 24/7. Although the initial work of setting up campaigns and follow-up emails can be tedious, it is efficient and impactful in the long run. For instance, sending email marketing blasts about credit union products geared toward member saving and spending habits can help increase sales of those products.
Using financial technology, educating credit union customers, introducing e-signatures to clients and opting for marketing automation can help increase a credit union’s efficiency. When a credit union is operating more efficiently, its management can focus on more revenue generating programs.