How To Improve Employee Productivity In Credit Unions
The year 2021 will bring brand-new battles in promoting growth for Credit Unions due to the economic wreckage left by 2020. Credit unions continue to evolve and grow at a slower pace than their financial counterparts.
Additionally, there has been a marked lack of growth in the smaller segments of the industry. According to a report published on IBISWorld, there has already been a 1.9% decrease from 2020 (Source). This number will continue to grow throughout this year, meaning that new credit union membership growth strategies must be developed and implemented.
CUNA Mutual's reports released for the fiscal year 2020 further support the need to do so. The report states that the total credit union loan balances have only increased by 5.7%, much lower than the long-run trend of 7.2%. Furthermore, this is not a general representation of the industry since there are significant disparities between small and large credit unions. Credit unions with assets over $1 billion reported an 8.4% increase in loan balances, compared to a growth of 2% a year ago.
Credit unions with assets below $20 million reported loan-balance growth of 3.5%, down from the 3.2% pace one year earlier. The report also states that overall credit union loan growth is expected to drop to 5.5% by 2021 due to the lack of proper credit union membership growth strategies.
So, when the credit union membership growth challenges arise, what are credit union membership growth strategies that will help overcome them? Is it possible to improve productivity in Credit Union with all this buzz?
How to Improve Employee Productivity in Your Credit Union
Knowledge Management Systems (KMS) is the foundation of your intranet portal. Knowledge management is defined as: “the process of creating, sharing, using, and managing knowledge and information at an organization.” It refers to making the best use of knowledge to achieve organizational objectives.
Your credit union probably offers a set of business practices that generally works for you. There are probably countless handbooks and binders to ensure compliance and to meet regulations, so on the one hand. There is no sense in changing this. On the other hand, on the one hand, there is no need to change it on the other.
Service Automation and Report Automation:
Automation tools will function as if you have additional employees in place all the time. Setting up follow-up emails, managing campaigns, and managing member data lists can be tedious at first but highly impactful and efficient in the long run. Personalized birthday emails to members will make the member feel better. Sending marketing eBlasts tailored to a member's spending and saving habits will significantly increase those products and services.
Reporting that is automated should be able to provide members with compliance information and be insightful by sending notices and warnings when established parameters are met.
How Rezolve.ai Improves Employee Engagement?
Imagine your credit union team maintaining 100% compliance and an error-free week. With an intranet in place, this is not far-fetched. A chatbot integrated with Microsoft Teams gets positive results. Rezolve.ai tool is being used in several credit unions, where it sees positive results.
Employees become complacent when completing the same tasks day after day. Workflows integrated with Microsoft Teams will ensure standardized procedures are always completed correctly. Rezolve.ai solves this problem with workflows. These are pre-established automation that ensures each step of a process is completed in order. For example, if every loan application gets sent to an underwriter, then when approved, to a manager, then approved again to the original employee, a workflow can streamline and automate this process. The workflow provides each step to the correct person, thereby eliminating mistakes or forgotten steps.
Your security measures, such as the type of documents that employees can view, will remain as they are. However, if you need help choosing these options or implementing them, our team of experts will help you build a credit union intranet that meets your needs.
In one of our webinars, our COO, Manish Sharma, spoke in depth about the many topics in credit unions and banking. Topics included the challenges financial institutions must overcome, how legacy frameworks' weaknesses hold back evolution and new models for credit unions and banks. You can check out the webinar or read the blog post containing information on the webinar.