Technology: How Much Is Right For Your Credit Union?
December 6, 2012
More and more, credit union management teams are bombarded with industry periodicals, board member requests and requests from certain segments of the membership for “more technology.” However, in order to provide the most value to the overall membership, what type of technology would satisfy “more technology”? More specifically, what is the right level of investment in technology that will serve the credit union’s target market? What technology is no longer relevant to the credit union’s target market? If the credit union can reduce or eliminate technology that is no longer relevant, then it can better allocate resources to more relevant technology.
As management teams look to the future and begin to plan the long-term initiatives for their institutions, any large investment in technology should be evaluated in context with the credit union’s overall strategic plan and direction. Technology adoption in and of itself should not be a strategic plan but determining how technology adoption fits within the overall plan and direction of the credit union is a must.
