Don’t forget to put good governance on your credit union’s list of goals for 2020.
With a new year approaching, many people begin making resolutions to improve their lives. Many credit unions will use this as an opportunity to reconnect with their members and provide both tools and incentives to help them improve their financial lives. But how many organizations will turn inward and make a resolution to improve their own governance?
With the budget season coming, many credit unions will be in a position to invest in improving their governance. Here are three reasons why investing in digital governance is critical:
- Agility and collaboration are required to serve a diverse and evolving membership.
- Digital governance leads to improved productivity, which results in more engaged boards.
- Digital governance saves both time and money.
$229 million Downey Federal Credit Union, Downey, California, took the leap to improve its digital governance by investing in board management software. Dr. Edward Potter, a director with Downey, recently said, “We used to have over 100 pages in our board packets that had to be typed, duplicated and mailed. With [board management software] … there’s no trying to mail something ahead of time. Everyone just has it at their fingertips. It has changed our entire board meetings. They are much shorter, much more efficient and lots more fun.”
Put simply, board management software is a secure environment for credit union board directors, executives and staff to access meeting materials, communicate with each other, and execute their governance responsibilities. Combining the security and speed of cloud and mobile technologies, board management software replaces the old regime of paper, printing, and emails. As a result, directors come to board meetings more prepared, and less time is spent on administrivia.
Credit unions wanting to learn more have resources to help navigate the often-confusing world of board management software. Passageways OnBoard has published a comprehensive Buyers Guide “meant to remove any uncertainty in the vetting process, arming teams with the knowledge they need to make informed decisions about their board software.” You might also be interested in Passageways’ Board Management Software Vendor Comparison Worksheet.
Unlike the individual trying to lose 10 pounds, credit unions can use the new year to make a resolution that sticks. Ultimately, the software transforms board meetings into real working sessions focused on planning for the future, solving problems, and growing your credit union. As Potter adds, “[Board management software] is really big. It’s changed our lives on the board.”
Paroon Chadha co-founded CUES Supplier member Passageways Lafayette, Indiana, in 2003 and continues to lead its business strategy, as CEO. He serves on boards at Passageways, Big Brother Big Sister of Greater Lafayette, Indiana University Simon Cancer Center, and TechPoint. He was a founding member of Youwecan.org, and is an angel investor in several technology companies. Recently, Paroon was accepted as a member for Forbes Technology Council.