PLEASANTON, Calif.-A credit union's ability to address five key business drivers will separate the successful from those that can't compete in the coming years, according to Harland Financial Solutions.
"From our perspective those areas are the unprecedented level of regulation and compliance activities; that's huge," said EVP and General Manager David McConney. "The second is risk management-not only credit risk but also content, operational, and reputational risk."
The third is self service and alternative delivery channels, and the other areas are general efficiency and member acquisition, McConney explained.
To help client CUs in the second half of the year and beyond, Harland is doubling the time it is spending on development of compliance solutions.
From a risk-management perspective, McConney shared that Harland is seeking to help credit unions with new software solutions and process improvements.
"We are in the throes of expanding our consulting capabilities," McConney related. "So how do you use the system you have more effectively and how can we help you restructure for the future?"
Considering credit union structure, CUs that try to do everything themselves should be wary of becoming a jack-of-all trades as the industry evolves, cautioned McConney. "Credit unions may not have all of the expertise, capabilities, and resources in-house to continue to compete effectively. We are talking to credit unions about being more open to outsourcing, how we can compliment and supplement their organizational structure."
Self-service channels will lend a hand in lightening the credit union workload. But with that technology comes the need to integrate platforms across the business, concluded McConney. "Speak-to-speak in terms of systems."
