ORLANDO-Moving to paperless functions and document imaging may seem costly, but one person says it's one of credit unions' best chances for growth.
Carol Middaugh, midwest regional sales manager for eDoc Innovations, observed during Credit Union Journal's Grow Show here that because of "crunched" bottom lines and the need for efficiencies and streamlining operations being felt by every CU, document imaging is a must for any credit union looking to grow.
"There's a big window of credit unions that have not gone paperless, especially in the Midwest market," she said. "A lot of small credit unions think it's out of their reach. Even some of the very, very large CUs think that."
Middaugh said eDoc works with credit unions of all sizes, but has been most successful with those between $50 million and $350 million in assets. She cautioned CUs who think document imaging is out of their reach to investigate further.
"You can't afford to do it? You can't afford NOT to," she said. "You can either die trying or just die. Those are your options. And many of them are choosing to just die. They're not going to grow; they're not going to move forward."
Middaugh said that every CU's timeline for ROI is different, but stressed that the return is definitely there, not just in gaining efficiencies, but in reducing risk.
