Now that 2005 is more than half over next year’s Board of Director Elections are just around the corner. As you plan your 2006 Board of Director Elections now is the time to consider conducting those elections online. Many sophisticated credit unions have decided to provide their members with a custom online elections application. The motivation is to increase member participation associated with Annual Board of Director Elections while saving the credit union time and money.
What is Unique about Conducting Your Board of Director Elections Online?
With an online elections system, your members can participate anytime, anywhere, using the Internet! No filling out of forms and mailing them back – just a few clicks with their mouse and they are done. This easy access to the voting process gives your members a voice, increases participation, and delivers a convenient benefit to your members – increasing member satisfaction.
By implementing an online election system, credit unions can save time and money by reducing printing and mailing costs associated with traditional ballots. Additional savings can be found by not having to pay a third-party to validate election results. Collectively, election costs could decrease by 25% to 50%.
In 2004 according to the NCUA Year-end Statistics for Federally Insured Credit Unions there were 9,014 credit unions with over 83.6 million members. Of these Credit Unions 4,305 or 48% reported using an electronic platform (website and wireless) for financial services. This compared to 2003 4,096 or 44% of credit unions reported using an electronic platform for financial services. It’s clear that member trends are moving toward online services. Conducting your annual Board of Director Elections online is a natural extension of this trend. As we move further into the electronic age the opportunity to provide an inexpensive and modernized online election system tied into the credit union website is now reality. The result is improved voting results while eliminating voting duplicates and errors.
How should credit unions conduct their Board of Director Elections? Why not follow the trend toward using electronic platforms to improve voting results. Conducting your Election online will also provide the credit union with streamlined reporting which will enable analysis of voting results on a real-time basis.
Having put an online election system in place credit unions can now strengthen the expansion of member participation with their Annual Board of Director Elections. Here’s an example…
A Strategic Credit Union Example
TruWest Credit Union chose to utilize an online elections system as a cost-effective means to target more members and cut expenses at the same time. Below is a brief synopsis of the goals and results:
- Attract 3,486 total members into voting utilizing the telephone and online elections system
- Have at least 50% or approximately 1,743 of the 3,486 total members utilize the online elections system
- There were 2,075 members who voted using the online election system
- There were 3,168 total votes cast
- 65% of the total votes were cast utilizing the online election system
By utilizing the online elections system, TruWest Credit Union improved voting results by eliminating vote duplicates and errors through member validation. In addition, online reporting was streamlined which enhanced internal credit union analysis of voting results on a real-time basis. Overall the online elections system provided the credit union with a much more reliable, timely and complete voting process than traditional voting methods.
Considering Conducting Your Board of Director Elections Online?
Contact DocuMatix to learn how easy an online election system is to implement. To schedule your FREE webinar and learn more about online elections contact Joan Gurr, National Account Executive at firstname.lastname@example.org or call 1-877-362-8628 ext. 204.
DocuMatix, LLC, is a provider of online marketing tools and services to include permission based email marketing, surveys, secure email, online elections, and e-Alerts. The flagship product of DocuMatix is the DocuMatix Product Suite which includes a powerful creation wizard and a robust real-time reporting engine that allows for the creation of virtually unlimited designs and new levels of professionalism offered within every email.