The Great Recession required all kinds of belt-tightening across credit union operations. Technology spending felt the pinch, but it’s an area that needs investment in order for cooperatives to stay relevant.
Dan Munro, CIO at Community Choice Credit Union ($457.6M, Farmington Hills, MI), helped guide his credit union through a change of course as the recession unfolded. Staff reevaluated what was necessary and examined the benefits of self-service options. Community Choice rolled out a personal teller machine to meet economic challenges and serve member needs.
Rudy Pereira, SVP of Operations and Technology at Alliant Credit Union ($7.8B, Chicago, IL) examined all of the credit union’s technology to try and understand where he could gain a competitive advantage. Technology spending actually rose, but Pereira and his team keep a keen eye on where the dollars are headed.
Like many areas of operations, technology is one that requires strong oversight to understand the profitability of certain areas. Interested in learning how to implement strong supervision and also maintain excellent member service? Check out the clip below. If you still want more tips, watch the full event Choosing Technology Initiatives Wisely in Uncertain Times.