Credit unions are entering into a period of rapid and major changes, and in 25 years, the financial landscape will be a whole new world. Credit unions need effective boards of directors that can provide their organizations with smart, strategic leadership and adapt to changing regulations.
Board management software puts directors closer to the work they do for credit union boards. Given the changes that lie ahead for credit unions across the U.S., smart organizations are investing in better communication technology at the leadership level. Just take a look at some of the changes credit unions can anticipate in the next 25 years, according to industry experts.
Digital Banking
Forget credit cards and Interac, most credit union customers will use wearable tech and expect to pay with a flash of their wrists, or even just by having their purchases scanned as they walk out the door. The shift from plastic cards to wearable technology in the financial industry will have to be carefully navigated by management and boards. The security of credit union customers will be in the hands of your vendor, and it will be up to your board to approve vendors and ensure that their services comply with the regulatory landscape. Board portals such as Aprio make it easier for directors to compare vendors and evaluate the risks and benefits of new technology.
Higher Membership Numbers
Credit unions have seen considerable growth in the last few years, and many attribute higher membership numbers to a skeptical attitude toward banks in the wake of the Great Recession. In 25 years, credit union membership is expected to climb past 100 million members, giving credit unions a broader membership base than they’ve ever had before. As now, many credit union members will also be customers with banks, using different institutions for different financial services.
Fewer Credit Unions
Despite the increase in membership numbers, there will be fewer credit unions in 2040 than there are in today, from over 14,000 in 1990 down to a projected 3,000. Credit unions are seeing the change happen right before their eyes, with credit unions merging across the United States, creating organizations that are bigger and better able to build brand recognition in new markets.
If you’re not sure how board management software can benefit your company consider the incredible changes credit unions are going to face in the coming years. Board management software lets directors focus on the issues at hand, without facing communication challenges. Directors shouldn’t have to face opacity when it comes to critical documents for a credit union.
Board management software such as the platform offered by Aprio clarifies board work, putting instantly updated documents in directors’ hands and giving them better tools to work outside of meetings and prepare for important votes. Credit unions are headed toward uncharted waters, and in times of so much change, clear and informed leadership is more important than ever. Board management software gives directors freedom from logistical issues so they can focus on the issues facing your organization. Invest in board management software and see the difference it makes in board meetings.