Economic reports continue to show that while the American economy is strong, the average consumer is still feeling the strains of high inflation and rising interest rates. And when consumers are feeling the strains, so are the credit unions they bank with. As members continue to tighten their belts and make cost cuts, credit unions must also look for ways to reduce their overall expenses so they can continue to meet member needs.

Saving through technology

You might think it would be counterintuitive to invest in technology at times like these, but you’d be wrong. While new technologies may incur costs up front, the cost savings they can offer in both the short and long term make them well worth the effort. Data and cloud technologies in particular can help credit unions optimize their production and save time and money elsewhere, while specialized talent services can help fill skills gaps in existing teams.

Data

Well-organized and maintained data is critical to many of the things your credit union does for its members. From reporting to automating member communications to identifying campaign strategies, data keeps your credit union running. Investing in a robust data warehouse can help ensure your credit union’s operations continue to run smoothly. You can also use a data warehouse for your reporting initiatives, automating a previously manual process, saving time and allowing your staff to focus their energy on other things.

Data can also be used for marketing campaigns to ensure your credit union is presenting the right products to the right members at the right time. Targeted marketing campaigns like these are more cost-effective and effective than one-size-fits-all campaigns applied to your entire member base, or even those targeted at a manually selected member segment.

Cloud

The cost savings of the cloud cannot be overstated – from reducing the need for clunky, constantly maintained on-site equipment to enabling quick and easy scalability, the cloud streamlines many of your credit union’s existing processes while enabling greater speed and ease of use. With the cloud, your credit union can set up failover procedures that ensure that in the event of a natural disaster, cyberattack, or other continuity event, all data is backed up in a safe location. The ability to quickly recover from such an event, ensuring continued support for members, is priceless in and of itself.

The cloud is also the foundation for much of modern technology, including AI and machine learning. Investing in the cloud today will enable your credit union to benefit from these other powerful technologies in the future.

talent

Finding the talent your credit union needs to implement cost-saving technologies doesn’t have to be a barrier either. By augmenting staff in whole or in part, your credit union can find and partner with qualified technology experts at a fraction of the cost required to source, onboard, and train a new employee. By augmenting staff, your credit union can also easily scale up or down as needed, allowing you to meet goals and implement new technologies within your preferred timeframe.

Additionally, by using a specialized talent services provider, your credit union can tap into a global talent pool. The person who best fits your needs may not live in your community — or even in your country. By using a specialized talent services provider, your credit union can review candidates with diverse backgrounds and experiences to find the person who ultimately fits your unique needs.

Maximize your credit union budget

With the cost of living showing no signs of slowing down, your credit union must be prepared for tighter budgets—both members’ and your own. Meet these budget demands by leveraging technology to streamline and reduce costs while maximizing member satisfaction. With the power of data, technology and talent, your credit union can reduce overhead costs while still providing the same—or even improved—services your members expect.