A web-based board portal makes board meetings more effective, more secure, and supports regulatory compliance - enabling credit unions to be more strategic and responsive.
Unlike larger banks, credit unions are usually created to serve a specific group, business, community, or trade. Credit union members often partially or completely own the credit union. Sometimes, a parent organization subsidizes them.
But credit unions are similar to banks in most other operational areas, so they have similar requirements for their boards and similar needs for their board management. They need highly secure software and data protection for board materials and content. They need to prepare, create, and archive board meetings in a way that’s compliant with federal regulations.
OnBoard’s founding story legacy starts with helping credit unions serve their communities. OnBoard’s first client was a credit union (Purdue Federal Credit Union). Now, hundreds of credit unions and financial services providers nationwide utilize the OnBoard board intelligence platform in their boardrooms.
Credit unions also need to apply the same practices and compliance to subcommittees within the organization as banks. This includes loan approval committees and other similar review processes.
Finally, like banks (and most other industries with boards), credit unions need a secure, centralized system that records board meeting materials, content, votes, and any other board communication.
Digital Transformation for Credit Unions
Credit unions have long since offered their members 21st-century banking options. Online banking. Personal banking apps. Mobile deposits and bill payments.
But credit union boardrooms are sometimes a different story. They often aren’t as quick to adopt similar modern technology methods when they conduct their meetings. Some still use paper-based media, outdated processes, and their technology isn’t as efficient as it could be. This bogs down decision-making, and eventually, progress as well.
Loan approvals require organization, tracking, recording, reviewing, commenting, and eventually disbursement.
Additionally, credit union boards who use traditional board meeting preparation methods compile, print, and deliver multitudes of pages that include board and committee agenda materials, which eats up plenty of labor hours. If they decide to add last-minute updates, or need to locate a specific discussion from a past meeting, they’ll be poring through hundreds of pages or email threads, adding to the inefficiency.
Since the COVID-19 pandemic, however, in-person and virtual interaction changed for almost every industry, and credit unions – and their board meetings – were no exception.
There’s no better time for credit unions and their boards to invest in an efficient, streamlined board management software solution. OnBoard empowers boards worldwide with efficient, easy-to-use access to real-time data. It also ensures a stricter regulatory environment that focuses on NCUA compliance and other industry-specific requirements.
Cybersecurity Isn’t an Option – It’s a Must-Have Feature
Credit unions are caretakers for sensitive financial information. Their boards need to prioritize safety and security when viewing and discussing sensitive matters online as well. They often make financial, legal, and strategic decisions that shape the credit union’s policies and future.
Board management software makes it more convenient for board administrators to upload and deliver the necessary documents and materials ahead of the next meeting. Sending countless pages via unsecured email accounts sets you up for security risks.
OnBoard’s board management software is hosted by Microsoft Azure, the top-of-the-line cloud security provider. Our in-house security has passed muster every time it’s been reviewed and was awarded SOC 2 and ISO 27001 certificates. This provides our credit union clients peace of mind that they can conduct their business securely.
A secure board portal also is vital for credit unions to stay in regulatory compliance with the National Credit Union Administration (NCUA). They’re required to maintain accurate records, protect personal data, and provide easy access to documentation. OnBoard offers all these features in its board portal software.
Making Credit Union Boards and Committees More Effective
OnBoard provides an easy-to-use platform to support loan approval at scale. It gives senior management and lending officers the tools they need to organize, track, review, approve, and comment on loans from anywhere.
Asset-Liability Committees (ALCOs) typically oversee risk diversification and capital requirements, among other responsibilities. OnBoard’s software enables ALCOs and other similar committees to surface actionable insights and coordinate board and leadership activities easily, regardless of committee members’ age and technological savvy.
Credit unions that use OnBoard rave about its ability to create and distribute board materials cheaply and efficiently, provide their loan committees with quicker commercial loan workflow, and increase board and committee engagement through its software. They also appreciate OnBoard’s responsiveness to suggestions and concerns credit union members share about the product.
E-signatures have been a game-changer for boards across industries, and credit unions are no exception. Board and committee members can send and sign agreements securely from any device securely, which helps keep your signed documents and legal agreements organized without needing an additional e-signature app.
OnBoard’s voting and approvals software ranks among our most popular features. When administrators create an approval, directors get instant notification. Directors can vote from anywhere and don’t have to wait until the meeting begins to vote on items.
Credit union boards need software with easy-to-use document access, real-time voting, and strict adherence to regulatory and industry standards to operate efficiently, remain compliant, and enhance customer service.
About The Author
- At OnBoard, we believe board meetings should be informed, effective, and uncomplicated. That’s why we give boards and leadership teams an elegant solution that simplifies governance. With customers in higher education, nonprofit, health care systems, government, and corporate enterprise business, OnBoard is the leading board management provider.
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