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Credit Union CFO Focus: Kickstarting a culture of efficiency

first_img 16SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr Many experts claim to know the biggest threats to the future of community financial institutions. Increased competition, improved technology and added regulation are certainly high on that list. Industry specialists also claim to know what the future will be. But does anyone truly know? No one can predict the future, yet we want to ensure each of our financial institutions will still thrive. One thing is certain: Institutions will get and stay profitable if they can efficiently serve their customer needs.Recent history has proved that financial institutions have had and will have fewer and fewer face-to-face customer transactions. This means every interaction has to be the best possible to “wow” our customers. Furthermore, technology advancements are enabling us to improve efficiency at a faster rate than we could in recent past. With these two key characteristics in mind, how can a financial institution make the most effective changes and keep efficiency in the forefront?Instill efficiency in the culture of the institution. Sometimes an efficiency review needs to be performed as a separate project to act as a catalyst—to kickstart a culture of efficiency. First, identify an efficiency and effectiveness committee composed of key associates who can represent and/or understand all areas of the credit union.These people aren’t necessarily the management team or department heads—in fact, sometimes the best members for this committee are not managers, but the employees on the front line conducting day-to-day business. The management team and this newly formed committee should then determine if the efficiency review would be best led internally or by a third-party vendor, weighing costs vs. the external knowledge, expertise and focus. continue reading »last_img read more