Increased regulation, competition, and tighter operating margins, are encouraging more credit unions to move toward back-office collaboration, which takes many forms and offers many cost-saving benefits. The basic premise: Multiple credit unions share one or more back-office functions.
The credit union movement has a strong tradition of collaboration. But we’re now seeing a slightly different twist: A much smaller group of credit unions servicing themselves in a highly collaborative model.
The potential benefits include gaining economies of scale, pricing leverage, expense reduction, faster time-to-market, maturity and robustness unavailable to a single credit union, and career development. Clearly, collaboration promises great opportunities. But it won’t be easy.
How does collaboration affect the IT professional? As with cloud computing, back-office collaboration requires a fundamental shift in thinking. The typical first reaction is uncertainty, fear, and loss of control. Many ask, “Is my job secure?”
All tech innovations, including collaboration, bring change. But they also introduce new opportunities—to expand and extend skills, explore new platforms, specialize in new technologies, and be on the front end of industry trends.
This feature article was a collaborative effort of the CUNA Technology Council’s executive committee members, including: