With the many cogs needed to keep the credit union machine running, technology is increasingly the focus when it comes to engineering CU operations. According to a recent CUNA Strategic Services Technology Survey, technology is the second-biggest budget item for credit unions, just after employee salaries.
The survey also provided evidence why outsourcing information technology is an increasing trend, as more than 85% of respondents indicated they outsource some or all of their IT to a vendor partner. The following statistics indicate why a strong technology partner is extremely important to a credit union’s success.
- 20% of credit unions do not have enough skilled staff to support the organization’s technology functions and needs.
- 25% of credit unions do not provide sufficient technology training for their staff;
- About 10% have only basic systems in place to meet immediate credit union needs;
- Three-quarters of credit unions indicate they make effective use of technology to support members.
- Over 25% recognize that technology is an investment in their mission, and executive leadership integrates technology decisions with organizational strategy.
A strong investment in technology starts with a strong team. Watch this PROTips video to see how Synergent builds a core team that helps credit unions reach their tech potential.