Of all the industries facing cyber security threats such as corporate espionage, the financial sector has perhaps the most to worry about. It’s understandable that hedge funds, banks and investment houses have all invested in high-end security tools to guard their data, and their clients’ data.
But while commercial banks have at times been slow to adjust to these threats, credit unions for many years in both the United States and Canada saw the benefits of new technology like board portal software, which safeguards information while improving communications.
Let’s look at some of the reasons why.
Adapting to Change
Board portal software is helping credit unions adjust to transformations facing their industry due to larger changes in the economy. Because credit unions have a decidedly local focus, many are filling the void left by mid-size community banks. As their relative share of the banking economy expands, so does their need for greater communication.
Board portal software facilitates seamless communication before, during and after board meetings.This is an important tool for credit unions that are more likely to have board members spread across geographic regions as they grow in size and influence.
Communications Made Easy
Sometimes, when different people prefer communicating on different devices, lines can get crossed and communication can become confusing. Cloud-based board portal software from industry leaders like Aprio offers a centralized and intuitive platform for directors to do all of their communications in one place, no matter what device they prefer. This makes it easy to distribute board materials to directors digitally, create and compile quarterly board book information, share and annotate documents, and more. All the changes made to a document by one director are applied to every device automatically, which means that everyone else immediately has access to it.
If one director wants to know where the others stand on an important matter that requires consensus, they can issue an intuitive drag-and-drop poll. There is an extensive library of past board information, and the app itself can be used online and offline. Ultimately, board portal software makes it easy for the people leading credit unions to stay informed, and it is also an excellent IT solution for credit unions because it helps them meet all their communication needs at an affordable price point.
Board portal software is highly encrypted, each log in is authenticated, and the servers where the information is stored always adhere to independent third-party security certifications. If a director’s device falls into the wrong hands, the data can be wiped remotely, avoiding a breach.
On the flip side, if a director needs to access information and their device has gone missing, they can simply log in from any laptop, desktop, tablet or smart phone. This ensures that there is business continuity, no matter what the circumstance.Credit unions and other organizations with a need to promote data transparency and good governance hugely benefit from these communication tools.
Credit unions face significant competition from larger commercial banks, and must keep their communications and data secure. At a time when even seemingly fortified financial institutions are being hacked — board portal software facilitates both ease and security. No wonder credit unions in North America were such early adopters of this technology.