The idea of co-operatives and credit unions originated in Rochdale, England in 1844. From Rochdale, the co-operative idea spread throughout Europe and the first credit society was established in 1852 in Flammersfeld, Germany. Since the 1850s the credit union model has wildly spread, including to North America in 1900.
The credit union model of a co-op and members owning the organization is unique. In the same vein, credit unions need and utilize intranet software in unique and often different ways than other financial organizations. This blog will discuss the primary ways credit unions connect, collaborate and create on their intranet and provide real examples from credit union intranets of our customers.
Workflows & Process Automation
Automating workflows and processes is a primary function in how credit unions use intranet software today. Being able to automate Standard Operating Procedures (SOPs) on the intranet not only provides time-cost savings for credit unions, it also ensures each procedure is executed in the precise and accurate order each time. More than 240 financial organizations rely on automation and streamlining processes with our intranet software. One credit union customer that has done this effectively is InTouch Credit Union, moving all their SOPs on the intranet to optimize and automate procedures. To learn more, download the InTouch Credit Union Intranet case study.
Centralizing Document Management
Most credit unions have hundreds of members and need to store thousands of important documents online. They heavily utilize Document Management on their intranet, providing a central, secure location for all of their files, documents, policies and resources. Having an organized document management feature enables employees to easily access documents on the fly.
Keeping these documents and policies up-to-date is imperative for credit unions. Credit unions rely on archiving & cleanup functionality and version control, to ensure only the most recent and up-to-date policies are on the intranet. Being able to house these resources on the intranet helps credit unions stay organized.
Read about how LOC Credit Union used IC’s intranet solution to bring a central hub for document management to their financial organization.
Sharing Important Information
In the evolving financial industry, credit unions need their employees to be keenly aware of rapid changes in the interest rates, mortgage rates and much more. They heavily rely on the intranet to communicate these changes and share important industry and company information, specifically to share interest rates changes, SEC files, bank act updates and more. A best practice for storing this information on the intranet is on the home page so that all employees can see it, especially employees on the front-line dealing with customers and answering customer inquiries.
Making this information readily available with credit union intranets saves employees time, keeps them in the know and ultimately keeps customers happy.
Organizing Volunteer Events
Credit unions are unique in that they are actively involved in the community, unlike other financial institutions. Many credit unions join causes and participate in other community events. Because of this, the intranet is a great resource for credit unions to promote community and company events.
Our customers utilize the Event Sites and Community Sites to organize these events and give employees a way to register or donate without having to manually do it. This not only saves hours of labor, it also keeps employees organized and informed on event details. One of our credit union customers that relies heavily on our Credit Union Intranet for volunteer engagement, management and registration is Hickam Federal Credit Union. To learn more, read our Hickam Federal Credit Union Case Study.
More resources to help you create your credit union intranet
Want to see more real world examples of credit union intranets? Check out our success stories, featuring credit unions small and large across North America.
Ready to see your own credit union intranet bring inspiring changes to your organization? Book a demo with our sales team today!
Note: This article was originally published April 2019, and re-published December 2022.