Supply chain issues and labor scarcity is present today in every industry including credit unions that are being impacted, particularly at the lower end of the employee range. How to best address the present labor shortage is on the minds of every credit union CEO heading into 2022 as many consider this cultural shift in employment may be here to stay.
The credit union industry has already made great strides since the beginning of the pandemic in moving toward a digital-first mentality and creating more connected touchpoints for their members, yet there remains much more to be done in order to remain relevant in the “new-normal”.
On the positive side, credit unions remain financially healthy with plenty of capital and excess liquidity providing purchasing power to allow them to further define their digital-first strategies while implementing new technologies that automate front and back office functions to provide greater efficiencies and address the reduced labor force.
Heading into the New Year, credit unions will have much to consider with regards to implementing new technologies and re-evaluating their business processes to gain efficiencies while creating a better member experience through all channels – both physical and digital.
As a leader in the development of credit union software, Sharetec’s core processing solution helps our partner credit unions to strengthen income streams, reduce expenses while delivering one of the best return on investments (ROI) in the industry.