Portal Software Is Changing How Credit Union Boards Communicate
The way we share information is changing. From the phone in your pocket to the software on your computer, the internet has exceeded expectations at every turn and ushered in a world in which instantaneous communication has become the norm. In the competitive world of financial institutions, these technological developments have driven a revolution in how banks and credit unions communicate, both with their members and internally.
But at a time when most banking has gone digital and important transactions are routinely carried out through mobile phone apps, new technology comes with new problems. Cybercrime is a major threat to financial institutions of all sizes, and lax communications protocols can lead to devastating hacks and data breaches.
Developments in communication technology have been a huge boon to credit unions, insofar as they have leveled the playing field and made it possible for even small credit unions to compete against larger institutions. For this reason, credit unions have a good track record of being early adopters of software and other tech solutions that go on to become mainstream. Given this history of forward-thinking, how are modern credit unions responding to the challenge of board communications in a time of data breaches and high profile hacking scandals?
Technological problems call for technological solutions, and the current challenges to cybersecurity are no different. This is why many credit unions have adopted specialized portal software to facilitate better and more secure board communications. Portals create a secure platform where board secretaries can distribute the reports, memos, motions, and other documents board members need to be able to digest before a board meeting. They also provide a fast and safe way of sharing, annotating, and discussing important board documents.
But the board of directors portal software isn’t just about security: it also enables a much more focused and direct forum for reading and engaging with board documents up to and during the board meeting itself. Board members for credit unions are often spread out across a large geographical area, which can make sending documents time-consuming and complicated. Because portals create a virtual hub accessible from anywhere, documents can be sent to everyone instantaneously. And because the portal is dedicated to board communications, it is easy to find the most up-to-date versions of important documents and communiqués.
A recent report from SecureList noted that while malware attacks on financial institutions declined over the past year, cybercrime continues to pose a serious risk to the banking sector. As organizations that are more accountable to their membership than corporate banks and other financial institutions, credit unions have a greater responsibility to protect the information and interests of their members. This might be why they have been more proactive about adopting new software tools and better communication strategies to enhance cybersecurity.
Either way, with high profile data breaches becoming now a regular occurrence, all financial institutions that want to maintain the confidence of their members and client basis will need to think seriously about how they can anticipate threats and keep confidential information safe.
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