As credit unions look ahead to 2018, there’s a lot on their minds. Many of the challenges will be the same that credit unions have faced in the past, including growth and profitability, compliance, cybersecurity, new technology, and increased competition from FinTech startups. American credit unions are also facing a problem of perception, as many Americans remain confused by the credit union “membership” model, perceiving it as a barrier to entry. In Canada, credit unions are facing new regulatory hurdles that include getting rid of banking terminology from their business. Boards of directors will be busy facing these challenges while also looking inward at board-related issues like diversity on the board, recruiting younger directors, and the security of board-level documents.
There’s a lot on the plates of credit union boards of directors and it can be hard to keep up with technological advancements in the board portal industry. But board portals are crucial tools for helping directors keep up with the challenges of the present and the future, ensuring equitable distribution of information and supporting good governance.
If your board is in the process of acquiring a board portal or your current board portal license is expiring, you may want to stop by the Aprio Blog and find out what’s new with the software. You may find that the industry has changed considerably since the last time you were looking for a board portal solution.
Board Portals Are More Affordable Than Ever
Board portals used to be a technology that only the largest corporate organizations would consider buying. Today, that’s changed, and it’s within the reach of more organizations than ever. Board portals are now widely used outside the Fortune 500 and they’ve been adopted with enthusiasm by not-for-profits, government agencies and Crown corporations, and credit unions. While it has a wide customer base ranging from multinational businesses to Crown corporations, credit unions in particular have turned to the board portal solution Aprio Boardroom. Prices for board portals vary widely, but the features are often the same. Where companies really distinguish themselves are training, updates, and customer support.
Security Is The Number One Reason To Switch
Even several years ago, boards of directors were switching to board portals because they were more convenient than paper. Paper board books were expensive to print and cumbersome to deliver. The courier costs alone were enough to convince some organizations to move to a digital solution. Today, the main reason organizations are switching is cybersecurity. While email and Dropbox have made it easier for organizations to go paperless, they aren’t secure enough for businesses or organizations of any size.
Security No Longer Costs A Premium
Another major change in the past few years has been the affordability of security. With board portals like Aprio offering premium security at an affordable rate, you may want to reconsider your current board portal license and find a solution that could save you money.
Board portals have changed, from design to security to price. The time you took a second look at your board portal options is overdue. Save money and find better security with a new board portal.