The following is an article written by Trellance’s Vice President of Professional Services, Suchit Shah. It originally appeared on CUInsight.com.
The landscape of technological needs underwent a significant transformation in 2023, marked by the ascent of AI and a heightened emphasis on enhancing member experiences. While credit unions have always prioritized their members, there has been a notable surge in the anticipation and fulfillment of member needs. As we step into 2024, this trajectory is poised to persist. So, who should your credit union consider adding to its team to meet these evolving demands?
Tech Trends Unveiled in 2024
Member Communication
Effective member relationships hinge on seamless communication. Many credit unions are investing in robust Customer Relationship Management (CRM) systems to streamline member interactions. Simultaneously, there is a surge in the adoption of powerful data analytics software, enabling credit unions to track vital member information and glean insights into their needs.
To stay at the forefront of these trends in 2024, credit unions should ensure they have a skilled team, including data scientists and other professionals capable of harnessing data to understand and serve their members better.
Strategic Hiring for Specialized Roles
Credit unions are shifting away from the tradition of hiring individuals for multifaceted roles and are now focusing on recruiting individuals with specific skills. This approach enables credit unions to enhance their technological capabilities and offer innovative services to their members.
When hiring for specific roles, contracting can be a more cost-effective solution than employing full-time staff. Contracting services possess the expertise to source and vet experienced talent, allowing credit unions to enjoy the benefits of specialization.
Embracing Custom Solutions
In the pursuit of meeting and anticipating member needs, credit unions are increasingly turning to custom solutions for greater flexibility and creativity. Custom solutions empower credit unions to tailor their offerings to meet unique member requirements and adapt swiftly to changing needs.
While creating custom solutions requires time and ongoing maintenance, credit unions can opt to either build an in-house team or collaborate with talent agencies to secure contracted workers for development and maintenance.
Securing the Right Talent for Your Credit Union in 2024
Meeting the IT needs of your credit union in 2024 requires a departure from conventional checklists of titles and an embrace of process champions. These champions are entrusted with a goal and given the autonomy to identify the talent and tools necessary to achieve it. By identifying and empowering these champions, credit unions can ensure they source the talent they genuinely need, rather than adhering to predefined roles.
Once your credit union has its champions in place and talent needs identified, determine whether full-time or contracted talent is more suitable. Full-time talent is ideal for large-scale, ongoing projects, while contracted talent provides a more cost-effective solution, whether on a full- or part-time basis.
Consider whether the talent needs to be on-site or if remote work is acceptable. While remote work has become more widely accepted post-pandemic, not every credit union is comfortable with it. Some contracting services exclusively provide remote employees, which could be a factor to consider if on-site presence is crucial.
As we usher in a new year, seize the opportunities it brings by establishing fresh goals for your credit union. Identify your process champions and empower them to discern the talent required to achieve your objectives.
Suchit Shah is the Vice President of Professional Services at Trellance.
