3 Reasons Why Credit Unions Use Board Portal Software
Many people and organizations are concerned about online security today, which is understandable given how many multinational corporations and even prominent political parties have been hacked. It’s vital that organizations utilize modern communication tools to enjoy all of its benefits, but security, now more than ever, is paramount.
The financial sector has to worry about cyber security threats like corporate espionage more than other industries. The answer for many credit unions boards in the United States and in Canada was to adopt technology that improved communications while also safeguarding information: board portal software. Board portal software is also used by organizations in a range of other industries, including non-profits, and by other institutions looking to promote good governance and transparency.
Let’s take a closer look at why credit unions are choosing this new technology to work more effectively.
1. Remote Collaboration
You know that technology may strengthen your board governance if it can keep your directors connected before, during, and after board meetings, no matter how far apart they are geographically. Board portals boost efficiency by allowing you to collect confidential inputs from directors on issues prior to meetings, and by allowing directors to add notes to board materials, which they can either share with colleagues or keep for their own personal use.
With a board portal, credit union directors can also have in-app discussions before meetings to collaborate on important board material. Board Chairs can call for voting and signatures on demand, which the portal then tabulates in real time.
Because it’s cloud-based, directors can review and comment on board material from anywhere. Nobody has to be in the office, or even online — the best board portals sync automatically when you connect to Wi-Fi.
2. All Data at Your Fingertips
Board portal software makes it easy for directors to stay organized. All the materials for board meetings that you’ll ever need are stored in one centralized location, including agendas, attendance reports, minutes from past meetings, as well as upcoming board materials.
Board portals also include an extensive library of past board information. Directors on more than one board can enter in their username and password and get all of the materials they need for every board they belong to in one place.
Board directors at credit unions can also work in whatever language they want — industry leaders have platforms which let you work in English, Spanish, German, and Italian, with more languages being added constantly.
3. Communications, Simplified
Sometimes, the variety of different ways there are to communicate end up making communication more complicated. Board portal software allows all directors to communicate in one centralized place, from whatever device they want.
This makes it easy to distribute board materials to directors digitally, create and compile quarterly board book information, share and annotate documents, and more. Any changes made to a document by one director are applied to everybody’s copy automatically, which means that no time is wasted getting everybody synced up.
Across North America, credit unions have found board portal software to be an excellent IT solution because of these three reasons — plus all of their communication needs are met, both securely and at an affordable price point.