The news is filled with headlines about data breaches and cyber security threats — of all the industries with a need to worry, the financial sector must be near the top. Hedge funds, investment houses and banks take security seriously, and have all invested in major measures to keep their data safe.
But while larger commercial banks have been relatively slow to adjust to these threats, credit unions in Canada and America saw the benefits of technology like board portal software years ago, which keeps their information secure while improving communications.
Here are some of the reasons why board portal technology has been so popular with credit unions.
Tech to Help the Industry Evolve
Credit unions are in a position where they need to adjust due to transformations taking place in the economy at large, and board portal software helps them do it. Mid-size community banks are becoming increasingly rare, and credit unions have stepped in to fill the gap. Credit unions need to constantly find ways how to improve board performance because of their focus on local communities, but as their relative share of the banking increases, so does their need for greater communication.
It’s essential that board directors stay connected with each other before, during and after meetings. As credit unions grow, they become more likely to have directors spread out across geographic regions. The need for seamless communication only becomes more acute.
Today’s technology offers many methods of communication, and sometimes people’s preference for different devices makes talking more complicated. Cloud-based board portal software makes it easy for directors to communicate with each other all in one place, on whatever device they like. The same app can be accessed by smartphone, tablet, or computer.
Directors can pick which device they feel like using, then easily distribute board materials to other directors, create and compile quarterly board book information, annotate and share documents, and more. Any change made to a document is automatically applied to every device, which means you’ll never have to manually ensure that everybody’s version is the same.
If the board needs consensus about a certain question, it’s easy to find out where the other directors stand by letting them vote electronically in the software. The app can even be used when it’s offline. Board portal software keeps credit union leaders connected effortlessly, so they are always up to date with the latest information they need.
There are several measures in place to ensure the security of board portal software. First of all, it’s highly encrypted, and the servers storing the information always adhere to independent third-party security certifications. This prevents malicious actors from accessing the app, but the security features don’t end there.
Every single log in is authenticated, so it’s easy to check that only people with security clearance have accessed the app. If a director’s device falls into the wrong hands, the data can be wiped remotely. This is how cloud-based technology helps prevent a breach.
For making their communications secure and streamlined, board portal software is the perfect tool for credit unions, or really any organization that has a mandate towards transparency and better governance.