Credit Unions

Credit Union Transparency

Credit unions are a unique type of financial institution.  They are non-profit and owned by their members.  Executives have the challenge of keeping their members and employees informed about how their organization is doing.   This type of open communication is critical to the success of credit unions.

Dashboards have been able to address the need for transparency through web-based license solutions.  This allows dashboards to be displayed on both an internal website for employees, and an external website for members.  As one CEO from a 1.2 billion dollar credit union states, “A big roadblock to our success is our employees’ tendency to get stuck in their comfort zone and their unwillingness to leave them.  Coaxing employees from the silos by creating dashboards that show the relationships between departments and reveal the impact employees have on each other.  This will help employees work toward common goals in the organization’s best interest.”

Read next: Transparency Traps (And How To Avoid Them)

Another type of usage for the web-based license is displaying dashboards to credit union members through a secure portal and website.  As members come into this website for online banking, they are given access to how the organization is doing against their organizational directives.  It can be used as an overview for quarterly and yearly annual transparency report.   We have seen firsthand how dashboard solutions can have a powerful impact on both members and employees.   It’s all about summarizing information and making it easy to understand and access.

Lynwood Taylor, iDashboards