Board Portal Software: The Modern Tool Credit Unions Need
Cyber security has become a mainstream topic of conversation ever since a rash of high-profile hacks targeting multinational corporations and even prominent political parties hit the headlines. While awareness of the problem has increased, not every organization is taking adequate steps to safeguard their communications.
Financial institutions have good reason to be fearful of hackers. This is why many credit unions across North America have decided to make the switch to a board portal in order to keep their directors constantly and effortlessly connected, all while maintaining world-class security.
Let’s take a better look at how credit unions are using this new technology.
Effortless Remote Collaboration
Board directors at credit unions are sure to have very busy schedules, and they may live in different cities. Board portals keep directors linked effortlessly so they can collaborate together effectively and efficiently no matter how far apart they are.
Board portals also serve as a safehouse, storing all important board material. Directors can consult any document they want and make notes or raise questions in the margins, which they can then use for either their own reference or to share with colleagues.
When one director changes a document, the other directors automatically receive an email notification alerting them to the edit. This way, there’s as little time wasted as possible keeping them caught up on the latest version of important documents.
The cloud-based platform makes paper documents unnecessary: every board resource a director could want is always at their fingertips on whichever device they prefer. Going paper-free also helps reduce a credit union’s carbon footprint, and saves them from incurring fees related to courier services.
With board portal software, directors don’t use paper anymore, but they’ll always be on the same page before, during, and after board meetings.
Board portal software simplifies communication by keeping it all in one location, making it unnecessary for directors to bounce back and forth between email and text messages. They can use whatever device they want to keep connected, but all devices link to the same centralized hub.
The software is designed to be extremely easy and intuitive to use on any device. You can get just as full an experience on a remote device like a tablet as you can on a desktop.
Credit unions can easily distribute board materials to other directors digitally, as well as create and compile quarterly board book information, share board documents, and more. If directors need to settle any matters requiring consensus, they can issue a vote, which is functionality that’s built right into the app.
Credit unions need encrypted software that keeps hackers away. Board portal software has layers of advanced encryption to do just that.
The servers storing your data always adhere to independent third-party security certification requirements, and credit unions can select in which country the server storing their data is located.
Organizations like credit unions need to make sure their decision makers can keep connected in a way that’s modern and secure. That’s why so many have turned to board portal software, though this technology is also perfect for any other organization looking to promote transparency and good governance.