Industry Leaders Forum: Budgeting Tactics and Strategies

True Digital
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Finopotamus has assembled a panel of experts in a recurring series, The Industry Leaders Forum (ILF). Each month, we’ll ask the panel a broad technology question and share their informative responses.

True Digital Group’s Patrick Sells

To ensure credit union technologists get the most value from their tech investments in 2024, there are several tactics and strategies they should consider.

First, it is essential to reconstruct the fundamental orientation and understanding of vendors available to credit unions today. This means taking a step back and reassessing the current vendor landscape. By doing so, technologists can gain a fresh perspective and identify new vendors that align with their future needs and goals. Pushing innovation forward requires a proactive approach to vendor selection, focusing on those that can offer cutting-edge solutions all while ensuring compliance and risk management needs are also met.

Vendor optimization should be a key focus. Technologists should evaluate the technology being used across different areas of the credit union to identify any redundancies. By streamlining and consolidating technology solutions, they can eliminate unnecessary expenses and improve operational efficiency. Additionally, technologists should proactively work on enhancing relationships with current vendors and partners. This can involve renegotiating contracts, exploring additional services or features and ensuring alignment with long-term objectives.

Innovation should be a driving force throughout the budgeting process. Technologists should explore emerging technologies and trends that have the potential to bring new efficiencies, cost-savings, customers, and products to the bank. By allocating resources to these innovative solutions, credit unions can stay ahead of the curve and deliver superior member experiences.

Credit union technologists can maximize the value of their tech investments in 2024 by reconceptualizing their approach to vendors, optimizing vendor relationships and prioritizing innovation. By implementing these tactics and strategies, credit unions can make the most of their tech budget, drive efficiency and remain competitive in the rapidly evolving financial landscape.

Note: This information was originally shared via Finopotamus.