The Future of Credit Union Technology

 

The last year or so has become the catalyst for credit union technology growth and change, driving member services toward digital solutions faster than they have ever done before.

Streamlined service and cutting-edge digital experience is no longer a luxury for businesses, it’s a necessity. Let’s discuss the future of credit union technology.

2021 Priorities: Cloud, Data, and Analytics

Cloud, data and analytics are the top priorities this year for credit unions looking to make big changes to their member experience standards, says the Credit Union Times.

Cloud solutions are quickly becoming vital to businesses across nearly all industries, as work-from-home opportunities increase in popularity. The ease of storing data in an easily accessible place no matter your physical location is a big boon to a credit union’s tech future.

And since so much activity has moved to online platforms, data and analytics are being collected and leveraged in more useful ways. For your credit union to better serve its community, you must know who you are speaking to and working with. Analytics offer hosts of great insights that can help with everything from choosing or updating hours of operation to running multi-audience marketing campaigns.

Bridging Accessibility Gaps

Credit union technology also proves advantageous for individuals who are differently mobile and more digital-minded. By offering digital credit union solutions, you are improving the accessibility and safety of your brand. Whether your members’ ability to come into your physical branch locations stems from a handicap or illness, lack of vehicle access, pandemic restrictions, or a preference for online dealings, credit union technology offers new ways for people of all ages and from all localities the opportunity to take advantage of your membership and services.

Kirk Drake of Credit Union 2.0 says this: “In the credit unions, not that they don’t want to make money, it’s about member service, we really want to get the member value in that ecosystem and they really speak a very different language about their mission purpose, values, and what they’re trying to do.”

Preserving the Partnership

Members don’t choose credit unions for the fancy tech or big bank offerings – they do it because being part of a credit union means you have a partner for your financial life and wellbeing. While technology is changing how that partnership looks, it’s not changing the impact partnership has on the member experience.

By partnering with technology, credit unions can provide end-to-end services for their members. Multimedia resources, chat and video conferencing appointments, and so much more can be built into your digital presence, to help ensure that your credit union and its partnership with your members remain meaningful and provide quality interactions.

Contactless Trends

Pymnts.com reports that credit union members have a high desire for contactless payments. And though this trend started long before the events of 2020, due to the rapid digitization happening across all industries, 98% of POS devices being shipped out now are enabled with contactless functionality.

For CUs, this means focusing on streamlining. It also means taking the time to understand member preferences and offer personalization that suits a wide variety of member habits and requests.

Upgrade Your Credit Union Technology

Your credit union’s member experience is paramount to your success. Information Management Solutions (IMS) has years of experience providing data center services to credit unions all over the U.S., and we look forward to serving your unique needs.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.


How Can Credit Unions Prepare for Regulatory Changes?

 

The effects of the COVID-19 pandemic have not only changed daily life but also many industry futures. As credit unions take stock in the amazing transformations that took place in 2020, many regulatory bodies are taking a hard look at their best practices through the lens of a global crisis.

Let’s discuss how credit unions can prepare for regulatory changes.

Preparing for Regulatory Changes

Recently, Credit Union Business News featured an article by Joel Schwartz, Founder & Co-Chief Executive Officer of DoubleCheck Solutions. This article highlights the ways credit unions will be facing regulatory changes as the world moves out of the pandemic.

Many expect consumer protection and financial transparency regulations to take center stage.

Consumer Protection & Empowerment

The Consumer Financial Protection Bureau is waiting on a Congressional vote to institute Rohit Chopra as Director, and if that happens, consumer protection and empowerment regulations are likely to be more heavily enforced. But what does that mean?

It means more guidelines will be put forth to promote more financial transparency for consumers, thus empowering them to make better-informed decisions regarding their banking and other financial activities.

This enforcement comes on the heels of heavy amounts of class-action lawsuits being filed against credit unions. Many of these lawsuits stem from “deceptive practices in assessing non-sufficient fund (NSF) fees.

Minimizing Operations Impact

This push for financial transparency is spearheaded by a goal of providing straightforward financial services without drastically impacting credit union operations.

This push will most heavily impact language and operations surrounding things like overdraft programs, to cut out excessive fees and vague language. This change, however, could easily wipe out a credit union’s main source of non-interest income: NSF fees.

These changes would affect your core system and its operations related to checking account structure. Alerts, notifications, and fee assignments would all have to be modified to reflect more transparent and specific situations and guidelines.

Your credit union would also have to put time and labor hours into alerting your customer base about these changes – what they are, who and what they apply to, and when they take effect.

This also means employees will spend more time auditing and ensuring compliance with the new, stricter regulations.

This would also have a financial impact. Members will love paying fewer overdraft fees, but bounce fees and late payments could be steeper, which negatively affects your credit union’s bottom line.

The Good News

Credit unions can get ahead of the curve by implementing better technology that can handle these regulatory changes now. Partner with a fintech or software provider that can customize your operations surrounding NSF fees before the government starts mandating it. This will help you work out operations kinks and train your staff on the new system before you are expected to have these protocols in place. It also gives your credit union reputation a boost, positioning it as member-centric and forward-focused.

Be sure to look for a fintech or software provider that already has a solid foundation in the banking industry. Or partner with a company that has solutions tailored to credit unions specifically, like IMS.

Get Your Revamped CU Solutions from IMS

IMS can help with the tech upgrades that will make your next regulation-based transitions easier on your credit union team and your members.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.


The Benefits of Embracing Digital Lending

 

Digital banking trends are continuing to gain momentum as pandemic measures remain and customer preferences shift. And as these trends grow, they also expand to include more products and services. Enter digital lending.

Digital lending is the migration of most or all of the lending and loan origination process to online and mobile platforms. Gone are the days when customers went from bank to bank, trying to convince one to give them a loan. Customers are savvier – they want to compare financial institutions’ rates and policies online to find what they believe is the best deal. And right now, auto loans are seeing a big increase – mostly due to online loan process availability.

Digitizing the loan process allows your credit union to offer a straightforward, user-friendly process for applying for and receiving loans. Here are some of the benefits of embracing digital lending.

Enhanced Member Experience

When it comes to big decisions, consumers take their search to Google first. They want to see if your credit union has what they need before they ever call or step foot in one of your branch offices.

Often, when a potential customer can’t find what they need on your website, they move on to the next business in their search results, and you’ve lost that customer before you even knew they were there. Creating and integrating digital lending into your credit union’s repertoire allows you to meet customers where they are and give them a valuable online resource.

Many banking customers want to keep their business local to the community. While big banks have always had the advantage when it comes to implementing new technology, credit unions offer a more personalized, local service that people are craving. And opening new digital avenues for business can also improve your credit union’s positioning in your local and regional markets.

Improved Efficiency

By embracing digital lending, you can also improve the efficiency of your process, which in turn creates quicker turnaround times and more business for your credit union.

Allowing your customers to serve themselves relieves some of the burden from your employees and creates more time and availability for them to perform other duties.

Increased Analytics

Digital lending also improves many back-end experiences. The software used to create these online loan opportunities can also often create insightful reports and offer helpful analytics.

These resources can assist in your strategic and marketing efforts as well. You will have the ability to tailor your efforts to make a bigger impact on your members and your community.

Digital Lending Is a Staple of the Future of Banking

Self-service and online banking came to the forefront of customer service in 2020. What began as a necessary shift to accommodate social distancing and mitigate the spread of germs only accelerated the timeline for banks and especially credit unions to catapult their offerings into the digital realm.

To stay relevant and competitive, it’s important for your credit union to continue to focus on forward-thinking, online and mobile-based solutions so you can continue to grow your business and better serve your members. The transformation of banking was kick-started by a pandemic, but the momentum won’t be wasted by any enterprising business that wants to be a part of that future.

Digital Solutions for the Future of Banking

We know how important it is to safeguard your member data, especially as you continue to offer more online products and services. Having cloud-based backups housed offsite is a great way to ensure the integrity of your files and give you and your staff peace of mind.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.


Business Continuity Planning Best Practices

 

We’ve talked previously on our blog about the difference between credit union disaster recovery and business continuity planning. A business continuity plan (BCP) is a series of protocols created to make sure an organization can keep operating during a disaster, and a disaster recovery plan is often a subset of the BCP that specifically plans for recovering lost data and restoring failed infrastructure. But no one could have guessed when we wrote that article in the fall of 2019 that we would have such an unprecedented year in 2020.

Here are some business continuity planning best practices for your credit union.

The Evolution of Business Continuity Planning

Originally, business continuity planning was created to focus on how businesses could plan ahead for natural disasters and similar events – fire, tornadoes, hurricanes, etc. – but it quickly evolved to include cyber events – hackers, file corruption, system bugs, and the like.

Today, business continuity planning is more about assessing threats and risks and creating comprehensive protocols for increasingly complex businesses.

It’s become more about gap analysis and protecting your business than creating a step-by-step plan to merely react to issues that come up.

Document Core Functions – Focus on Details

This may seem like a no-brainer, but one of the first steps to creating a workable and comprehensive business continuity plan is to document the core functions of your credit union. These are the services that are central to your business’s success and that will have the greatest impact on that business, should something happen to your facilities, staff, equipment, or networks.

It’s also important to document the resources that will be required to fill these business functions and roles. The more detailed you can make your plans, the more prepared you will be in the event of a business interruption.

Mature Your Business Continuity Plan

Maturing your business continuity plan is just as important as creating it. Think of it like this: you have to have fire extinguishers inspected and replaced when they expire, right? The same is true for your BCP.

In this digital age, technology changes and upgrades so swiftly that it’s easy to become fatigued trying to keep up. But with business continuity planning, having an outdated plan is just as bad – if not worse – than having no plan at all.

Be sure to review and test your BCP on a regular basis. This means testing and working through all facets of the plan, not just a few items. Practice makes perfect, and spending quality time ensuring your plan is still effective can save you a lot of headaches later.

Develop a Communication Strategy

This goes hand in hand with the last point. Your plan is only as good as the people executing it, so frequent testing and practice drills are great ways to develop helpful and effective communication strategies before you need them.

Taking the time to educate your staff about business continuity planning is a great way to instill these ideas in the company culture, and to smooth out communication issues early on.

Have Offsite, Cloud-Based Backups

We know how important it is to safeguard your member data, especially when disaster strikes. Having cloud-based backups housed offsite is a great way to ensure the integrity of your files without having to worry about the what-ifs.

IMS has virtual private cloud services and solutions like core hosting, virtual desktop, disaster recovery, and more for your credit union. Contact us today for more information.


The Future of Credit Unions – Planning for 2021 & Beyond

 

Last year at this time, your CU team was making plans for 2020 – how to create growth and continue to serve your members to the best of your abilities. But no 2019 business plan could have foreseen the crazy year we just had. So what does the future of credit unions look like now, and how do we plan for 2021 and beyond?

Here are some strategies and lessons credit unions learned this year.

Member-Facing Strategies

Optimizing member-facing technologies is a must. COVID-19 was a big catalyst for moving products and services online, and a great digital presence will be expected from now on. From apps to online forms to chatbots – contactless and convenience will be the big drivers for process change in 2021.

That technology also means it will be easier than ever to get your members connected with the right financial education classes and offerings your credit union is hosting or featuring. While the financial woes of 2020 could not have easily been anticipated by anyone, it’s no secret that everyone – especially small businesses and lower-income households – struggled to make ends meet this year.

Credit unions are essential contributors to financial education and literacy, and this will only be more important as we try to rebuild and recover all the things we lost in 2020.

Employee-Facing Strategies

The rise in technology can allow for more automation to take over tedious or repetitive tasks at your credit union, but with great tech comes great margin for error. Your employees are the face of your credit union, and your strategies for the future must include their opinions, fears, and concerns.

As you navigate the uncertain waters of 2021, be mindful of their needs – are there new or existing technologies that could reduce stress and increase productivity? Is there a recently-implemented technology that does not mesh well with your staff? Are your employees reporting member dissatisfaction with a new program?

Each of your associates has weathered a difficult year, some even by being laid off or downsized. Ensuring they are treated as a critical member of your credit union team can often result in better customer service, higher productivity, and more positive office morale.  

Community-Facing Strategies

The communities your credit union serves each have their own individual needs, just like each member and credit union employee does.

Community outreach has a number of benefits ranging from strengthening brand image to increasing collaboration within your own workforce. Customers and potential members are increasingly aware of the social and political implications their patronage of any business will have. Creating a brand that consistently cares for and works with local communities can go a long way in creating growth for your credit union in the coming years.

Take the First Step Forward in Your CU’s Future

IMS has a host of virtual private cloud and other tech services for credit unions. If you are interested in upgrading some of your technology with core hosting, virtual desktop, and disaster recovery tools, contact us today.


Ways to Upgrade Your Credit Union Technology Solutions

 

COVID-19 has likely changed the way the world interacts with its banks forever. If your credit union technology solutions are not upgraded and optimized, you are missing some big opportunities.

The Credit Union System COVID-19 Restart and Recovery Task Force has been working hard to gather and release new insights for credit unions “regarding business continuity, digital services and automation, staffing and operations, and industry financial impact,” according to CUNA.

Let’s go through some ways you can upgrade your credit union technology solutions.

Optimizing Drive-Thrus

Previously, credit unions tried to encourage customers to perform certain transactions inside the building versus in the drive-thru lines.

Now, these same CUs are encouraging customers to perform the lion’s share of their business from the drive-thru and ATM. While certain customers will always prefer visiting a physical location, it’s still wise to train and inform CU staff of the benefits and changes being made to accommodate more transactions via the drive-thru.

When customers come into your credit union, having well-informed staff members relay changes in drive-thru policy to customers and encourage safer banking practices can be a welcome alternative for those who are unaware of these new developments.

Protecting Brick-and-Mortar Customers

Some technology solutions are aimed at the physical experience of your credit union rather than your CU’s website or banking app.

Credit Union Business News offers a few different options. Infrared mirrors are a way for your customers’ temperatures to be checked without the assistance of one of your staff members. Employee surveys and guidelines for travel and reporting symptoms or potential contact with the coronavirus can also mitigate risks and widespread exposure if and when it happens.

Density sensors and mobile check-in can help monitor traffic in your facility. Density sensors keep track of the flow of people in and out of your building, which eliminates the need for repurposing a staff member’s role to include tracking the number of people entering and exiting.

Mobile check-ins are another great way to keep the lobby from getting overpopulated. Credit unions can utilize existing services or create their own tailored protocol for having members check in using a mobile device, minimizing exposure, and keeping in-house time to a minimum.

New Digital Offerings Are Essential

In the last seven months, credit unions have been juggling some big changes, on the digital and physical fronts. At physical locations, whole areas had to be reorganized to accommodate social distancing guidelines and new sanitization practices.

While these issues were disruptive early on, many credit unions now have the hang of these new in-house protocols.

But, like with most things in the digital world, moving core functions from in-person to online in a time-sensitive large-scale effort is not going to happen without missteps.

Credit unions – like all COVID-era businesses hoping to survive – are adding more and more digital solutions to their repertoire. Not only are these digital solutions safer amidst the pandemic, but they’re also extremely convenient for customers who are now trying to juggle work, school, and relaxation in one place – at home.

That means the more options for online and mobile service, the better. Faster access to funds is essential, says this article about a new PSCU white paper called “Fast Access, Fast Payments”

Examples of New Solutions

There are thousands of unique credit union technology solutions that will optimize your customers’ experience. We’ve gathered some examples of new offerings from different CUs in the US.

As mentioned above, the PSCU white paper mentions some key topics for adoption like enabling receipt of real-time deposits, immediate card issuance, consumer protections, preparation for FedNow, and more.

Credit unions can boost technology adoption in members by partnering with tech-savvy institutions that are equipped to train your customers on the ins and outs of your mobile app or website offerings.

The Zoom boom can help your credit union, too. Many members prefer to deal with a real person, and video conferencing and meetings can maintain that human element and highlight excellent customer service, all while keeping your staff and your members safe and healthy.

IMS Solutions for You

IMS is your home for virtual private cloud services.

Contact us to find out how you can enhance and upgrade your credit union technology solutions


The Future of Banking

 

What do credit unions need to focus on to stay relevant in this new future of banking?

Though we may not have known it at the time, COVID-19 has created a need for better digital solutions. The hurried changes that were made to continue business operations as the coronavirus pandemic took hold have changed the world, and many of these changes are here to stay.

There is a unique opportunity to update and digitize your credit union’s process in ways that will keep you and your customers safer and cut costs over time.

Disaster Planning vs. Pandemic Planning 

Disaster planning is a necessary exercise and typically includes processes and protocols to “tide your business over” during a short-term but high-impact event. The goal is to use the disaster plan to get through hardship or an unforeseen issue by mitigating the damage so you can return to your normal business practices.

Unfortunately, this pandemic has changed the future of banking in such a way that “getting back to normal” is probably never going to happen. The good news is: now is the perfect time to implement large and radical changes in your virtual offerings and security.

A Virtual New World

 The ability to work, and bank, from home has been gaining momentum over recent years, but 2020 created a trend that will likely have virtual desktops and remote offerings become a staple in businesses of all sizes. The future of banking will require digital solutions like these to keep people safe in the coming months and create consistent expectations for how your credit union conducts business.

More and more young people are flocking to businesses that have a jump on their digital offerings, and implementing virtual processes will not only keep you, your staff, and your customers safer – it can also increase your value proposition and allow you to reach more customers in these tech-savvy demographics.

Off-site Peace of Mind

Diversifying and flexing the physical space in which you do business not only opens up many doors for customers who aren’t willing or able to come to your branch’s location, it also protects your business by spreading out your assets. If backups and other important items are stored off-site, the risk of losing everything at once will decrease drastically.

Sounds like more risk, you say? Before this year, many companies had strict policies prohibiting credit unions and other businesses’ employees from taking computers and files off company property. But now, it is imperative that some or all of your workforce be able to work remotely.

Rather than worry about the liability, credit unions that are investing in the future of banking will take this time to survey their digital offerings and security measures in the hopes of implementing newer, bolder solutions like IaaS (infrastructure as a service), virtual desktops, cloud storage, and offsite data backup.

Many of these solutions have the added benefit of being more cost-effective than their previous counterparts.

Let IMS Help

Contact us to see what solutions we can create for your credit union.


Credit Unions and COVID-19

 

The emergence and development of the coronavirus pandemic have impacted the world in ways that likely won’t ever go away. Credit unions are not immune to the pandemic, but what have they been doing differently since the COVID-19 outbreak started? 

Changes for Members

The changes for members go much deeper than just incorporating social distancing and expanding online options to curb the spread of the virus. Many credit unions offered (and continue to offer) things like loan repayment holidays, emergency loan guarantees, credit card interest rate reductions, fee waivers, and extensive financial counseling.

These changes, coupled with targeted government stimulus and unemployment relief has helped ease the financial burden on credit union members. According to a Credit Union Times article, credit unions paid out $9.6 billion in business loans through the Paycheck Protection Program, supporting 51 million jobs.

To slow the spread of the virus, many credit unions also relied on recommending members perform more cashless transactions. Credit and debit card use as well as limiting large cash deposits and withdrawals were also encouraged.

Changes to Credit Union Operations

While deciding how to help members continue their financial journey, credit unions were also navigating the transition from physical business to mostly virtual and digital operations. Many countries deemed credit unions (along with larger national bank chains) as essential, so new protocols were implemented at astonishing rates.

The room and building maximum capacities are being downsized and many CUs had at least part of their labor pool working from home during shutdowns and shelter-in-place orders, which created a need for cybersecurity tips and best practices.

The WFH measures are likely here to stay, and the limited room capacities will be in place for the rest of 2020. Some countries have gotten a handle on their COVID cases, but the US is a long way from being COVID-free. This means in-person meetings and transactions will continue to be lower than average, while online offerings will continue to be a preferred method.

Policy Changes

From a technical standpoint, many institutions even made changes to services like commercial underwriting processes. While the COVID-19 pandemic may be a once-in-a-lifetime event, the importance of a strong contingency plan could be a higher priority for lenders considering the merits of a small business loan application.

Post-COVID

Though this pandemic is far from over, credit unions have now stopped merely reacting to the crisis and are working diligently to adapt and move forward. Many businesses are taking this time to search for ways to streamline, digitize, and automate certain aspects of everyday operations. 

73% of employers, regardless of business size, are now considering keeping work-from-home positions, which means data security and easy online access will become a necessity. Larger businesses may need to make tough decisions concerning mergers and consolidations. For smaller CUs, this is a great time to trim time-consuming practices from employees’ workloads.

Contact us when you’re ready to help take some of the burden off your team so they can focus on growing your credit union during these unprecedented times.


Preparing for Hurricane Season

 

The official start of the 2020 Atlantic hurricane season starts on June 1 and runs until November 30, but there’s already a tropical storm developing off the coast of Florida. That means it’s time to take another look at your disaster recovery and backup systems to make sure you’re prepared for any storms.

According to the National Oceanic and Atmospheric Administration (NOAA) National Centers for Environmental Information, the U.S. South, Central and Southeast regions experience a higher frequency of billion-dollar disaster events than any other region in the country. Severe storms like hurricanes and tornadoes lead to extensive power and telecommunications outages, mail service disruption, facility damage and transportation restrictions that impact how people access their money. Credit unions are no exception and may have to shut down or move operations for safety. In these moments it’s crucial your members can rely on you to continue serving the community.

Our client Louisiana Federal Credit Union has experienced many storms over the years, including Hurricanes Katrina, Rita, Gustav and Isaac. During the aftermath of every storm, their community has relied heavily on Louisiana FCU to provide full financial services. Knowing they are located in a hot zone for natural disasters, the credit union decided to move their core system to a safer region in the Northwest. By upgrading their core system, they now have peace of mind during hurricane season knowing that their services will be available to its members in their time of need.

business people planning at meetingMajor storms can disrupt a financial institution’s operations, sometimes lasting a significant period of time. While some interruptions can be anticipated, others cannot. That’s why it’s critical to have a business continuity plan in place. This is how the DuGood Federal Credit Union was able to effectively begin its backup plan when their data center was in the direct path of a large-scale hurricane.

The credit union knew they needed to act fast for the safety of the business and their staff. Members would be evacuating soon and it was important they could access their funds. After contacting our team, we worked together in coordinating a graceful shutdown of their systems and implemented a remote backup solution. It took less than three hours to back up systems, recover servers and bring up third-party vendor services like the ATM and internet banking. Ultimately, we were able to help with other technical operations as the team evacuated to another office.

With a continuity plan in place, your credit union will be able to jump into action if there’s any disruptive event. Test your disaster recovery service and reassess how well your institution is prepared for threats across all levels. When working with our team, you can count on no-cost annual testing to verify the integrity of your data.

We cannot predict the severity of all disasters, especially when it comes to natural disasters, but there is practice and preparation. Know where to go, identify what critical functions are needed and develop planned responses. 

Don’t wait until a storm is on the horizon to start making plans for your credit union. Contact our team to talk about the disaster recovery solution your credit union has in place. When disaster strikes, you’ll want to focus more on your members, staff and service than on complex logistics.


The Difference Between Credit Union Disaster Recovery And Business Continuity Planning

Most people use the terms “business continuity planning” and “disaster recovery” interchangeably, but they are two completely different strategies that organizations use to protect operations and bounce back from a disaster.

What are the main differences between business continuity plans and disaster recovery plans anyway? While the exact answer varies depending on who we ask, the general rule goes:

  • A Business Continuity Plan (BCP) consists of a series of protocols made to make sure that an organization can continue operations during a disaster. It answers the question: “How can our credit union remain operational during a disruptive event?”
  • A Disaster Recovery Plan (DRP) is often a subset of BCP and refers to the processes and tech needed for recovering from a disaster. It specifically pertains to recovering lost data and restoring failed infrastructure. This answers: “How does our credit union recover when a disaster strikes?”

Think of a BCP as a general strategy that businesses put in place to be able to continue operations with minimal disruption during a disaster. A DRP is much more specific. It’s a plan to recover the applications, data and other components that allow your organization to operate should your servers or data center get damaged or destroyed. 

Why are both Business Continuity Plans and Disaster Recovery Plans important?

Now more than ever, credit unions have to guard against a number of threats that can hinder operations. Aside from natural calamities such as earthquakes, fires, hurricanes, or floods, you now have to protect yourself from man-made threats such as cybercrime and attacks from competitors or disgruntled employees. Without both of these plans in place, your credit union may face severe consequences.

According to a study by FEMA (Federal Emergency Management Agency), “following a disaster, 90% of smaller companies fail within a year unless they can resume operations within 5 days.” Without comprehensive plans for preparing for these events, financial institutions are wide open targets.

By focusing on creating and regularly updating both business continuity planning and disaster recovery planning, leadership can make sure that their credit unions can weather through these events.

How do BCPs and DRPs overlap?

In actual use, both plans are referred to when describing an organization’s disaster preparedness. However, it’s very important to remember that a comprehensive business continuity plan will always have a disaster recovery plan built right into it. Think of your BCP as a master document that covers all aspects of your credit union’s disaster prevention, management and response, including the necessary recovery protocols. You can’t have an effective business continuity plan without tackling how your credit union will recover from different kinds of disasters.

Are you ready to fully prepare your credit union for any potential disaster? IMS has your back. Learn more about our Business Continuity Planning and Disaster Recovery solutions!