Improving operational efficiency continues to be one of the top priorities for financial institutions, and for good reason: research shows companies lose 20%‒30% of their revenue each year due to inefficiencies.
For many credit unions, one major area of inefficiency is managing electronic documents, legacy data, and merger and acquisition content.
Fortunately, there’s a solution. Technology, systems, and services are available to help you take your legacy data and reinvent it, which can streamline your data infrastructure, reduce costs, and improve overall operating efficiencies.
Say “No” To Silos
Making decisions based on old or inaccurate data can cause organizations to lose millions of dollars annually. And the source of that bad data? Data silos.
Silos occur when information is available only to a specific group of people within an organization or when there are multiple self-contained data systems across an organization that don’t — or can’t — communicate with one another.
The lack of transparency in data silos causes redundancy, creates confusion, fosters misinformation, and ultimately leads to decreased productivity. Removing silos must be a top priority if you want to improve operational efficiencies to add value and cut costs.
Say “Yes” To Cloud-Based Storage
The future of data and content management is the cloud. As enterprise content management (ECM) moves steadily into open application programming interfaces (APIs) and integration, it’s more critical than ever for credit unions to transition from supporting multiple legacy data systems to utilizing a single, unified, cloud-based data storage solution.
Cloud-based systems can be accessed on any type of device, and through open APIs, many systems — loan origination, customer relationship management, and mortgage document preparation, for example — can be enhanced with data integration tools. This can help you leverage process improvements to reduce costs and enhance member service .
For Silver State Schools Credit Union ($1.1B, Las Vegas, NV), converting and merging its legacy data into one system was the best choice. After more than 70 years in business, SSSCU had accumulated nearly 30 million documents tied to older systems. The credit union worked with the Enterprise Conversion Solutions team from Jack Henry to convert SSCU’s two major data systems and bring everything together, giving it access to well-indexed, meaningful data that helps it deliver a higher standard of service.
Don’t Just Move It … Improve It
Data is most effective when it’s being used. Converting legacy data and moving it to a modern ECM is good, but it’s not enough. You must leverage the power of data to learn from the past — and prepare for the future.
Make your data future-ready by improving it right now. If your legacy data doesn’t contain index information that’s readily available in your core or other systems, be sure to add that information when you move it to your ECM system.
Inserting missing indexes allows you to easily search and analyze your data and make it part of your current ECM processes. When you consolidate everything, you’ll be able to access your data from any device, anywhere, increasing the speed and efficiency of member interactions, audits, and research.
Less Pain, More Gain
Conversions are inevitable. But no matter how painful the conversion process might seem, you can look to your peers for insight, tips, and best practices. Legacy system and data conversions are a necessary undertaking, and the gains you achieve in productivity and efficiency from your staff, processes, and systems will make it worthwhile.
The Enterprise Conversion Solutions team at Jack Henry can help you improve productivity and increase efficiency by modernizing your legacy data and systems. Let us provide you with secure, accessible data conversion services so you can continue to focus on serving your members.
