How the right document management platform delivers data control, access, and security to credit union members

Published: August 3, 2020
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Consumers are increasingly concerned about the security of their sensitive personal information. This is especially true related to financial data—and with good reason, given the prevalence of cybersecurity threats targeting the financial industry. As consumers’ concerns rise in this area, their trust in many institutions to help safeguard this information is on a serious decline. In fact, according to a 2017 PwC US Survey, 85% of consumers will not do business with a company if they have concerns about their data handling practices.

Fortunately for credit unions, financial services providers are still ranked highly by consumers as trusted stewards of sensitive data. A recent study by and PSCU showed that 65 percent of credit union clients joined their credit union because they trusted them and that over 60 percent of current CU members reported they wouldn’t leave their CU for another financial institution because of the trust that has been built.

Tap into the currency of trust between your credit union and its members

Clearly, the currency of trust is a critical asset between credit unions and their members. That is why it is so important for credit unions to manage the degree of control, access and security related to members’ data. When it comes to the management of consumer’s sensitive data, however, credit unions, like many other businesses, are challenged to meet consumers’ expectations of trust when it comes to their sensitive personal data.

There are three fundamental areas to consider when it comes to credit union members and their data and sensitive personal information: control, access, and security. All three of these areas needs can be easily met with the implementation of a cloud-based document management platform as part of your credit union’s operational strategy. Using this type of platform not only enables your institution to improve the efficiency of its internal operations, it also allows you to provide an enhanced level of secure data management to help you retain and grow the trust of your members. In addition, if you use a platform such as SmartVault, you can meet all of the Financial Industry Regulatory Authority (FINRA) requirements for data security, too.

Give your members the control they desire

Today’s consumers want control over the information they share with the institutions they do business with. This includes, of course, the information they share with their credit union.

Using a cloud-based document management platform, the information your members provide can be organized in separate folders with access levels determined by each individual member or shared across an entire membership or employee base. Notifications can also be customized by job, documents, and other variables.

This level of control is especially useful for commercial loan data, tax documents and annual business statements, which credit union business customers must often complete as well as providing other sensitive information. Using a cloud-based document management platform instead of using email or paper documents allows members to have complete control over the flow of their information and the peace of mind that it is being properly handled internally.

Provide instant, 24/7 access to data for credit union members and staff

Depending on the cloud-based document management platform you use, electronic portals are the means to providing a gateway for clients to log into and upload, download, or edit their account and loan documents via a simple webpage. In the case of SmartVault, your members can  simultaneously access the same files in the same environment as your credit union staff, giving them 24/7 access to their data in real time.

Providing your members with an extraordinary level of service also means that your staff needs to have access to the member data they need to facilitate a highly satisfactory and seamless member experience.  Using a centralized, cloud-based document management system, your entire team can access the files necessary to serve members according to their role. These are the same files that your members can access themselves to instantly see their own information. This creates a greater level of efficiency and service instead of expecting clients or staff members to manually exchange and manage documents.

Digital signature capabilities, offered by some document management platforms, are  another benefit that provide expanded access as well as time savings and convenience.

FINRA-compliant security delivers unparalleled peace of mind

Beyond the convenience of using a cloud-based document management platform to provide your credit union’s members with control over and access to their data, a platform such as SmartVault which offers the same level of security required by FINRA offers unparalleled peace of mind. This allows even smaller credit unions to provide their members with a level of security on par with even the largest financial institution—an immense value for members and institutions alike.

This means that when a credit union client is using such a platform, they know that it provides the best possible protection for their sensitive information no matter whether they access it from their desktop, tablet or phone.

Creating additional value for credit union members with the currency of trust

Credit unions are in a unique and favorable position to leverage the trusted relationship they have with their members to increase loyalty and satisfaction by putting the control of sensitive data in their members hands while also providing them with convenient access and optimal security. Implementing a cloud-based document management platform is a systematic and seamless way to accomplish these goals while also enabling your credit union to enhance its operations by utilizing collaborative and secure internal data management as well as enabling remote work capabilities for your entire team.


*This article originally appeared here on CUInsight