Things lo
ok a lot different compared to a year ago. We’ve all experienced disruption before, but nothing like this global pandemic. I think we’re fifty weeks into our two-week mask mandate. As if the dark of winter isn’t enough to slow you down, we’re still wearing masks and trying to translate what’s being said through a plexiglass sneeze barrier.
So, did we take anything good away from last year? We’d probably all scoff at the notion that 2020 had a positive effect on anything or anyone. But, I definitely saw some positives personally and professionally. I saw some negative too, but you don’t really want to read about that do you? Personally, I saw neighbors and friends helping out a little more than usually. We took meals and groceries to friends that were quarantining and then had it reciprocated when our house was hit with it. I saw locals trying to lift up small businesses by ordering carryout every week and shopping local. It showed me that people really are genuinely willing and wanting to help those in need.
From a professional side, I saw my credit union friends put some wonderful programs together to help their communities. There is nothing better than people helping people when so much is on the line. On the business side, I saw a concerted effort to reduce costs and outsource non-core competencies while trying to keep member access a priority.
Many of us had to shut down branches or limit branch hours. Some reduced the number of working staff at branches and sent non-member facing staff home to work remotely. Working short-staffed really helped us recognize that outsourcing certain aspects of operation and technology would be very beneficial long-term.
Just like mobile and online banking, ATMs are a critical lifeline for cardholder access. And they’re even more important when we are shrinking branch hours or restricting access. ATMs have grown in complexity as well as costs over the last decade. Technology advancements in automated deposit and video teller services have significantly increased ATM expense. Outsourcing ATM operations can kill two birds with one stone: Outsource a non-core competency and continue to reduce operational costs.
If your credit union is managing your ATMs in-house, you’re contracting with four to six different vendors along with involving multiple internal departments to keep the ATMs in working order. And it is not the core competency of anyone in the credit union to keep the ATMs operational. Do you outsource your coffee service at your office? Chances are you do. And it’s much easier to make a cup of coffee than to operate an ATM. Reducing costs and creating operational efficiency will keep credit unions nimble, faster to adapt and able to react in times of crises. If we learned anything from this past year, adapting and reacting can set us apart. To find out how ATM outsourcing can help your credit union, contact Joe Woods, CUDE @ jwoods@dolphindebit.com
