Determining how to improve back-office and branch operations is similar to making racing decisions for the Indy 500.
The drivers have to think about performance, speed, and efficiency, and then make strategic decisions based on those factors. They also have to analyze data collected during the race and consider how it could impact the strategy and their ultimate goal of winning the race. And this all has to happen while they’re driving at an average speed of 225 mph.
Like racing, the financial industry has evolved quickly. It’s forced banks and credit unions to innovate and be nimble in their strategies to serve accountholders in their moments of need. A big part of this innovation is increasing efficiencies because of the constant challenge of doing more with less.
Operating more efficiently remains a top priority for financial institutions year after year. The Jack Henry 2023 Strategic Priorities Benchmark Study found that improving operational efficiency is one of the top two priorities for all financial institutions in 2023 and 2024.
If you think about it … when is any bank or credit union not trying to be more efficient?
That’s why attendees saw the Increasing Efficiencies track come back at the Jack Henry Connect conference this year!
One of the first poll questions asked to the audience by Brynn Ammon, Director of Credit Union Solutions Client Operations at Jack Henry, was, “What one word describes the biggest challenge your organization faces when rolling out new technology?” The top responses included: time, money, resources, staffing, executive support, and buy-in. Change management culture and legacy thinking were also discussed as common challenges.
Becky Wendland, SVP and CTIO at Think Bank, and Elizabeth Osborne, COO at Great Lakes Credit Union, shared helpful insights around teams, processes, culture, and tools and how their organizations are putting these into practice.
Both panelists focused on organizational structure and culture.
Many organizations can be guilty of building solutions through processes – instead of taking the time to properly resource and build teams, which is likely the better long-term solution. Having a team dedicated to change management, or even including capacity for change management in your projects, can proactively create efficiencies and make a bigger impact. Don’t forget to be a learning organization and celebrate often to help create a positive culture.
From features and enhancements to reducing manual work, there’s a lot LoanVantage can offer when it comes to creating efficiencies.
Jeff Pickett, Product Specialist at Jack Henry, and Penni Groce, Applications Trainer at Jack Henry, covered many tips and tricks to make your lending process more efficient, including:
Plus, there were two enhancements added – automated file assignment and expanded approval outcomes – that came from Idea Lab, which is where clients can submit suggestions and ideas. These suggestions are being implemented, so keep the ideas coming!
Sometimes work can feel like playing a video game … you’re trying to stay on the right path and successfully navigate through a world of roadblocks while also trying to find the answers you need. But what do you do when you get stuck? How do you find the right resources and information to get to the next level? This session provides a great overview of Jack Henry resources and where you can find the information you’re looking for.
Level 1: For Clients portal – Start here to learn more about your Jack Henry products and services, open a support case, view the Help Center, connect and collaborate with your peers, and discover more about other solutions that may help your bank or credit union in Jack Henry’s For Clients portal.
Level 2: Jack Henry University (JHU) – This is your central learning hub for all things Jack Henry. You can take self-paced training courses, live classes, and view helpful materials. You can also find our new JHU Help Website!
Level 3: Help Center – Check out the new content delivery platform with centralized, consolidated product documentation and improved functionality. One callout is that you can create ‘collections’ to build a library of content specific to your needs. Help Center is available under the Tools/Administration tab on the For Clients portal.
These tools and resources are designed to help you navigate through the world of fintech tools and get to the next level, empowering you to improve productivity and operating efficiencies.
We’re already looking forward to seeing you at next year’s Jack Henry Connect: October 7 – 10, 2024 in Phoenix, Arizona!
Interested in more key takeaways from this year’s conference? Be sure to subscribe to our blog and stay tuned for additional insights!
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