Six Reasons Your Credit Union Needs a Cloud-Based Document Management System

This should not be a surprise: Today’s consumers expect seamless digital banking – an experience that balances convenience with a human touch. One that brings the fellowship of your local branch into the digital age and lets you meet your members anytime, anywhere while staying true to your roots. Equally important is providing your employees with intuitive digital tools that enable remote work and seamless collaboration across departments.

So, how can you meet these expectations while continuing to nurture the loyal relationships that set your credit union apart from its competitors? The answer is embracing a cloud-based document management system and client portal.

Below, we define a credit union document management system and share six reasons you need one.

What is a Document Management System for Credit Unions?

A cloud-based document management system (DMS) provides centralized, secure storage for files and records. It allows users to easily upload documents into the system for reliable access from anywhere. Key capabilities include controlled file sharing, customizable permissions, detailed audit trails, automated backups, robust search tools, and other tools for compliance. By consolidating documents into a single, secure repository with powerful organization and collaboration features, storing critical information and simplifying document processes across an organization becomes far easier. Overall, document management systems aim to save time, ensure security/compliance, and maximize productivity through superior document control compared to traditional shared drives or manual approaches.

How Do Credit Unions Use Document Management Systems?

Credit unions rely heavily on document management systems to securely organize and access critical member information. As financial institutions handle sensitive member data ranging from loan applications to account statements, maintaining control and visibility over paperwork is crucial. Document management systems like SmartVault enable credit unions to consolidate member files into a centralized, searchable database with granular permission controls. This allows specific staff and members to seamlessly collaborate on files related to loans, credit card applications, or member inquiries without compromising security protocols. By leveraging SmartVault’s cloud-based accessibility, credit unions can uphold data protection obligations while providing employees anytime access to documentation required for daily member requests. A DMS – especially one with a built-in client portal – provides financial institutions with the organization, security, and efficiency they need to stay compliant and better serve members.

What Are the Benefits of Using a DMS at Credit Unions?

For credit unions, technology that improves efficiency and the member experience is key to remaining competitive with larger financial institutions. Here are six top benefits of using a DMS at credit unions:

1. Builds Your Community
   Technology like document management and client portals allow credit unions to provide amazing service that feels super personalized – and it’s this great service that keeps members happy and encourages them to recommend you to their friends and neighbors. As you continue to scale and build relationships with the people in your area, they’ll see your commitment to providing financial services that help their neighborhoods grow and prosper.
2. Simplifies Member Collaboration
   Working in the cloud can solve everyday headaches you experience when working with members, such as playing phone tag to remind them to complete a form or resending important information to a member who lost your first email in their inbox. These situations, while minor, are frustrating for both parties and make your business look disorganized and difficult to work with. Client portals give members access to their own documents, so they can securely log in to access, share, review, complete, and eSign documents 24/7. This is more convenient than having to call or visit a branch during business hours, increasing member satisfaction – which means increased referrals. Portals enable staff to share documents and information with members instantly as well.
3. Makes Employees Happier (and More Efficient)
   The cloud is a highly effective way to streamline your process, facilitate communication, and make your teams’ experiences positive. Digitizing processes eliminates the need for physical files, helps staff save time on admin tasks, and makes it easy for employees across branches to collaborate. Having a central repository for files also makes it faster to retrieve information and provide excellent service. The ability to work remotely also gives staff flexibility.
4. Creates User-Friendly Processes
   Traditional software requires everyone to spend time learning how to use it, which creates a major barrier to making even necessary changes. Cloud software, however, is designed to be user-friendly and intuitive, regardless of how tech-savvy a person is. Not only will you be able to come up to speed on the features quickly, but you can rest assured your members and employees, regardless of their skill level when it comes to tech, will have an easier time as well. Upgrading to the cloud will also make your system more accessible.
5. Secures Your Data
   Cloud vendors have greater resources and invest heavily in ensuring their members’ data stays safe. You’ll benefit from advanced security measures like automatic data backup, file versioning, activity tracking, bank-level encryption, and multi-factor authentication (MFA). And granular access controls let you 100% control who accesses what folders and documents. These security standards create peace of mind for your team and members and can help you meet the most stringent industry regulations with ease.
6. Keeps You Up and Running
   Whether you experience a building fire, a computer malfunction, or someone accidentally deleting a file, a DMS makes it significantly easier for you to recover and get back up and running. Cloud providers store your data on multiple remote servers, which they maintain and back up regularly. They’ll help you restore your data quickly. Better still, using the cloud actually reduces your vulnerability to disasters. Storing your information on remote rather than on-premise servers means that even if a flood or other weather event impacts your bank or office, you won’t lose everything.

Meet SmartVault, a DMS for Credit Unions

Used by over 3 million people, SmartVault is a DMS and client portal platform that prioritizes security and compliance, making it more secure for you, your staff, and your members to work together online. You can collect loan documents with request lists, speed up your lending process with e-signature integrations, and boost efficiency by connecting SmartVault with leading business apps.

Schedule a demo to see how SmartVault can empower your credit union.