Hancock Federal Credit Union and Networking

The organization that I chose for discussion surrounding electronic networks that are currently active in an organization of my choice is my employer, Hancock Federal Credit Union, a community-chartered federal credit union with total assets of just under $50 million.
Hancock Federal has attempted to keep pace with larger competitors’ technological advances. The credit union is likely similar to its local competitors in the area of networking. However, I believe the credit union has many opportunitites to adopt/enhance additional technological opportunities.
In thinking about how credit unions network with one another, I seemed to recall a website I had once visited that provided a format for credit union employees to exchange questions and answers with one another. I contacted my superior, the President/CEO of our company. She advised that with pre-registration, I could communicate with other credit union officials with questions, comments, etc. via http://www.cuna.org/. CUNA stands for Credit Union National Association. At this site I also found links to other organizations. One link that I have visited in the past was http://www.ocul.org/. OCUL is the Ohio Credit Union League. A great deal of information about changes in the industry, regulatory changes, educational opportunities, etc. are all available. Both CUNA and the OCUL are good sources of information.
I conducted several Google searches. These included credit union networking, financial institution networking, credit union intercommunication, financial institution intercommunication, and the agency that regulates credit unions - the National Credit Union Agency (NCUA). What I failed to locate were any truly “open” formats. I elected to do another Google search, credit union blogs. Bingo – my search results provided me with http://www.opensourcecu.com/.
It was interesting to find key words that related to the text readings in the About tab at Open Source CU. According to Open Source CU, “Created as an idea exchange, Open Source CU is an outlet and resource for credit union leaders toward the goals of opening communications between members and management, using technology that fits the movement’s inherent cooperative nature, and converting marketing sales-speak into legitimate conversation.”
While industry websites such as CUNA, OCUL, and NCUA are all helpful and provide easy access for credit union management and employees to access information, these don’t provide the true networking or “sharing” that Open Source CU provides. I believe Open Source CU can provide our credit union with an avenue to openly discuss any credit union question or idea nationwide within the credit union industry, providing a vast and valuable resource.
In recent years, credit unions have become increasingly similar to commercial banks. Many credit unions now offer business deposit and loan services. Our institution began offering business loans in early 2006 in a limited capacity. Being successful in this venture, the decision was made recently to expand our business lending activities. In order to do this, our current business lending policy requires expansion and must comply with credit union regulations. My supervisor recently gave me the task of developing a comprehensive, legally compliant business lending policy. In the last several weeks, I have been searching for a company or someone who has successfully developed a thorough business loan policy that could be used as a template. I know that commercial bank consultants sell such policies that can be modified to “fit” the particular goals/needs of the purchaser. I have been searching for a consultant or company within the credit union industry that sells policies. I have yet to find one. A google search provided me with the regulations that must align with a business loan policy, but no avenues toward possible purchase of credit union policies. I am confident that such a product is out there. I now believe that the Open Source CU blog just may be my answer. This blog is viewed by many in the credit union industry. If acceptable protocol in blogging is to seek help in locating tools that serve credit unions, then location of this blog may serve my needs and become an open format for future sharing. It is my plan to utilize the blog to make such an inquiry.
In Wikinomics chapter 4, particularly in the area of HARNESSING IDEAGORAS, in a paragraph title Instilling the Culture, according to authors Tapscott and Williams, “Companies still need to break down deep-rooted biases that inhibit them from seizing opportunities to open up innovation. Many firms are just now coming to the realization that they can turn some of their underutilized assets into new and lucrative revenue streams.” (2006, p. 112). Something similar to this aligns with communication I found at Open Source CU. “The concept of open source began . . . . Progammers began sharing their work instead of selling it off. And by pooling their ideas together, these programmers ignited an open source movement that refuses to slow down.” It appears that the credit union industry via blogs such as Open Source CU is advancing its efforts to promote sharing of ideas.
Another google search led me to http://www.credituniontechtalk.com/, consulting services. I have contacted them in regard to my desire to purchase a pre-designed business loan policy. It was also interesting to find reference to a VP of Information Systems at this site. I recalled reading in Wikinomics, according to Tapscott and Williams, “A little over twenty years ago, the idea of appointing a chief executive for information technology was still novel, even laughable” (2006, p. 109). However, this was the first reference to an IT executive officer that I have found in the credit union industry. Maybe our industry is not as technologically advanced as once perceived.
Will bots enter into the financial institution industry? I speculate that some may experiment with the concept; however, I’m hesitant to confidently say that this will be successful. While many consumers are becoming more comfortable transacting in a less personalized way (ATMs, on-line banking, etc.), I believe that consumers still rely heavily on humans to answer complex questions and will continue to do so. The basis for my claim is simply from what I have experienced within the banking industry for over 30 years. Consumers continue to want to trust the care of one of their most valuable posessions, their money or finances, to human beings. According to Brown and Duguid in The Social Life of Information, “With bots, which are not well suited to weigh subjective issues such as quality and service, these will probably disappear much more quickly” (Brown and Duguid, 2002, p.47). It is my summation that our company is not in the forefront of networking with others within our industry. However, I have come to the realization that in order to become increasingly competitive, our industry will need to “step up” employment of networking opportunities in order to provide avenues to obtain and share information more quickly, in a less costly way. Increased networking will undoubtedly enhance our learning opportunities.