Best Practices Credit Unions Should Adapt from the Healthcare Industry

Credit unions face a tidal wave of new compliance requirements that are steadily increasing the costs of managing and securing member information, putting pressure on credit unions to find new ways to keep these costs under control.

Currently under-utilized by the majority of credit unions, an effective Enterprise Content Management (ECM) solution is the linchpin for optimizing how you handle critical member data. ECM solutions can not only significantly lower your costs, but can also give you new ways to extract value from your data, all while mitigating security and compliance risks.

ECM systems are repositories of secure and searchable electronic documents and records that are captured and stored in any department of a company. As such, they are much more than document imaging tools to scan and store paper records. When introduced effectively into a credit union’s workflow, an ECM system makes employees and operations much more productive.

Healthcare companies have successfully deployed ECM systems over the last ten years to manage risks associated with regulatory compliance, avoid millions of dollars of penalties, and streamline operations. This white paper presents key lessons learned in the healthcare industry, and applies these lessons to the financial services industry, which now faces similarly stringent regulations and compliance failure penalties.

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