Cybersecurity keeps coming up in headlines around the world, as more and more prominent political parties and high-profile multinational companies get hacked. Companies in every industry must do their due diligence and manage their online security, but perhaps the financial sector has the most to worry about.
Hedge funds, banks, and investment houses all make expensive investments in high-end security tools that protect their data, and the data of their clients. However, large commercial banks have sometimes been slow to adopt other data security tools, such as board portal software. Yet credit unions in both the United States and Canada have used board portal software for years now to improve communications in a way that’s fundamentally secure.
Let’s take a closer look at all the ways board portal software has benefitted credit unions.
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Keeping Pace with Growth
Mid-size banks are fewer in number now more than ever due to broader changes in the economy. In some regions, credit unions are filling the void left by these banks because credit unions tend to have a local focus that makes them a natural replacement.
As credit unions expand their share in the banking economy, their boards have a correspondingly larger need for better communication. It doesn’t matter how geographically far apart two directors are, board portal software keeps them connected before, during, and after board meetings by making digital communication and collaboration easy. You can learn about Aprio board portal technology to see all the other benefits that come from this new and sophisticated technology.
Powerful Communication Tools
Board portal software makes communications simpler by having one centralized location where it all takes place, as opposed to toggling back and forth between email and text messages. The best board portal software is designed so that it’s easy to get the fullest experience possible on any device you prefer. You can navigate through the app as easily on a tablet as you can on a desktop computer.
With a board portal, you can also distribute board materials to other directors digitally, create and compile quarterly board book information, share and annotate documents, and more. Any changes made to a document by one director are automatically reflected on everybody’s copy, so all the directors have full and immediate access.
Directors can also issue polls to quickly settle any matters that require the board to vote. The software can also be used as an extensive library of past board information, both online or offline. Board portal software meets all the communication needs that financial organizations have, and does so at a very compelling price point.
Credit unions need highly encrypted software that can authenticate each log-in — and board portal delivers. Plus, the board portal servers storing information always adhere to independent third-party security certifications.
If a director’s device goes missing, the data can be wiped remotely. This prevents a security breach from occurring. Similarly, if the director with the missing device needs to access important board documents, they can simply log on from any other tablet, laptop or desktop.
At a time when powerful, modern communication tools are central to operating any business but even seemingly impenetrable organizations are getting hacked, it’s no wonder credit unions have made such great use of board portal software.