Written by :Â Shaun Buckley
Introduction
In a recent survey at the CUMA Exhibition back in September encompassing 20 Credit Unions, we delved into the digital habits of these the numerous Credit Unions, uncovering both surprising trends and areas of untapped potential. The results shed light on the utilization of Microsoft 365 tools and, more specifically, the Power Platform—a suite of powerful applications designed to revolutionize business processes. Here’s a closer look at the findings and what they mean for the future of credit unions in our opinion.
Survey Highlights:
1. Power Platform Awareness:
- A staggering 75% of Credit Unions surveyed reported never using Power BI.
- Perhaps even more surprising, only 5% of respondents admitted to never having heard of Power BI which leads to believe that although Credit Unions are aware of Power BI, it is not being utilized.
Microsoft 365 Common Tools Usage
To no surprise, tools like Excel and Outlook emerge as daily or weekly companions for the majority of credit unions as is the case with the majority of businesses’, showcasing a solid familiarity with Microsoft’s foundational offerings.
Underutilized Tools included within licenses
Despite the array of free tools available, over 50% of respondents never used Bookings, while 20% were unfamiliar with or had never used Microsoft Forms. With these tools coming at no extra cost, this is most definitely an area that all Credit Unions should be taking advantage of. These tools without a doubt will help Credit Unions with Digitalization & Efficiency.
View the Survey Results which we have connected to Power BI using Microsoft Forms here:
Navigating the Competitive Landscape
The survey results underscore a critical need for Credit Unions to leverage Microsoft’s Power Platform tools to stay competitive in the digital age. While Excel and Outlook form the backbone of daily operations, the underutilization of Power BI, Bookings, and Forms represents a missed opportunity for improved efficiency and streamlined processes. With Banks such as AIB having their own Data & Analytics Team & with Credit Unions starting to compete with the larger banks in the Mortgage Market, it is imperative that Credit Unions use all the tools at their disposal to ensure they are not left behind in this ever changing digital world.
Key Insights for Credit Unions
1. Board Member Experience:
With many board members involved in external organizations using these tools, a lack of internal adoption may lead to frustration and hinder effective collaboration. We forecast that by the end of 2024, 90% of meetings within organization’s will be presented using dynamic data rather than static data such as a PDF or image on PowerPoint. Relying on static data during board presentations can inadvertently hinder informed decision-making. Our latest survey on Microsoft 365 tool adoption among credit unions reveals a pivotal insight: 75% have yet to leverage the transformative capabilities of Power BI. This oversight not only limits real-time data insights but also poses challenges in addressing spontaneous queries that may arise during board discussions.
2. Employee Productivity
Increasing manual workloads due to tool underutilization can frustrate employees, leading to potential errors and inefficiencies. Employees peers who are working in other organizations will be getting exposure to the Power Platform Tools, saving them hours of manual work and allowing them to focus on higher priority items. When this message is delivered, this will only frustrate Credit Union employees that are still stuck spending half of their day working on manual tasks rather than spending time on member facing tasks. Students do not go to college & university only to spend the majority of their working week using none of the skills they acquired when they graduate, they want to make a difference and be at the front end of the business. The Power Platform tools gives employee’s more of a chance to do this and communicating that these tools are actively used will also improve recruitment. 🎯
Summary & Moving Forward
To compete with larger financial institutions, Credit Unions must prioritize digitalization. By harnessing the capabilities of Power BI for robust data analytics, Bookings for efficient appointment scheduling, and Forms for streamlined data collection, credit unions can enhance member experiences and drive operational excellence. Not to mention the capabilities of Power Automate to automate those extremely manual tasks that we mentioned above which will frustrate employees. 
As the financial landscape continues to evolve, embracing the full suite of Microsoft 365 tools becomes imperative for Credit Unions aiming to stay ahead. This survey serves as a reminder & an invitation for Credit Unions to unlock the untapped potential of the Power Platform and drive a new era of efficiency and innovation. The digital future awaits, and Credit Unions have the tools to shape it.
