Strong governance is key to long-term success, no matter how small or large your credit union. You can automatically build trust when your organization follows good governance practices. That trust helps attract new members and keeps current ones happy.

More credit unions are now using advanced digital tools like board portal software to strengthen how they manage governance. Board management software helps both executive teams and boards stay on top of their responsibilities. It also helps reduce risks related to corporate governance.

Read on to learn more about board software and how it can support better leadership and compliance. Here is a short introduction to board portal solutions.

What is Board of Directors Software?

Board portal software goes by different names, which can be confusing for those who are not aware of this technology. It is a board meeting software that helps board members and other senior officials in an organization stay connected in a secure way.

Broadly explained, board software is an online document repository and a digital board meeting portal that allows board members to do things like:

•       Upload, access, share, edit, and annotate board documents.
•       Schedule and organise board meetings with ease.
•       Communicate 24/7 in a safe environment.
•       Participate in board discussions.
•       Sign contracts and other key documents online.
•       Cast votes to approve or reject a resolution.

The most important thing here is that board portals allow the members to do these activities in a highly secure and controlled environment. Top board portal vendors are ISO 27001 compliant and employ strict security measures for maximum protection.

Why are Board Portals Important for Credit Unions?

Credit unions have a massive responsibility to win the trust of their members. It is only possible when your members have detailed knowledge of the board’s operations. Board portals provide the much-needed transparency and security, which builds trust amongst the members, says Casey Johnson, Market Research Analyst.

Here are the top benefits of board management software for credit unions.

1. Make Compliance and Risk Management Easier

Keeping up with policies and regulations takes time and effort. Board software can make it easier by simplifying and automating these tasks. A board portal helps with approving policies, reviewing documents, and running compliance checks. You can even use features like e-signatures, notes and custom surveys.

Everything you need is stored in one central place. That includes documents related to compliance, finances, and company policies. You can also control who has access to which files and keep track of different document versions.

2. Encourage Accountability and Transparency

Credit unions use board software to help ensure that leaders are held accountable. It also adds transparency to how decisions are made.

Take activity logs, for instance. The software keeps track of every action, like logins, downloads and approvals. This allows you to see who did what and when.

Task management is another helpful feature. You can assign tasks to committees or individuals, set deadlines and mark priorities. This keeps everyone on track and makes it easier for admins to follow up. Notifications and reminders help make sure things get done.

3. Make Board Meetings More Productive

Board software can help make meetings run smoothly. You can define time limits and assign presenters for every topic when setting the meeting agenda. This keeps meetings focused and efficient.

Built-in messaging tools help participants communicate during the meeting without interrupting. That way, quick questions can get answered on the spot.

The software also works with calendar apps. That makes it simple to schedule meetings and send reminders. Board software allows smooth integration with third-party tools like Zoom and Teams for virtual meetings. Members can simply join with just one click.

4. Help Your Team Make Better Decisions

Board software also supports smarter decision-making. It includes tools for communication, collaboration and voting.

Credit unions use it to make faster and more strategic choices. Secure file sharing, notes, online votes and e-signatures make it easier for board members and executives to discuss and decide on important issues. Everyone can share ideas, ask questions and give input from anywhere at any time.

5. Take the Hassle Out of Reporting

Reporting is easier with board management software. It keeps track of all key decisions and discussions automatically. You get an audit trail that shows voting results, action items and more.

Board governance software makes compliance reporting simple by recording important dates and actions. You can also access standard reports to track things like attendance, login history and overall board activity.

Top Board Portals for Credit Unions

The selection of the right board software is key to success. Always do your research, read board software reviews from trusted platforms, look out for security features and customer support, and ask for free trials.

Nasdaq Boardvantage

Description: Nasdaq Boardvantage is an award-winning tool made for busy executives. It helps streamline every part of the meeting process.

Key features: 

• Access Permissions
• Calendar Management
• Agenda Management
• Safe Data Storage
• Task Management
• Document Management
• Meeting Notes Management

Free trial/demo: Yes

OnBoard

Description: OnBoard is trusted by over 6,000 organizations. It includes tools for building agendas, collaborating, messaging securely, voting, doing assessments, analyzing data, and more.

Key features: 

• Access Controls
• Agenda Management
• Secure Data Storage
• Approval Process Control
• Document Management
• Calendar Management
• Meeting Notes
• Task Management

Free trial/demo: Yes

Diligent Boards

Description: Diligent Boards is one of the top board portal tools in the world, used by over 700,000 leaders to improve how their boards are managed.

Key features:

• Access Controls
• Agenda Management
• Calendar Management
• Document Management
• Meeting Notes Management
• Safe Data Storage
• Task Management

Free trial/demo: Yes

Ideals Boards

Description: Ideals Board Portal solutions offer an easy, fast and highly secure way of organising board meetings.

Key features:

• Approval Process
• Granular Access Permissions
• Agenda Management
• 256-bit SSL data encryption
• Control
• Task Management
• Calendar Management
• Document Management
• Meeting Notes
• Secure Data Storage

Free trial/demo: Yes