Credit Union National Association released a new case study on Process Analysis & Optimization (PAO), a collaborative program between CUNA and FI Strategies, LLC that helps credit unions recognize inefficiencies and take steps to correct them.
Titled “Optimizing efficiencies, one process at a time,” the case study tells the story of Illinois-based IH Mississippi Valley CU. Broken up by an inefficient “back-office vs. front-office” culture, the credit union utilized PAO to streamline their operations and create a more unified work environment.
During their two-year investment in PAO, CUNA and IH Mississippi Valley CU conducted six “think tank” sessions with staff members throughout the credit union and discovered various procedural inadequacies and areas of inefficiency. Changes for the credit union made possible by PAO include:
- New cash counting system saving 12 working weeks per year
- Reduced downtime in member service
- More focused, goal-oriented board reporting
- More efficient labor allocation and process ordering
“PAO fosters teamwork across the organization; gets staff involved in the cost/benefit analysis of our daily work and processes; builds leadership and enhances strategic direction,” says Brian Laufenberg, CFO at IH Mississippi Valley CU.
To get your complimentary copy of the case study, submit this information request form. For more information on PAO, visit cuna.org/pao.