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Shared Services: A Growing Trend with Opportunities for the Credit Union Industry

*20-minute read—This brief serves as a valuable guide for credit union leaders who are interested in the benefits of shared services, either as a user of the services or as a provider of them.

Executive Summary

Shared services is a model that has been heavily adopted outside of the credit union industry to reduce costs, improve efficiency, and deliver enhanced value. By looking at the learnings from other industries, credit union leaders can understand the nuances, benefits, and potential challenges of shared services and decide if this is the right option for their organization.

Credit Union Implications

This brief provides a roadmap for credit unions to consider as they seek new opportunities for collaboration and coordination across the industry. This application of the shared services business model in the context of the credit union movement could provide renewed support and growth potential for providing member value in the future. Three major benefits for credit unions associated with the shared services model include:

  • Scalability: Move from cost savings to growth and "better way of doing business"
  • Evolutionary Focus & Accelerated Innovation: Forward-looking plan
  • Enhanced Talent Acquisition: Offering larger, more impactful roles

Download the full brief to explore the five key takeaways and the associated insight for a potential shared service provider. These valuable insights function as actionable steps for an organization considering ways to expand shared services within an industry. 

Filene's Center for The Credit Union of the Future is generously funded by:

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