Event Overview:

In the dynamic landscape of credit unions, where effective project management is a strategic advantage, Financial Plus Credit Union, a $1.4 billion asset institution headquartered in Flint, Michigan, recently hosted a pivotal Town Hall Meeting. This event, spearheaded by Mary Kenosian, the credit union’s Senior Project and Card Services Manager, addressed the growing project management needs across the sector. It drew participants from 18 diverse credit unions and was conducted in-person and online, emphasizing its broad reach and impact.

Sponsored by Member Driven Technologies (MDT), the Town Hall showcased the power of collaboration through a roundtable format. Participants delved into essential topics such as project prioritization, intake processes, resource management, technological tools, and stakeholder engagement. This comprehensive agenda addressed the unique challenges faced by credit unions of various sizes.

Key Takeaways

Prioritization:

Tracie Loudermilk, Vice President of Project & Consulting Solutions at MDT, shares her insights from the Town Hall, particularly regarding project prioritization. “Participants described their approaches, ranging from employing weighted measurement systems to collaborating closely with executive teams to assess project urgency and impact,” highlights Loudermilk. These discussions underscored the need for adaptable, robust project prioritization processes, a practical solution that was a key focus of the event. Loudermilk notes the importance of aligning projects with strategic objectives and efficiently allocating resources. She advocates for a standardized evaluation system, noting that some credit unions use a weighted measurement to maintain a fair and consistent prioritization process. “These metrics are key, enabling credit unions to manage project demands strategically.”

Project Intake:

Kenosian led the discussion on the Project Intake process, sharing that Financial Plus Credit Union’s approach involves detailed stakeholder interviews to clearly define each project’s scope, requirements, and business unit involvement. “We ask each stakeholder targeted questions to ensure we’re effectively prioritizing our resources and time,” explains Kenosian. This method guarantees all projects are thoroughly understood and agreed upon before initiation, setting them up for success and preventing misalignments and ‘scope creep.’ Financial Plus has also developed specific tools, like intake forms, which help align projects with organizational goals and enhance project success rates.

Expanding the Conversation:

Kenosian also emphasized the need for broader collaboration within the financial sector, especially in project management: “The enthusiastic participation and the shared ideas on project management strategies were profoundly beneficial. We’re planning to extend these discussions to include credit unions nationwide, focusing on roundtable formats to foster deeper engagement on specific topics,” she adds. Kenosian notes the varied levels of PMO development among credit unions, stressing a significant opportunity for shared learning and support. “The feedback was overwhelmingly positive, with many attendees eager for future sessions. It’s clear that continuous collaboration is essential for adapting to the rapid changes in our industry.”

Final Thoughts:

The insights from this Town Hall are poised to enhance the project management capabilities of participating credit unions—or at least initiate the process. The discussions align closely with MDT’s recent white paper, “Embracing Project Management Solutions for Long-Term Results,” emphasizing the importance of strategic project management within the credit union sector. By leveraging the collective expertise and experiences shared during this event, MDT and Financial Plus Credit Union are setting new standards in project management excellence.

Loudermilk concludes, “As credit unions evolve, the insights from this Town Hall will serve as crucial guideposts, underscoring the value of community and collaboration in project management. MDT is ready to bridge the gap for those lacking structured PMOs, assisting with project prioritization and intake to effectively manage projects where internal capabilities are limited.”

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About MDT:

Member Driven Technologies (MDT) provides a private cloud alternative for core processing and IT needs. The CUSO hosts the Symitar core processing system from Jack Henry™, as well as dozens of seamlessly integrated solutions and supporting services to help run the entire institution, such as digital banking, payments, lending, cybersecurity, and imaging. Rounding out its comprehensive suite, MDT also offers business continuity, disaster recovery, regulatory solutions, consulting, data analytics, email hosting, and hardware purchasing services. By partnering with MDT, credit unions nationwide are boosting efficiencies, enhancing security, and reducing costs while maintaining a high level of control. Visit mdtmi.com or follow @memberdriven for more information.