In a rapidly evolving landscape, the need for tailored project management and consulting solutions for credit unions is more critical than ever. More than 15 credit unions gathered in early November to explore how MDT’s consulting offerings can meet this growing need.  

This webinar, hosted by Member Driven Technologies (MDT), provided insight into the changing requirements for growing credit unions, specifically around project management. The session, moderated by Waheeda Brandon, Product Manager at MDT, featured Tracie Loudermilk, Vice President of Project and Consulting Solutions; Jennifer Pardonnet, Senior Project Manager; and Christine Clark, Senior Business Consultant.

With their extensive experience in financial services, the panelists delved into effective project management, its benefits to an organization, and the range of available project management solutions. They also highlighted the impact of customized project management and consulting on operational efficiency.

Addressing Unique Challenges

Tracie Loudermilk opened the conversation by outlining the familiar challenges credit unions face, such as lack of time, resources, and expertise — and emphasized MDT’s approach to tailoring services to each credit union’s unique needs.

A live poll conducted among webinar participants revealed a significant need for more resources, a gap that MDT’s consulting aims to bridge. “These gaps often hinder credit unions from executing strategic initiatives and handling unexpected projects,” noted Loudermilk.

“MDT’s role is pivotal, providing customized solutions that overcome the constraints of time, resources, and expertise,” she continued. “By working closely with each credit union, we identify pain points and develop targeted strategies. This collaborative approach ensures each client receives expert guidance, practical tools, and resources tailored to its circumstances.”

Scope & Stakeholder Satisfaction

Jennifer Pardonnet joined the discussion, delving into the nuances of project management. “A significant benefit of project management is managing and controlling a project’s scope and timeline,” she explained. “Risk can also be mitigated by proactively identifying potential issues and implementing prevention strategies. This ensures project stability and success and saves time and resources, addressing challenges before they escalate.”

She also stressed the importance of stakeholder satisfaction as a critical performance indicator. “We ensure everyone is satisfied with how the project transpired and that their voice is heard,” reiterated Pardonnet. “This focus on satisfaction underscores the importance of managing not only the technical aspects of a project but also the human elements.”

Redefining Project Management

Project management should offer multifaceted benefits to an organization’s internal operations, defining the project’s scope, outlining stakeholder responsibilities, and establishing a credit union’s strategic goals.

A well-defined framework is critical to project success. In this context, an MDT-appointed project manager will:

  • Schedule a kickoff meeting. This initial meeting helps team members understand the project’s goals, scope, and planning steps.
  • Set a framework for success. It involves creating a structured approach with processes, tasks, and tools for project execution. It includes a stakeholder registry to clarify everyone’s roles and responsibilities.
  • Develop a project plan. A comprehensive document that details necessary tasks and their timelines will serve as the project’s roadmap.
  • Centralize project elements. Aligning tasks with the credit union’s strategic objective requires managing the project’s scope and timeline. This process will prevent the uncontrolled growth of a project while maintaining budget discipline and ensuring on-time completion.
  • Oversee project pillars. It requires maintaining project quality through a practical product framework and transparent communication, ensuring stakeholder involvement and visibility throughout the project.
  • Balance competing demands. It includes aligning resources with priorities and ensuring cross-departmental communication. A project manager coordinates team efforts, optimizing capacity and bandwidth to boost the credit union’s efficiency, productivity, and satisfaction levels.

Types of Consulting Engagements

Christine Clark shared her expertise, discussing the varying types of consulting offered by MDT, aptly named ‘Consulting Engagements. She separated these into three categories: ‘Full Targeted,’ ‘Targeted Consulting,’ and ‘Back Office Refresh.’

  • Full Targeted Consulting: Provides a 360-degree view of a credit union’s operations, identifying areas for improvement. It critiques processes while identifying opportunities for improvement and efficiency.
  • Targeted Consulting: Focuses on specific areas requiring attention, such as lending, collections, or vendor integrations. These engagements address particular challenges or pain points within a credit union.
  • Back Office Refresh: Gives credit unions added support for those experiencing significant turnover or needing to upskill their staff rapidly.

“Consulting is not a four-letter word,” Clark humorously added, underscoring its positive impact and flexibility. Consulting Engagements can:

  • Elevate credit unions to operational excellence. “Full Consulting Engagement provides an all-encompassing organizational review, and Targeted Consulting Engagements address specific departmental challenges,” explained Clark. “These services entail a detailed analysis of a credit union’s processes and procedures, efficiency recommendations, and the implementation of immediate and sustainable long-term solutions.”
  • Equip credit unions with specialized expertise. Consulting Engagements align with each credit union’s unique goals and objectives — and support extends to all aspects of operations, from departmental revamps to technical projects. This inclusive approach empowers a credit union’s team with essential skills and knowledge.

Enhanced Communication Tools

A credit union can improve operations by instituting the appropriate framework for project management while providing structure and clarity. Integrating critical tools like the RASCI (‘Responsible, Accountable, Supportive, Consulted, Informed’) matrix and Smartsheet facilitates clear communication, transparency, and effective project management.

Facilitating this collaboration is key to the process. “RASCI helps identify each stakeholder’s roles and responsibilities within a project, describing their participation in completing tasks or deliverables per product,” explained Pardonnet. “Smartsheet improves collaboration and streamlines project execution, allowing real-time tracking of progress, easy document sharing, and updates, to facilitate greater communication.”

Tangible Results

Clark provided examples from recent engagements, such as assisting credit unions in establishing interest-only loans and conducting a ‘Symitar Boot Camp’ to train IT teams. “One client, for example, suffered significant IT turnover, leaving them in a very bad spot,” shared Clark. “We went onsite for a week and did our Symitar Boot Camp, helping their IT team learn every single work area of Symitar.

Pardonnet shared a similar experience with United Bay Credit Union, where MDT’s involvement led to successfully implementing a new phone system. “We helped them build a framework to manage this project and future ones,” she explained. “Not only was their phone system a success, but the credit union walked away knowing how to manage projects more effectively in the future.”

Cost of Engagements

Toward the end of the session, panelists fielded questions from the audience, including inquiries about the cost of engagements. Pardonnet noted that each engagement is unique, and costs are determined following a discovery call.

“Some services offer a flat rate, and others are based on time and materials. Every credit union has its own unique challenges and objectives — and MDT’s approach to determining the cost of an engagement is equally personalized,” she continued. “To start the process, simply open a ticket with your MDT Client relationship manager or use the Contact Us form on our website.”

Final Thoughts

Pardonnet wrapped up the discussion, reiterating MDT’s commitment to bridging gaps in credit union operations through its tailored Consulting Engagements. “Our goal is to help your credit union succeed,” she affirmed, highlighting the long-term value MDT aims to provide. “Whether you’re looking for project management assistants to ensure your project runs smoothly, or if you want to find ways to improve your operational efficiencies, supplement your staff, you name it, our consulting services have you covered.”

As credit unions continue to navigate a landscape marked by rapid change and growing complexity, partnerships with organizations like MDT can be pivotal in ensuring success and sustainability.

 

Replay the entire webinar HERE.

 

About MDT:

MDT was founded in 2003 by seven credit unions seeking a more efficient, cost-effective solution for data processing. Today, the CUSO has grown to serve 117 credit unions nationwide, representing over 2 million total end members and $29 billion in total assets. Because credit unions started the company for credit unions, MDT has always had a unique understanding of the industry and the daily demands and challenges credit unions face.