Best Board Portal Software for Credit Unions

Finding the right board portal for credit unions is critical to enhance governance, streamline communication, and maintain regulatory compliance.

The article below aims to show board members how to modernize credit union governance, facilitate board meetings, and improve collaboration with the help of a board portal for credit unions and banks.

To start with, below is a selection of tools to streamline your credit union board:

Features	iDeals Board	OnBoard	Azeus Convene	Aprio	Govenda	My Board Packet	NContracts
Overall Rating	4.8	4.7	4.5	4.6	4.6	4.4	4.5
Deployment	Cloud-based	Cloud-based	Cloud-based	Cloud-based	Cloud-based	Cloud-based	Cloud-based
Pricing	Custom	Tiered	Tiered	Custom	Custom	Tiered	Custom
User Experience	High	High	Medium	High	High	Medium	High
Features	Extensive	Extensive	Moderate	Extensive	Extensive	Moderate	Extensive
Implementation	Easy	Moderate	Easy	Moderate	Easy	Easy	Moderate
Mobile Accessibility	Yes	Yes	Yes	Yes	Yes	Yes	Yes
Free Trial	Yes	Yes	Yes	Yes	Yes	Yes	Yes

Learn more: What is board management software?

Top board portal software for credit unions

Below is a selection of credit union management software tools to streamline your board:

Software	Pricing Model	Starting From	Free Trial
iDeals Board	Subscription	Not provided by the vendor	Available
OnBoard	Subscription	$199	Available
Aprio	Subscription/ Per user	Not provided by the vendor	Available
Govenda	Flat rate/ Subscription	Not provided by the vendor	Available
BoardPaq	Subscription/ Per user	$39/month	Available

What is a credit union?

A credit union is a nonprofit financial organization owned by individuals who use its financial products. Credit union customers can access similar services as offered by a traditional bank, including credit cards, savings accounts, and loans. However, there are certain differences.

	Bank	Credit Union
Structure	Profit	Non-profit
Membership required	No	Yes
Products and services	A wide range	Limited

Responsibilities of credit union board members

Board member responsibilities naturally differ depending on the type of board. For example, the hospital board of directors’ responsibilities will differ from those of credit union board members.

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In credit union boards, members elect board directors to manage the credit union to represent their best interests. More specifically, board members have to:

Provide general direction and control of a credit union
Manage the affairs of the credit union fairly and impartially
Understand finance and accounting practices
Manage the board operations in accordance with the Federal Credit Union Act and similar laws and regulations

Credit organizations face several key challenges that put their sound operations at risk:

One significant challenge is regulatory compliance. Credit organizations have to frequently update their credit union compliance strategies to adhere to new regulatory requirements, such as the Current Expected Credit Loss (CECL) standards, for instance.
Another huge challenge are growing cybersecurity risks. Credit unions are facing a 25% increase in cybersecurity incidents, which include threats like ransomware, phishing, and email scams. These threats are exacerbated by the relatively smaller IT resources that credit organizations have compared to larger financial institutions.
The last and the most prominent challenge is competition with bigger institutions. Credit unions face tough competition from larger banks and fintech companies that have significant resources to invest in technology and innovation. This competition forces credit organizations to modernize their services and adopt new technologies to remain competitive and meet the evolving expectations of their members.

Board meeting software helps credit union boards by streamlining operations, improving member engagement, and boosting security. Our website offers detailed reviews of these tools to help credit organizations find the best solutions for their needs. Additionally, board software helps leadership teams operate more effectively and efficiently within their organizations.

5 reasons to use board software for credit unions

“Credit unions are entrusted with the livelihoods of their members. With great trust comes great responsibility to mitigate cybersecurity vulnerabilities, whether they are internal or via a third party.”

Bob Maley, Chief Security Officer, Black Kite

Board management software is an easy-to-use tool that helps credit unions mitigate cybersecurity risks. It also allows board administrators to perform their duties faster, better, and easier. Board books centralize information and facilitate communication among board members, enhancing the efficiency and decision-making process.

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Let’s have a look at other reasons why credit organizations are using board portal software.

Real-time secure collaboration

Thanks to board portals, board members can:

Upload, store, and distribute confidential information conveniently and securely
Communicate in chats
Have discussions in threads

Higher productivity

Board portal software for credit organization allows users to:

Leave comments
Assign tasks
Receive news and updates

Straightforward access

Board portals function 24/7, which lets board members:

Access and share board materials securely from any device
Take advantage of board portal mobile apps — prepare for the next board meeting, send reminders, receive approvals, etc.
Conduct a virtual board meeting from anywhere

Professional customer support

Board portal providers offer professional client support that is:

24/7
Multilingual
Multichannel

Eco-friendliness

Board portal users reduce their environmental footprint because they can:

Conduct a paperless board meeting and save resources spent on printing paper documents
Save on travel expenses by working remotely

If you want to take advantage of all those benefits and make board management simplified and more efficient, try board portals for banks.

How to select the best board portal software

Choosing the right board portal software for a credit union involves more than just ticking off a list of features. It requires a deep understanding of the credit union’s specific needs and challenges.

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Public sector organizations can benefit too.
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Here’s an advanced guide to help credit union boards make the best decision:

Identify key requirements: Beyond basic features like credit union document management and meeting scheduling, consider advanced needs such as granular user permissions, secure voting/polling, integrated e-signature solutions, and compliance tracking. These features are critical for maintaining transparency and adhering to strict regulatory standards. Also, look for tools that support detailed audit trails and automated reporting to simplify compliance processes. Additionally, a centralized platform is essential for enhancing collaborative governance and streamlining communication among board members.
Evaluate security measures: Cybersecurity is a top priority for credit unions, which handle sensitive member data. Ensure the software offers robust security features such as end-to-end encryption, multi-factor authentication, and compliance with standards like GDPR or CCPA. Advanced threat detection and response capabilities can help safeguard against evolving cybersecurity threats, including phishing and ransomware.
Consider usability: A user-friendly interface is essential, but also consider the software’s adaptability to different devices and operating systems. Mobile access should be seamless, allowing board members to access board materials and participate in meetings from anywhere. Look for software that offers customizable dashboards and role-based access to ensure ease of use for all members, regardless of their technical skills.
Review pricing models: Understand the total cost of ownership, not just the upfront subscription fee. Consider additional costs for features like enhanced security, data storage, or advanced support services. Look for flexible pricing models that can scale as the credit union grows, such as per-user pricing or modular features that can be added as needed.
Check for integration capabilities: The software should easily integrate with existing systems such as accounting software, CRM tools, and HR management systems. This ensures a seamless flow of information and reduces the need for manual data entry. APIs and pre-built connectors can simplify integration processes, making it easier to adopt new tools without disrupting current workflows.
Assess customer support: Look for providers that offer comprehensive and responsive support options, including 24/7 support, dedicated account managers, and robust training resources. Consider the availability of online knowledge bases, video tutorials, and user communities that can provide additional assistance. This is particularly important for onboarding and during times of software updates.
Request a demo or free trial: Utilize free trials or demos to test the software’s functionality and compatibility with your credit union’s specific workflows. This is a crucial step to understand how the software handles real-world scenarios, such as conducting virtual board meetings, managing sensitive documents, or implementing secure voting processes.

Selecting the best board portal software

Today at least 77% of checking account holders are active digital banking users, which means that their sensitive information should be protected thoroughly and with care.

Because 42% of financial institutions have already deployed machine learning and other advanced technologies in the way they process and analyze data, credit union boards cannot stay behind.

For credit organizations to perform more effectively, choosing the right board portal software is essential. Below, we examine some of the top board portal software options, highlighting their key features, pros, and cons.

Nonprofits have unique needs.
Check out board management software for nonprofits designed to help streamline board operations and focus on mission-driven governance.

Top board portal software options for credit unions

1. iDeals Board

iDeals Board is the best experience board management solution for credit organizations trusted by over 1 million users and 175K companies worldwide, including credit unions.

It offers advanced document management capabilities, integrated voting and polling features, and stringent security measures, including compliance with SOC2 and ISO27001 standards.

Additionally, iDeals Board includes board books that centralize information and facilitate communication among board directors. Pricing is customized based on the credit union’s size and specific needs.

Pros: High security, extensive features, ease of use.
Cons: Custom pricing might be higher for smaller credit unions.
Standout features: Real-time collaboration, advanced security features, easy document management.

2. OnBoard

OnBoard is praised for its user-friendly interface and comprehensive feature set, making it suitable for credit organizations of all sizes. It offers tools such as agenda management, meeting minutes builder, task manager, secure document sharing, and virtual meeting capabilities. OnBoard also supports mobile access and integrates with popular video conferencing platforms, making remote collaboration seamless.

Pros: User-friendliness, extensive features, mobile access.
Cons: Implementation can be moderate in complexity.
Standout features: Intuitive interface, mobile access, robust customer support.

3. Azeus Convene

Azeus Convene provides a straightforward centralized platform focusing on essential features like document management, meeting organization, and unlimited users. It is known for its ease of implementation and intuitive interface, making it a good choice for credit organizations looking for a simple yet effective board management tool.

Pros: Easy implementation, straightforward features.
Cons: Limited advanced features compared to competitors.
Standout features: Document management, secure communication, ease of use.

4. Aprio

Aprio offers a comprehensive suite of features specifically tailored for credit unions, including risk management, microfinance management, and compliance tracking. It supports secure collaboration and provides tools for managing complex regulatory requirements. Aprio’s pricing is customized, making it scalable to the size and needs of the credit union.

Pros: Extensive features, strong security, tailored for credit unions.
Cons: Custom pricing can be high for smaller credit unions.
Standout features: Risk management, compliance tracking, secure collaboration.

5. Govenda

Govenda provides a versatile range of features for board management, including document management, e-signatures, and compliance tools. It is suitable for credit organizations that require robust governance capabilities and secure communication channels.

Pros: Extensive features, user-friendly, strong security.
Cons: Custom pricing may vary.
Standout features: E-signatures, compliance tools, document management.

6. My Board Packet

My Board Packet is a cost-effective risk management software for credit organizations that offers basic board management features, making it suitable for smaller credit unions. It provides essential functionalities like document management and meeting organization without the complexity of more advanced solutions.

Pros: Affordable, easy to use, basic features.
Cons: Limited advanced features.
Standout features: Cost-effective, easy implementation, basic document management.

7. NContracts

NContracts focuses on compliance and risk management, offering robust solutions for credit organizations with complex regulatory needs. It provides features such as compliance tracking, risk assessment, and secure communication to help credit organizations meet stringent regulatory standards.

Pros: Strong focus on compliance, extensive features.
Cons: Implementation can be complex.
Standout features: Compliance management, risk assessment, secure communication.

These board portal software options provide a range of features to meet the diverse needs of credit unions, from basic document management to comprehensive compliance tracking. By considering these options, credit organizations can select the software that best aligns with their strategic goals and operational requirements.

FAQ

What is credit union board management software?

A board portal helps credit union board management by providing board members with a number of tools for secure collaboration, meeting management, and document sharing. It allows boards to improve efficiency and make quicker decisions.

What are the benefits of using board portal software for credit union?

Among the major advantages of board portals for credit unions are robust security, optimized meeting management, simplified communication, 24/7 accessibility, professional client support, ease of use, and eco-friendliness.