There’s a little magic in board meetings. Industry veterans — each armed with decades of wisdom and expertise — come together to make decisions that dictate the future of your bank. Each decision affects the lives of the employees and the customers they loyally serve.
Those decisions matter. So why not make them as effective as possible?
Achieving the best outcome in every board decision requires effective decision-making. That’s why progressive banks invest in board management software.
Transitioning to board software saves banks over $10,000 in annual administrative costs, but that pales in comparison to the broader benefits of better governance.
How? Let’s look at how technology can deliver better decisions from your board.
The biggest brains in banking are often the busiest. When you bring those brains together, every minute counts. But bank board packets are notoriously lengthy. Organizing and navigating materials can be a drain on meeting time.
Board management software makes it easy to drag and drop files into your board book, rearrange pages, and access everything at the touch of a button. The best board software supports interactive agendas and robust search features, allowing directors to search multiple documents and navigate from a single location. These features limit the “information overload” during board meetings, and keep directors focused on more pertinent discussions.
Banks use board management technology to organize material between various committees. Administrators can configure access to material by individual users (i.e. a specific board member) or their role on a particular committee. Quality board software extends the same security features and granularity of information control to users at the committee level as it does for the board itself.
The right technology helps maintain focus in the boardroom by centralizing information and making it easy to navigate. Spending less time flipping through pages means having more time for decisions that matter most to your bank.
Board software enhances the security of confidential information and makes it easier to control how that information is shared.
Directors can securely share private bank records with examiners and regulators. Streamlining this process means gaining earlier access to audit reports, which often guide a board’s decision-making.
Board members can also add their executive assistants to the software, giving them access to the information they need while avoiding the risks associated with sharing confidential materials via email.
Enhancing the privacy and security of board documents and communications allows directors to provide more honest insights and, ultimately, more informed decisions.
Board management software improves director communication beyond the boardroom, making materials available for review and discussion at any time.
Banks can use the software’s annotation features to share thoughts and feedback among board members. Directors can take notes directly on the page of a board book as they would a physical copy. They can also share their notes with others.
The benefits these features serve are twofold; (1) increasing the portability of information means having more informed and prepared directors, and (2) more informed decisions about the future of your bank.
Board software doesn’t just strengthen communication, it optimizes deliberation. Voting and e-signature features optimize a board’s efficiency while survey features allow members to quickly gauge consensus over an issue as it’s being discussed. Surveys can also be used before meetings to prioritize agenda items or after meetings for ancillary voting on outcomes and process improvements.
The best board software provides directors with the option to accept anonymous survey responses, which allows board members to submit candid, honest feedback and paves the way for more effective decision-making.
Leveraging easy-to-use software keeps board members organized and engaged, strengthening their communication and maximizing administrative efficiency. Investing in management technology is an easy win for progressive banks interested in making better decisions across the board.