Digital M&A

Using Technology To Streamline Merger Integration

It’s no secret that there are a lot of moving parts when merger integration enters the picture for credit unions. Leaders are combining two different sets of data, cultures, and roles. Of course, in an ideal world, both organizations will be similar, facilitating a smooth transition from two units to one; however, even the most well-prepared credit unions have a lot of pieces they have to fit into their new puzzle.

A technology portal is the perfect way to keep things streamlined and moving forward in the merger integration process.

1. Risk Reduction

Portals provide oversight throughout the entire process. Leaders are able to log in and see which steps on are on hold, who’s responsible for certain functions, and which documents are needed to move forward.

There’s a certain amount of transparency provided by portals that simply can’t be obtained via emails, spreadsheets, or in-person meetings.

2. Big-Picture Overviews

Senior leaders don’t have a lot of time to wade through emails or inquire as to the whereabouts of certain documents.

With a portal, they can easily log in, see the progress of the process, and take steps to eliminate bottlenecks when necessary. This time-saving measure allows leaders to utilize their time efficiently, only checking in when something needs their attention.

Along the same lines, portals allow leaders to document the savings of their merger integration in real time, as the software enables them to forecast the benefits they’ll receive from economies of scale as the credit unions unite into a single outfit.

3. Safe, Centralized Document Storage

When you undergo a merger integration, there are a number of important forms that need to be fulfilled, signed, and finalized before the process can be complete. Beyond the fact that email and hard copies are simply difficult to keep track of, they’re not secure. Security is of the utmost importance when you’re dealing with the future of your credit union’s success.

Some portals provide you a place to put your documents, but it’s important to understand the difference between generic portals and those built specifically for your credit union’s needs during the merger integration process.

Portals created by credit union industry experts will provide you with:

    • Project management systems built directly into the portal

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  • Gantt charts, showcasing the progress of each task and others tasks’ dependencies upon the completion of prior activities
  • Cost-tracking tools
  • Communication tools such as annotations, which allow you to provide specific directions to anyone who’s involved in the project plan
  • The ability to control who sees which tasks, ensuring each department understands its role in the process so it can provide the deliverables expected of its team
  • The ability for project managers to update tasks as needed without wading through red tape, ensuring the process continues to move forward—or issues are addressed as soon as they arise.

There are thousands of tasks involved in a merger integration, which can be quite overwhelming at a glance. By using technology to narrow down everyone’s task, so they’re only seeing the items they’re responsible for, you’ll ensure a smoother transition and reduce bottlenecks along the way. With technology by your side, transparency, efficiency, and accuracy are possible.

Merger integration is a complex process. Without the assistance of an expert third-party facilitator, your leaders may find themselves dealing with unnecessary stresses. Fortunately, there are companies out there whose sole job is to make sure your merger integration process is successful for everyone involved.

Before you get too deep in the process, be sure to reach out to a team of consultants who can lend an experienced hand.