July 25, 2024
News

Credit unions aim to keep employees as automation becomes more prevalent

Lenders are striving to strike a balance between retaining their workforce and implementing automation as they embrace a greater reliance on automated processes in order to enhance efficiency. ORNL Federal Credit Union, headquartered in Oak Ridge, Tennessee, is actively working to keep its current employees while ramping up its automation capabilities. “Automation may result in job displacement. We can’t ignore the fact that…

FAQ

How are lenders balancing staff retention with automation?

Lenders are working to find a middle ground between retaining their employees and incorporating automation to improve efficiency.

Why is ORNL Federal Credit Union focusing on staff retention while increasing automation?

ORNL Federal Credit Union is prioritizing retaining its current workforce as it expands its automation capabilities to minimize job displacement.

Conclusion

As the lending industry continues to shift towards automation for improved efficiency, finding the right balance between retaining employees and implementing automated processes is crucial. ORNL Federal Credit Union’s approach to focusing on staff retention while increasing automation serves as a model for other lenders navigating this transition.

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