How can credit unions benefit from “bring your own device” (byod)?

Credit Unions, like many other types of organizations can benefit from implementing Bring Your Own Device (BYOD). But how? Doesn’t this only work for certain types of organizations?

One of the main benefits that many credit unions see from implementing BYOD is lower costs associated with purchasing a large number of computers or tablets. Employees are able to bring and use their own devices and register them with the company’s network. Most technology is only current for a certain period of time, and then becomes obsolete and in need of replacement.   Allowing employees to use their own phones and device allows them to decide when it is time to update.

Additionally, this is also beneficial since end users are most likely already comfortable with the device they are using and don’t need any additional training.

Though BYOD may lower costs of technology for credit unions, if not implemented correctly it can result in many Information Technology, Human Resources, and security issues which result in higher costs in areas such as the time and support. The following are the bare minimum criterion which should be in the BYOD policy.

  • Set guidelines for the types of devices allowed from the beginning

 The credit union needs to set from the beginning which types and brands of devices they are going to support.

  • A process for disabling users

– Allowing employees to use their own devices can lead to a security risk once the employee is no longer with the company. The organization needs a system in place to ensure that once the employee leaves, their account is automatically disabled.

  • Security for compliance and audit needs

 It is important that the organization ensures that BYOD also meets audit and compliance needs. Identity Access Management (IAM) software can help the organization to ensure that on their device users only has access to the systems and applications which they are supposed to. This information can then also be easily accessed when it comes to audit time.

By properly ensuring the BYOD policy from the beginning the credit union can hopefully avoid the many issues that can occur along the way. This will allow them to receive the full benefits of implementing BYOD at their organization, and see the benefits that many other types of organizations are experiencing.