NCUA Modernizing Its Platforms to Adapt to Shifting Financial Services Environment

The financial services landscape is ever changing, which means NCUA must adapt to ensure it continues to keep pace with these changes and provide a safe and sound credit union system. To facilitate this transformation process, NCUA in June created the Enterprise Solutions Modernization program to develop and deploy a new technology infrastructure across the agency.

What Is the Enterprise Solutions Modernization Program?

The Enterprise Solutions Modernization program is a multi-year effort to introduce emerging and secure technology that supports NCUA’s examination, data collection and reporting efforts.

Over the course of the next few years, the Enterprise Solutions Modernization program will deploy new systems and technology in the following areas:

  • Examination and Supervision—Replace the existing legacy examination system and related supporting systems, like AIRES, with modernized tools allowing examiners and supervisors to be more efficient, consistent and effective.
  • Data Collection and Sharing—Define requirements for a common platform to securely collect and share financial and non-financial data including the Call Report, Credit Union Profile data, field of membership, charter, diversity and inclusion levels, loan and share data, and develop a secure file transfer portal.
  • Enterprise Data Reporting—Implement business intelligence tools and establish a data warehouse to enhance our analytics and provide more robust data reporting.

Additionally, NCUA envisions introducing new or improved processes and technology to improve its workflow management, resource and time management, data integration and analytics, document management and customer relationship management.

Why Is This Important?

Modernizing our technology will facilitate greater collaboration and exchange of information between credit unions, credit union service organizations, state supervisory authorities and NCUA. Additionally, more robust business intelligence tools and analytics will allow NCUA to manage risks to the system more proactively.

In addition, a newer and more flexible technology infrastructure can adapt more easily to changes in the financial services environment, such as changes in statute and regulation, than the agency’s current legacy systems. These new systems will allow the agency to streamline its examination and supervision processes and procedures, helping to create a more effective, less burdensome examination process.

Where Do Things Stand Now?

Although the multi-year program is still relatively new, it has reached some critical milestones, including:

  • Establishing the program management office to manage risks and issues, costs, schedules, acquisitions and resources associated with the modernization program; and
  • Conducting working-group sessions with employees and technical experts across the agency to gather and document functional objectives and capabilities for future systems.

NCUA will provide additional information on the program and ways that stakeholders can offer their input.