Cloud adoption has continued to increase across the financial sector. And why not? Over the last few years, the benefits of using cloud based technology for your credit union has indeed become more popular, as some of the myths have been debunked and usage has become more widespread. Cloud-based systems can be customized and scaled to fit any size credit union and can bring operational efficiencies to your credit union's core technology. Taking your tech into the cloud might be just what you're looking for.
Here are 5 reasons why hosting your core technology in the cloud is a great idea.
Enhanced data security
Data security is a high priority for any business, but even more so in the financial sector. When switching over to core in the cloud, one of the great operational benefits is that the data is stored remotely, securely and redundantly. Choose a system and service provider that not only stores critical system and member data in the cloud but also documents and images. Rest assured that your critical data is effectively locked away and safeguarded, available only to you and your members.
The cloud will make your IT staff more efficient
Choosing to migrate to a service provider who can host your core technology in a cloud may sound like a huge undertaking but it will generate operational efficiencies and provide cost-savings in the long run. It will free up your IT staff and give them more time to work on member-facing tech improvements or projects. This can alleviate them from being tied down with daily maintenance, vendor management or disaster recovery planning. Removing the need for third-party vendors to help maintain your system also reduces cost and streamlines credit union operations.
The cloud will reduce the cost of replacing outdated software and hardware
Similarly to how your car depreciates as soon as you drive it off the lot, new hardware and operating system advances and upgrades are being made regularly. You might find yourself spending a small fortune just to keep up with the latest operating system in order to keep it compatible with your new hardware or vice versa. The beauty of a cloud provider for your core is that they will keep the hardware, operating system and infrastructure up to date and ensure the newest software fixes and security patches are in place as soon as they are available. They will ensure any transitions are seamless, and take the worry - and expense -out of having to keep up.
Training for your staff is provided by experts who know their product
Any time a new platform or application is introduced, there is always a learning curve for your staff, and often your IT person is charged with the roll-out and education. Working with a cloud-based service provider has the benefit of the provider being responsible for the smooth roll-out and implementation of their product, which includes training for your staff by experts with a huge knowledge base of their own product. They are on-call and available to answer any questions and can help troubleshoot when any situation arises.
The cloud is a great option that is cost-effective and reliable, and not just for backup and disaster recovery purposes.
Storing your data in a cloud-based solution makes sense for many different reasons. Data centers that store the cloud servers and run your applications have highly redundant connectivity, reliable backup generators, no single point of failure and the expertise on staff to quickly address any problems in the case of a disaster or disruption in uptime. In addition, you want to be able to have access to your data reliably, know that it is automatically backed up, and seamlessly accessible from your desktop.
Migrating credit union core technology to the cloud is a big decision and choosing the right company to work with is important. You want to make sure they have up-to-date infrastructure, can provide the services your credit union needs, and offer round-the-clock support.