Member service is the pillar of Credit Union Industry. Credit Unions strive to make their services more efficient to their customers. At the same time, it is true that credit unions have tough job on their hands to make themselves more attractive to the millennial generation. When it comes to facing competition from retail banks and neo-banks the credit unions know they have an uphill battle. Pandemic has created the situation even worse, affecting the way Credit Unions do business, from forcing closures of physical branches to sending employees home to work remotely—many for the first time in their journey.

Here Cloud based systems play a critical role in supporting new ways of doing business. The question isn’t if you should migrate, it’s when-and how. Migrating to the cloud offer a laundry list of benefits and advantages to Credit Unions. 

Credit Unions journey to Cloud

Promises of lower costs and enhanced scalability are drawing a growing number of Credit Unions into the cloud. Credit unions have unique relationships with their members who see them as trusted partners in their financial journey through life. They are often based in small towns with a uniquely individualistic outlook on life. But their profiles are changing as their members’ needs and expectations change. By adopting Cloud, the credit unions can reciprocate with great new services because they are closer to what their customers need.

One function where the cloud presents crucial advantage in the current moment is internal or back-office operations. Cloud-based systems make it easier for employees to access critical applications remotely. Cloud-based platforms are better equipped than legacy on-premises IT to provide device-agnostic access, allowing employees who need to log in via a remote computer or smartphone to do so.

How the Cloud migration can boost your Credit Union 

Here are 5 reasons why hosting your core technology in the cloud is a great idea.

Lower cost of ownership: Credit Unions, not-for-profit entity cannot afford to buy and manage thousands of state-of-the-art-machines. The cloud will reduce the cost of replacing outdated software and hardware. With Cloud, no server costs, reduced implementation timeliness and zero maintenance fee.

Faster and more accessible data: Cloud Computing can generate faster data transfers and quicker insights than most physical hardware options. Further, those high-speed data insights can be accessed with just a few simple clicks, any time of day.

Enhanced data Security: Data security is a high priority for any business, but even more so in the financial sector. Built with security first mentality using cutting edge measures. When switching over to core in the cloud, one of the great operational benefits is that the data is stored remotely, securely, and redundantly.

More Reliable: 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.

Faster Insights: Generate faster data transfers and get quicker insights.

Why choose Insight Consultants

Success means choosing the right partner. Insight Consultants cloud-first approach emphasizes business outcomes. We carefully assess your business objectives and apply our industry and technical experience to help transform the way your organization operates with the cloud as its foundation. We operate at a higher level.

Boost the performance of your credit union with cloud migration approach built around these four main steps:

Actionable strategy for a result-driven outcome: Insight Consultants cloud migration designed for result-driven outcomes. We layout an actionable strategy to craft a results-driven cloud migration— our engineers work directly with your engineers to make the experience more seamless.

Effective data migration: We quickly and securely migrate your applications to the cloud using automated tools, so you do not have to worry about the complexity of migrating or building new applications.

Scale and flexibility: Business requirements are constantly changing; the notion of a steady state is becoming outmoded. Insight Consultants has the scale and flexibility to address your peak demands.

Easy transformation to a digital enterprise: Insight Consultants begins the journey to the cloud by focusing on applications and required business outcomes. We have the experience and deep bench of experts to get your business on the cloud faster.

Getting a real competitive edge with cloud migration

Many credit unions can be overshadowed by the power of big banks, but by tapping into the power of the cloud, they can compete on the same playing field. As more account holders opt into digital banking technology, Credit Unions must look ahead to their next challenge: updating their digital offerings to keep pace with evolving expectations.

Cloud technology plays an important role in helping credit unions keep their account holders satisfied and engaged with digital products and services. A cloud-based platform can accelerate innovation by using data for the benefit of functions such as oversight, marketing, and others. Most importantly, platforms that feature an open API approach enable fintech firms and financial institutions to collaborate on tools and solutions and bring them to market quickly and efficiently where they can help credit unions and banks deliver in response to evolving user expectations and strengthen their account holder relationships.

For Credit Unions, moving to Cloud can help expand its products and services to engage with online and mobile users, who expect the same sophistication and level of service that they expect from other businesses. CONTACT US to know more!