In today’s fiercely competitive market, Credit Unions face the challenge of proving their mettle against the rising presence of FinTechs and digital banks in the financial institution space. However, many credit unions find themselves constrained by outdated core systems that impede their ability to drive effective digital transformation. This is where cloud collaboration emerges as the key solution, empowering credit unions to enhance their return on investment (ROI) and stay ahead in the digital age.
Is your CU behind the times and facing challenges like:
- Growing threat of disruption
- Increased profit pressures
- Changing market and business models
The accelerating pace of digitization is driving a greater degree of interconnection. The time to change is now.
The Solution: Adopt Cloud Collaboration. Embrace an Intelligent Future.
Historically, credit unions have been reluctant to make cloud moves, owing to the complex nature of existing legacy systems and business-specific banking processes.
Unlike banks, however, credit unions rely more heavily on their membership to deliver sustainable ROI. As a result, they’re more likely to adopt new technologies — including the cloud — if their members push for the change. In the post pandemic era, the cloud is critical for sustained success.
Benefits of Cloud Collaboration for Credit Unions
Scalability: Cloud solutions can be configured on demand to meet changing resource needs. This offers a dual advantage for credit unions. First, they can expand service offerings to ensure continued satisfaction as membership grows. Second, there’s no need to move everything at once; instead, organizations can start with a measured approach to the cloud for critical data and services. If more rapid uptake is required, cloud scalability makes this possible at any time.
Availability: Credit unions can’t afford downtime for data and services. Not only does this negatively impact member perception of security and stability, but it opens the door to potential compliance challenges. Distributed, redundant cloud solutions help ensure continuous availability.
Affordability: Cost remains a top concern for credit unions, and for many is the primary benefit of adopting cloud services. With cloud platform market leaders now offering broad interoperability and no data lock-in, organizations can pick and choose the mix of cloud services that work best for their brand without breaking their budget.
Insight Consultants are dedicated to serving your CREDIT UNION hearts to make them as BIG and as SMOOTH FLOWING as possible.
By combining our cloud expertise with industry-leading tools, processes, and best practices, we offer an Industry Cloud solution packaged as a complete managed service.
- An integrated, end-to-end managed services approach for application, infrastructure, and security.
- A core application landscape with bespoke integration and workflow capabilities, cloud hosting, and business and IT operations support
Credit unions are moving to the cloud as both operational requirements and member expectations evolve. But the shift doesn’t require an all-or-nothing approach. Instead, steady adoption, informed by specific needs, can help drive reliable cloud ROI.
CONTACT US to embrace outcome-based delivery and collaborate to accelerate success.
