IT must be nimble, resilient, and scalable. This is true now, more so than ever. As a result, we need to change the way we think about how we design IT systems and think more about “platforms” in the cloud. These platforms can provide the foundation of technology that is needed now and in the future.
Credit unions can no longer delay a digital transformation. It’s not about if, but when – and in order to meet the needs of members, credit unions need to embrace new platforms sooner rather than later.
Leaders have long been concerned about shifting from on premise infrastructure to the cloud, but it doesn’t have to be either/or – there is no way to accurately compare the two. It is important for leaders to understand that this journey is less about infrastructure and more about how to manage technology.
What is the best platform for innovation and connectivity to support member needs?
Lingering fears of the cloud are unfounded – even if a credit union has not yet shifted from an on premise data center to the cloud, its vendors are using the cloud, which means that the credit union is in the cloud. Unfortunately, in this situation, the credit union is disconnected and unable to leverage all the benefits the cloud provides.
The cloud is more than a place to store data. It is an ecosystem. All of the organizations within the ecosystem benefit from the access it provides for innovation and improved connectivity between vendors. Within the ecosystem, organizations have access to smart technologies, smart people and innovation, that a physical data center simply can’t provide.
A cloud ecosystem is like a co-working or incubator space, providing all those within it to benefit from the knowledge and innovation happening around them.
In the cloud, credit unions are no longer responsible for maintaining infrastructure, and instead have the capacity to provide the technology needed to remain competitive in the attraction and retention of members.
At a recent webinar we hosted with CUInsight, Chad Ritchie, Chief Information Officer for Ventura Credit Union, shared, “Digital transformations eliminate the need for staff to do manual functions all day. With the right partners in place who can provide 24/7/365 managed services, credit union IT teams can focus on business strategy and member experiences. It’s hard to compete with Amazon, Microsoft, Google. But we no longer need a deep bench of expertise. We can create development plans to help people who want to learn and partner with vendors who provide the deep bench of expertise.”
70% of people polled in a recent survey prefer to bank with a local institution, but don’t because of the lag in technology. The cloud allows dramatically increased speed to market, which is exciting as employees and members look at new opportunities. Speed to market can make the organization more sustainable and prepare it to meet future expectations.
Cloud infrastructure compresses the time from inception to delivery, helping credit unions to be more agile and responsive to a rapidly changing world.
Credit unions need to shift mindsets, philosophies, and cultures to see beyond the technology infrastructure and determine the best ecosystem in which to be agile and resilient.