In the data they keep, credit unions can find abundant information to help improve the member experience as well as internal operations. Since data is so important (and regulators are paying attention to cybersecurity), it’s worth making sure your data storage systems are in order. Technology is constantly evolving, forcing credit unions to take a hard look at their current configurations and explore new options.

Here are some key things to consider:

1.   Storage as a service. Storage as a service works kind of like renting a photocopier. The credit union rents storage hardware and software that is owned by the service provider, but housed at the credit union’s location. If there’s a problem, the credit union calls the provider for assistance.

This model can have broad appeal for credit unions because it can reduce investments in storage infrastructure and management costs. In this model, service providers supply servers, software licenses and support, reducing demands on staff and the need for a large internal IT staff to support storage.

Credit unions are often reluctant to give up control of their data. Storage as a service models respond to this by allowing easy access to stored data on servers housed on site. This is a key difference from the cloud model, in which the credit union’s data is stored off site.

Storage technology is constantly evolving. Working with a company that buys often and in large quantity can help CUs use the current best-of-breed storage options for a good price.

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