What does tech transformation look like at your CU? (Part 2)
In my last post, we covered one credit union’s digital transformation and cloud computing journey. George Estrada from AWS, Bipin Sahni from Persistent Systems, and Lisa Anderson from Affinity Plus FCU had outlined for us some common use cases and benefits of cloud technologies. As digital transformation sweeps across financial services, credit unions are rapidly evaluating and deploying cloud services to modernize their operations, adapt with changing member behaviors and expectations, and drive growth. We often know well ahead of time when we need to update or innovate. Where it gets tricky is overcoming legacy systems, and getting all stakeholders aligned on how and where to focus. Lisa’s team at Affinity Plus FCU seem to have cracked that code.
Bipin Sahni, Chief Strategy Officer of Persistent Systems, said it best when he noted how many credit unions are collaborating with partners to build a “digital mosaic of business services, data platforms, and infrastructure” that is both flexible and strong. The cloud represents the cornerstone of this digital mosaic. Bipin rightly emphasized that the digital mosaic, above all else, must support the four big needs of members: saving, borrowing, investing, and spending.
To that end, one of Bipin’s favorite targets is helping credit unions to streamline member onboarding–making their experience easier and more enjoyable from the beginning. He also pushed for shifting other core capabilities into the cloud such as KYC (Know Your Customer), data analytics, governance models, and security protocols. And he has some great stories of credit unions rapidly building integrated IT ecosystems to replace older siloed architectures.
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