In an industry long dominated by reward programs and new enrollee gifts, the world of member loyalty among credit union members truly is mirroring the progression of technology. The deeper that credit union managers dive into emerging applications and cloud-based tools, the more opportunities they’re discovering to create loyal members.
These days, just about everything is easier than it used to be. From purchasing music and renting movies to renewing automobile registration, cloud-based services are revolutionizing customer experiences across a multitude of industries.
Credit unions are no exception. Members are increasingly accustomed to going online to check their balance, transfer money and much more. In a world that is seemingly more fast-paced with each passing year, any service that helps people spend less time doing errands and more time enjoying life is a welcome tool.
As cybersecurity best practices and well-publicized breaches garner more and more attention, individuals and families are less likely than ever to choose and stay with a financial institution that they don’t consider highly secure. With people’s financial well-being stake, it’s understandable.
In fact, according to one recent study, 49 percent of respondents cited security concerns as an obstacle preventing them from increasing their use of online and mobile channels.
Credit unions are put through rigorous compliance steps, but every added layer of security helps keep an institution out of the news and in its members’ good graces. Many companies are leveraging technology partners and cloud-based services to build strength and safety.
Another aspect of peace of mind among members is trust that if a disaster strikes, their information will remain safe and accessible — and not a month later. Virtually no length of service disruption is considered acceptable.
With cloud-based software that provides failover from one cloud to another, credit unions can recover services in minutes rather than hours or even days it likely would take otherwise.
Gone are the days when the word “cloud” was new and somewhat unsettling to consumers. In 2016, people understand that cloud-based services are making their lives easier — and credit unions are realizing that effective technologies create loyal members.
Moving critical business functions to the cloud can be a bit intimidating for credit unions. The lack of physical infrastructure can seem like some type of black magic. The reality, however, is that it can be pure magic. Credit unions can realize many operational efficiencies by taking advantage of cloud-based business solutions.
From better information sharing to reduced downtime, following are some of the ways that cloud solutions can be a profitable business driver for credit unions.
Employees and members alike can access information more quickly and from more locations or interfaces. This lets work get done faster whether in-branch or remotely. Sharing of information between branches may enable employees to better meet in-person member needs, to expedite loan processing or to generate critical management reports.
Cloud-based business solutions are more stable than hardware-based solutions in general. Teams can enjoy reduced downtime and faster recovery when problems do occur. By keeping employees working without interruption, better productivity is achieved. Members also enjoy the benefit of mobile banking or other interfaces that are reliable.
The cost of maintaining a cloud solution is much lower than a traditional hardware system. This is due to the reduced reliance on hardware as well as streamlined IT management. These cost savings allow credit unions to put more focus on work that directly serves and benefits members.
In this day and age, information security is essential. A cloud infrastructure is inherently more secure because all data is consolidated into one place versus being dispersed on a variety of hardware devices. It would be like a home with one door and no windows. Fewer points of entry for hackers reduce the risk of a breach.
Upgrading a cloud-based business solution can be done with little to no disruption to a credit union’s members or employees. Many of these solution upgrades are created to be intuitive so as to reduce the need for employees to face lengthy periods of time while getting up to speed on new technology.
Instead, they can come into work on the day after an upgrade and be productive right out of the gate. Members appreciate this as well because they are not kept waiting at a window or in line because of a new system that must be learned.
Despite the virtual concept of the cloud, the efficiency that credit unions can enjoy from cloud-based business solutions are real indeed.
We’ve talked about blazing fast speeds before, and how they have become a necessity in today’s world. But what has the increased speed really brought us besides streaming movies and faster web browsing?
Two words: cloud computing. Record-breaking speeds have now allowed us to have virtual applications run on our computers through our web browser and Internet connection. Cloud computing opens the door to being able to run applications in our browsers without having to install a thing!
The possibilities are endless. Everything either is, or will be, in the cloud before we know it. CUProdigy, our web-based credit union management software, is no exception. We’ve built our software from the ground up with the option to be completely cloud-based, or to have it installed on an internal server at your credit union. Either way you take advantage of cloud computing in some form.
The advantages of cloud computing don’t end at just being able to access it through your browser. One of the most beneficial advantages is in recovery and backup. With our cloud-based solution your application exists outside of your branch without our temperature controlled environments. If your credit union goes down in flames (knock on wood), then your data and software is still safe. Backups are also processed on a regular basis, which provides an extra sense of safety.
Another big advantage is security. The “cloud” often has many people concerned about how secure their data will really be—our answer, very secure. Since we have many clients using our software in the cloud we are able to provide top-level support and security to each of them. With temperature and humidity controlled environments we ensure that your software is always running smoothly. CUDP also provides a high-level firewall and intrusion prevention to keep unwanted guests out.
With advantages like these it’s no wonder that 7 in 10 businesses are using cloud services and moving their data to the cloud. With CUDProdigy we make transitioning your credit union software to the cloud a simple and pain-free process. Cloud computing is the way of the future, and getting there with your credit union is as easy as that!
CUProdigy is in the unique position to help Credit Unions ‘Advance Beyond’ by providing a core processing platform that puts the member experience first. CUProdigy empowers credit unions with a comprehensive solution that is both robust and scalable.