Cloud-based credit union core processors are quickly becoming more of a necessity than a wish list item. New technologies can improve both the member and employee experience, but they’re only feasible atop a core infrastructure that is agile and cost-effective.
Here are five ways an old core can be a liability for your credit union:
Not unlike a house, you don’t want to build a credit union core on an unpredictable foundation. Many legacy core processing systems were orchestrated long before the Internet took off, back when internally initiated transactions were the main concern. Today’s credit union core must account for direct interaction with members, too.
It’s difficult to justify paying for a lot of emerging technologies and next-wave services unless the underlying infrastructure is apt to handle an escalating load.
An old, outdated credit union core simply can’t accommodate one of the most essential aspects of networking: agility. With existing technologies constantly evolving and new services emerging practically every day, a productive core is one that can be integrated with new partners and services quickly and efficiently.
Truly responsive implementation of technologies that make life easier for credit union employees and members is only feasible with a modern-day core. The older and more outdated your traditional core system becomes, the more unlikely it is that it will be able to facilitate major changes.
On several levels, staying with an old core can be a liability to your credit union’s budget. The amount of man-hours spent trouble-shooting an outdated and equipment-heavy core can be drastically reduced by transitioning to software-based solutions.
Besides saving money on man-hours, hardware, installation and even seat license costs, credit unions also can leverage an updated core and new technologies to boost their member base and retain their best employees.
For many credit unions, the uncommon but potentially crippling liability is the scariest one of all. Executives at such organizations constantly fear the effects of an IT disaster — effects such as livid members, lost data, and fed-up employees.
The older and more outdated the core, the longer it likely will take to get your operations up and running again. Meanwhile the clock is ticking on involved parties’ patience and threshold for pain.
A browser-based recovery system can restore a credit union’s system much more quickly than traditional cores — and prevent data loss in the process.
Modern-day commerce is rife with security concerns, as malicious hackers constantly change their tactics in adaptation to security trends. Attacking the information that flows within a credit union’s network is now just as popular as trying to intercept the data that travels in and out.
Rather than old core systems, it takes next-generation firewall technology to protect precious member information that is traveling in all directions.
Overall, converting to a cloud-based core processing system is one of the best ways to ensure your old core is not a liability.
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.