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6 Advantages of Cloud Core Processing for Credit Union Resiliency

More than 9 million acres are on fire in Canada, according to the New York Post, which also happens to be the start of hurricane season. The National Oceanic and Atmospheric Administration is predicting 12 to 17 named storms – these are the big ones – to hit the US in 2023.

Credit unions face the critical task of safeguarding operations against potential disruptions caused by natural disasters – often when members need access to their financial information most. Disaster recovery methods on legacy technology rely on expensive and time-consuming, physical backups and redundant infrastructure, which can affect your credit union’s reputation. 

On the other hand, cloud core processing has revolutionized the way a whole host of businesses approach business continuity and disaster recovery, including Prodigy credit unions. By leveraging the power of the cloud, credit unions can ensure uninterrupted operations, faster recovery times and cost-effective solutions, so they’re up and running to serve members during their greatest times of need. 

Here’s just a peek at the numerous benefits of cloud core processing for credit union resiliency:

  1. Anytime, anywhere data availability. One of the significant advantages of cloud-based core processing is its ability to store data remotely. With your critical data in the cloud, your credit union ensures that data is readily available, even if your branches are affected by hurricanes or other disasters. Members can access their information via digital banking, and when it’s safe, your team can be up and running in a mobile unit if you choose, as well as from home for remote tellers. Cloud ensures your credit union’s business operations can continue seamlessly, regardless of natural or manmade disasters.
  2. Redundancy and resilience. Cloud core processing allows data to be stored across multiple, geographically separated servers and data centers, eliminating single points of failure and enhancing your credit union’s resilience. (Prodigy’s main site is in our home of Salt Lake City and our backup location is in Denver.) In the event of a hurricane or any other disaster, if one server or data center becomes inaccessible or goes offline, data can be quickly and seamlessly transferred to alternative locations. This redundancy ensures minimal downtime, typically just a couple of minutes, and accelerates your credit union’s disaster recovery.
  3. Scalability and flexibility. Scale up with the cloud when you need to and scale down when you need to with the cloud, which can be particularly important during a crisis. When staring down an approaching hurricane, credit unions can quickly scale up their cloud resources to handle increased demand or workload. Respond to your credit union’s evolving situation with ease to maintain member service during a disaster.
  4. Save time and headaches for your IT team. The traditional disaster recovery process when dealing with legacy cores often involves complex and time-consuming procedures for restoring data and infrastructure. When your core is in the cloud, your credit union can significantly reduce recovery times. Cloud-based backups can be quickly and efficiently restored, minimizing downtime, making your credit union your members’ hero in times of trouble and protecting your hard-earned reputation. 
  5. Save your members’ money! Because we’re a CUSO, we totally understand your not-for-profit, member-owned structure because that’s how we run. We take our client credit unions’ money seriously, just like you. Core processing in the cloud means you only have to pay for the resources your credit union uses. That’s how Prodigy can offer a simple $1 per member cost structure. Additionally, cloud-based cores minimize your credit union’s costs associated with housing, maintaining and managing physical infrastructure, eliminating the IT busy work and allowing them to focus on how your credit union can better serve its members through technology.
  6. Robust security and compliance. Unfortunately, scammers are ever-vigilant, especially ready to take advantage of the chaos during and after natural disasters. We prioritize security and compliance to keep your member data safe and secure with systems few of our clients could afford to do on their own. That’s the power of a CUSO – providing collaborative solutions specifically for credit unions. Particularly peace of mind during crises. 

Hurricane season poses significant challenges to credit unions and their members, but with the adoption of cloud core processing for credit union resiliency, organizations can ensure seamless business continuity and disaster recovery. The benefits of cloud-based core processing and other solutions, including enhanced data availability, redundancy, scalability, rapid recovery, cost efficiency and robust security, empower credit unions to withstand the impact of hurricanes and other disasters. By leveraging the power of the cloud, organizations can protect their critical data, maintain seamless member service and emerge even stronger from any potential disruptions.

As hurricane season begins, embracing cloud core processing as a strategic investment guarantees continuity, resilience and a solid foundation for your credit union’s disaster recovery plans. Ready to join the core revolution? We’re ready for you.

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