Debunking 3 More Credit Union Cloud Myths

 

In a previous blog post, we debunked 3 credit union cloud computing myths, and we’re here to do it again. Cloud computing has been gaining popularity for years, but the events of 2020 and 2021 have accelerated widespread adoption. And with that rapid change comes new concerns. Let’s debunk 3 more common credit union cloud myths.

Myth: The Cloud is Only Good for Backup & Disaster Recovery

This myth is a little difficult to debunk because we must omit just a single word (“only”) from the myth to make it true. Cloud computing is a secure way to back up your data, and it’s also an effective option for disaster recovery practices.

But this is just the tip of the iceberg. For example, IMS’s Private Cloud Services also include:

  • Infrastructure-as-a-Service provides a safe and secure home for your servers
  • Core Hosting: IMS can manage and operate your credit union’s core system to whatever extent you need
  • Virtual Desktop provides a complete virtual workspace, a crucial element in this newly remote world.
  • Colocation Services keeps your data perpetually available by adding redundancy to your systems.    

Myth: One Cloud Will Rule Them All

There’s also a prevailing double-edged cloud myth, and it is that you either need to be extra meticulous in choosing the one cloud solution that will “do it all,” or that once you have broken the seal and start using one cloud service, you’ll end up needing dozens or hundreds of different cloud providers in order to successfully do all the things you were already achieving with your in-house or data center-based system.

Many organizations choose a multi-cloud strategy, but that doesn’t mean you can’t have success with one cloud, and it also doesn’t mean that you will have to collect cloud management systems the way people collect stamps or comic books.

Myth: Cloud Data = Public Data

Another extremely common cloud myth is that once it’s in the cloud, your data is accessible to the public – as in everyone. There are tons of jokes in movie scenes about how once something is up in the cloud, you can’t get it down, and the information (no matter how private or incriminating) is now broadcast for all the world to see.

The Florida Institute of  Certified Public Accountants shared some great insight on why this notion is a myth: “There are public clouds (shared environments) and private clouds (dedicated environments.”

Public clouds like Google, for example, have multiple tenants and typically operate under pay-as-you-go models. A private cloud, however, is a single-tenant environment where all hardware and network components are dedicated to one client (or business).

Either way, there are no options where storing your information in a cloud network is akin to putting your data on a public billboard or allowing random individuals access to your credit union’s sensitive business or member-based data.

Bust Your Credit Union Cloud Myths – See the Results for Yourself

IMS offers Private Cloud Services that can help you safeguard your member data at all times, but especially when your credit union is most vulnerable. Contact IMS for more information.


3 Ways To Stay On Top Of Credit Union Technology

credit union technologyEvery time a member completes a simple transaction, chances are they won’t be thinking about all the integrations your credit union implemented for it to happen. Members aren’t thinking about how the core is integrated with applications whenever they check their account balance. They just expect their account data to be there, and for your app to work as it should. It is now your credit union’s responsibility to anticipate members’ needs and provide the specific tech solution they demand.

But how can your credit union provide these solutions if there is little awareness of available technologies?

Technology advances every single day. Staying updated on the latest available innovations not only gives your credit union a competitive edge, but it also helps you provide a wider range of member services.

Here are 3 quick and practical ways your credit union can keep up with the latest technology:

Opt In To Tech Marketing Communications

Third party technology providers usually send out marketing emails that you can subscribe to. While not every email may offer the insight or breakthrough that you’re looking for, keeping tabs on what’s new will help you stay up to date on credit union technology. Your core system provider might be offering services you could use to your advantage but you didn’t know that they were available to you and your members. It’s rare that you discover innovations if you aren’t looking for them!

Attend Industry Webinars

Tech partners often announce and hold webinars. These are low-risk and high-reward ways to educate clients and partners. Sessions typically last 30 minutes to an hour. Providers often discuss new and emerging innovations, or more effective ways to use current systems. If one of your primary goals is to optimize credit union operations, it’s crucial that you learn to use core technology to its fullest potential.

ELearning Programs And Other Online Resources

As of this writing, there are multiple credit union associations that offer helpful eLearning programs, as well as online resources provided by technology partners. These learning centers develop and share industry training and professional development to help partners improve in several areas, including operations, compliance, research, marketing and strategy.

By regularly exploring these resources, your credit union will have a better idea on which areas of knowledge you should invest more time in.

Continuous education is a critical part of being an excellent financial institution, although leadership often underestimates it. It’s easy to fall behind when it comes to tech and service offerings since they constantly improve and change. If you embrace the wealth of resources that credit union technology partners offer, you’re well on your way to staying on top of industry technology and core solutions.