Moving credit unions technology over to affordable cloud solutions to level the competitive playing field and improving the mobile experience to meet member demands, are two of the most important emerging trends.
Layton, Utah-based CUSO CUProdigy created technology to make its member credit unions more efficient and cost-effective using vigorous cloud-based solutions. The CUSO offers its own core processing platform, as well as core-agnostic cloud-based IT infrastructure services that include a very robust virtual desktop framework.
“It is this combination of technology, architected in a private cloud and specifically constructed for credit unions, that makes our offering unique,” CUProdigy CEO Anthony W. Montgomery, said. “It removes credit unions from the burden of purchasing, building, and maintaining technology infrastructure − whether it is server, storage, networking, firewall, or desktop.”
CU Prodigy's cloud solutions provide infrastructure-as-a-service, disaster-recovery-as-a-service, backup-as-a-service, and a virtual desktop infrastructure. “It liberates credit union technology staff from mundane and repetitive tasks and allows them to focus on value-added or strategic work,” Montgomery pointed out.
It also provides a private cloud rather than a public cloud. This way credit unions do not have to worry about security in a public cloud, where their data lives, or who has access to the cloud infrastructure.
CUProdigy's private cloud allows credit unions greater efficiency, enhanced regulatory compliance and an improved business continuity posture. Montgomery pointed out. “Small and medium sized credit unions can utilize cloud infrastructure to help them compete with other financial institutions.”
While CUProdigy offers a core solution, it does not stipulate a credit union must use it to leverage its cloud technology. “In our opinion, that would be shortsighted of us,” Montgomery asserted.
Nor does CUProdigy's system require a core conversion because the technology used to build its cloud is compatible with many types of servers. “The key is whether the credit union software that runs on those servers supports virtualization,” explained Montgomery.
The cloud technology does not require application-program-interface integration. An available optional API allows technically advanced credit unions to send commands to administer and create servers and networks without the use of the graphical user interface. “For most credit unions, we handle those duties on their behalf and such tasks are part of our simple pricing model.
Another emerging trend relates to member experience, according to Jeremiah Lotz, VP of digital experience and payments at St. Petersburg, Fla.-based CUSO PSCU.
“Many of the emerging things we see happening right now involve satisfying member demands. That is why it seems very mobile focused; because it is very experience focused,” Lotz said. “The emerging part is how to better use new technology, either from the mobile device, operating system providers, or third-party entrants,” Lotz suggested.
Read the full story about the affect of emerging trends on credit unions members in the Sept. 14, 2016 print issue of Credit Union Times.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
