Credit Unions and Cloud Services: Five Ways They Can Work Together

4 min read
Dec 2, 2022 4:00:18 PM

Credit Unions are critical to the financial health of the communities they serve. Their work keeping the pulse of the local economy is so crucial that the technology tools they employ can't help but be on the cutting edge. This is precisely where cloud services come into the picture.

Cloud services have proven successful at various financial institutions and have supported the digital transformation of several Credit Unions across the United States. But why are cloud services so appealing? The answer to this question has several components.

On the one hand, we could talk about how, with increasing frequency, users expect satisfying digital experiences that equal or exceed those they can have over the phone or in brick-and-mortar interactions.

On the other hand, we find the immense benefits that the cloud can bring to all kinds of organizations.

The cloud does not require significant physical servers, maintenance, or license investments. You pay for what the organization uses and have a flexible service on which you can create versatile solutions ranging from service customization to physical document processing with top-of-the-shelf OCR solutions.

In other articles, we have discussed how cloud services can facilitate the creation of a data strategy. But today, we are going to focus on the benefits that credit unions can gain through cloud services.

Benefits of cloud services for Comunity Banks

Credit Unions can use cloud services to understand customers and provide them with the services and products they need when they need them and at the right time. Still, their benefits are not limited to personalization.

Here are some ways in which cloud services can transform the user experience.

1.Refresh customer experiences through modernization

When we talk about digital transformation, we are referring to a process that many organizations have been working on for years and in which they have gained valuable learnings for the future.

Implementing cloud services helps build on what has been built, optimizing and leveraging resources for users to experience an enhanced version of the services and platforms they know and love.

At Pragma, we have accumulated years of experience modernizing applications through AWS tools and services. This has allowed us to learn firsthand the immense improvements that are experienced when a financial institution's digital assets become cloud-powered.


2. Create better experiences across all channels

The cloud allows financial institutions to build flexible digital assets that react agilely to user demands. However, the power of the cloud can be used to meet personalized service expectations across all user interaction channels, including physical experiences.

As mentioned earlier, the immense computational, analytical, and storage capacity of the cloud also opens up the possibility of creating solutions based on personalization and data analysis.

If we start from strategy with clear objectives, using cloud services can be the first step to strengthen every moment in the user journey, generating synergies in which each channel of interaction with the customer works as a whole that is there to offer satisfactory experiences.


3. Create versatile services that enable Agility and innovation.

What do we mean when we talk about flexibility in cloud services? To answer that question it is necessary to look at the past.

In the past, when digital assets were designed based on what experts call "monolithic architectures," a minor adjustment could generate a chain reaction that could inconveniently affect functionalities that had nothing to do with the aspect we wanted to modify.

With the cloud, problems related to monolithic applications are a thing of the past because a microservices system is employed. Each functionality operates independently, allowing you to make changes agilely and create development and innovation processes that have less friction.


4. It helps you comply with regulations

AWS tools can also help credit unions with intelligent devices that can be tasked with verifying regulatory compliance.

These auditing processes can be carried out in an automated manner and can provide real-time information that can detect any deviations from corporate policy promptly.

On the other hand, these types of tools that can be configured to meet the requirements of different agencies such as the Federal Financial Institutions Examination Council (FFIEC), the National Institute of Standards and Technology (NIST), and the Automated Cybersecurity Examination Tool (ACET).


5. Deliver the highest security standards

AWS is one of the most secure cloud service providers on the planet. Not surprisingly, its services are used by the government, the military, and various financial institutions worldwide.

With AWS, you can encrypt, move and manage your data without putting it at risk. In addition, AWS provides 24/7 monitoring and automates manual security tasks, enabling you to dedicate more time and resources to improve your service offerings.


If you want to learn more about how we at Pragma have worked to transform businesses with the help of AWS tools, remember to check out the resources section of our website. You can also start a conversation with us at this link.


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