LAYTON, Utah—One expert is predicting that in 2019, the cloud for CUs will become as ubiquitous as high-speed Internet.
“Credit union leaders need to carefully shepherd member capital, investing in key technologies and solutions that offer the greatest return,” said Bret Weekes, president and CEO of CUProdigy. “Of course, technology is among the costliest of all investments for credit unions. That’s why credit union leaders are looking to a common thread for connecting technology with their operations and the member—cloud computing.”
Through cloud computing, credit unions can get more done and optimize resources to deliver greater value back to the member, he said.
“CUProdigy has been delivering the benefits of cloud computing to our credit union customers for years,” noted Weekes. “Our core data processing platform is 100% cloud-based to leverage cloud computing with our contemporary technology infrastructure.”
Weekes said this “dynamic combination delivers greater power and flexibility, as well as the convenience of a hosted solution.
“As a core system that is entirely browser-based, credit unions recognize downstream value in almost every area of technology as they experience greater flexibility when choosing workstation hardware and software,” Weekes said.
Weekes said CUProdigy believes the value of the cloud is great enough that the company even advises moving on-premise servers to the cloud.
“Because of the advanced, credit union-centric design of our private cloud, many users report better performance from their cloud-based servers over their old on-premise servers,” he said. “Add to that the elimination of hardware-related costs and it’s easy to see why Infrastructure as a Service (IaaS) is becoming so popular.”
Weekes said for those CUs not ready to let go of all their infrastructure, CUProdigy enables a credit union to tap into the cloud for disaster recovery.
“In CUProdigy’s disaster recovery as a service (DRaaS) schema, data is replicated from your on-premise servers to our private cloud in real time,” he said. “This means that full failover can be achieved literally in a couple of minutes. It’s so fast and efficient that many of our clients have equated it to high availability.”
What About Developers?
With significant discussion around the impact of the cloud on credit unions, Weekes wonders why there has been an absence of discussion around the impact of the cloud on software developers.
“If they’re developing their products in the cloud, they have no servers to buy or software to patch, just like credit unions that move to the cloud,” he said. “Since their overhead is significantly lower, they can drive the price of technology down. And because cloud computing is highly scalable, they can size their solutions for, and deliver them to, a wider range of credit unions. Our mission at CUProdigy is to disrupt technology access and price, removing barriers for credit unions and enabling sustainability for the future. What was once prohibitive isn’t anymore.”
Will Happen Again
Weekes added this pattern of disruption has happened before, and it will happen again.
“Take artificial intelligence, for example. When the big banks first started investing in AI, there wasn’t much credit unions could do about it,” Weekes said. “AI required a major investment of time and money—an investment that all but a few credit unions couldn’t afford to make. Soon cloud computing will become as ubiquitous as high-speed connectivity and smartphones.”