The benefits of cloud computing have become a hot topic in data analytics technology over the last few years. Savvy organizations across various industries have recognized cloud-based technologies for their potential and capitalized on them to stay competitive. Now, the time has come for credit unions to join the cloud revolution.
The power of the cloud has become popular across industries of all types thanks to its ability to leverage state-of-the-art technology for less money, no upfront hardware costs and no maintenance. Despite all of the benefits, you may be wondering if this technology offers enough benefits – and security – to make the transition worthwhile. The good news is that there has never been a better time for credit unions to embrace the speed and power of the cloud.
5 Benefits of Cloud Technology for Credit Unions
Like organizations across industries such as entertainment, healthcare, travel and more, the power of cloud computing holds a lot of benefits for credit unions. Some of the best reasons for credit unions to utilize the power of the cloud include:
1. Easily scale for growth
Credit unions that own and manage hardware have to scale in power alongside growth. The more successful they get, the more processing power they need, resulting in more capacity, technology, vendors, and sunk time and resources. By using the cloud to take advantage of powerful processing hardware remotely, you can focus more on growing your credit union and less on the technological consequences of growing.
2. Access higher quality hardware for less
Large technology companies need vast processing power, forcing them to buy thousands of state-of-the-art machines that a typical credit union couldn’t. Because of the amount of hardware they purchase, these technology companies get it for a cheaper rate – which means they can let their hardware be utilized for cloud computation for a lower cost. When you utilize this hardware remotely, you don’t have to worry about depreciating equipment, maintenance costs or purchasing hardware upgrades. Because of its value to technology companies, the hardware is continually maintained and updated. The result is the benefits of expensive hardware for less cost.
3. Futureproof and avoid downtime
Thanks to the rapid pace of technological innovation, it can feel like you’re updating hardware nonstop to stay on the cutting-edge and every update comes with the inevitable (and costly) downtime that affects your credit union. With cloud computing, upgrades happen more frequently and with less impact on data and downtime. Best of all, you’re not researching, buying, installing and testing new hardware constantly – the hard work is done for you.
4. Gain faster insights and more accessible data
Thanks to its reliance on state-of-the-art technology, cloud computing can generate faster data transfers and quicker insights than most physical hardware options. Further, those high-speed data insights can be accessed with just a few simple clicks, any time of day. Thanks to the cloud, information is easier and faster to send and receive, with no submission requests and few bottlenecks.
5. Strengthen data security
Cloud solutions can be remarkably iron-clad with the right solution. Strong cloud platforms are built from the ground up with a security-first mentality, and enable cutting-edge measures like data tokenization, triple-redundant security mechanisms and data transitions over cutting-edge PCI DSS connections. Additionally, because the hardware being leveraged belongs to large and cutting-edge technology companies, cloud solutions benefit from their powerful and vast IT departments and security measures.
Unlock the Power of Cloud at your Credit Union
Are you ready to utilize the benefits of the cloud to supercharge your credit union? Trellance recently announced new cloud and hybrid deployment options for its M360 data analytics platform. Now credit unions can implement a premier data analytics platform unlike anything else on the market – and now it’s even better with innovative cloud capabilities.