Does your credit union struggle with staying relevant in the digital era? How do you compete with leading financial service providers, and what new and unique ways are you engaging your targeted membership pool? A Software Defined Wide Area Network (SD-WAN) thrusts business logic into technology by taking advantage of policy-based infrastructure.
Jack Smith, CEO of Pure IT CUSO, sat down with Mike Lawson in this CU Broadcast, to discuss what becoming, “Active-Active,” means for your credit union, at the Cornerstone Credit Union League’s Annual Meeting and Expo in Austin.
Utilizing SD-WAN to achieve an Active-Active strategy is a, “No Brainer, giving credit unions a faster, cheaper option,” Jack Smith exclaimed, citing costs savings from full SD-WAN implementation of nearly 50%. The value of SD-WAN shatters prohibiting contracts, decreases costs, and creates bandwidth, by removing telecom vendor lock in.
Smith explains the common problem credit unions face, mitigating high technology costs, receiving poor bandwidth quality, and suffering long-term vendor contracts. Businesses require the ability to adapt to the dynamic preferences and evolving tastes of their consumers, and frankly, for credit unions, “choice is good.”
“The credit union has a done a great job taking care of their members with a personal connection and a handshake, [and SD-WAN] allows the opportunity to create a fully mobile production unit,” Smith adds, noting the scale ability from this tech option.
No longer bound to the constraints of brick and mortar buildings, a credit union now has the capacity to open a branch in an hour, on site, serving their members in remote locations.
Mobility is a key component of comparative advantage, and in an age of instant access, mobile financing goes beyond pocket device adaption. Mobility in an SD-WAN capacity allows for the pop-up shop model, redefining the branch experience.
Specifically, what line items are effected by adopting this technology? An Active-Active strategy transforms the existing static and expensive, unused insurance policy into a fully engaged, active, climate secure environment, while:
- Reducing Expensive Circuit Costs
- Instantly Increasing Bandwidth
- Eliminating Binding Contract Terms
To craft a holistic strategy that conquers our evolving digital era, the recipe for success is clear; Active-Active technology policies.
To listen to this podcast episode, please visit the CU Broadcast, at https://www.cubroadcast.com/episodes/cornerstone-interviews-pure-it-credit-union-services-jack-smith-explains-what-active-active-means-to-todays-credit-unions.