To Cloud, or, not to Cloud, that is the question. When it comes to transitioning brick and mortar services to the Cloud, this is no longer a binary choice. Technology has made the Cloud an affordable and secure option for credit unions. Now, adopting Cloud technologies is a critical strategic step for credit unions. But the question remains, how exactly do we build our credit union in the Cloud?
Leave it to Trent Henson, Chief Technology Officer, to offer this specialized blueprint on the credit union Cloud roadmap. Trent’s principles act as best practices for credit unions that use technology to grow their business strategy. These apply to credit unions across the board – regardless of size, location, or maturity. How and when they are implemented does depend on specific credit union information. What is key here are two basic elements: know where your credit union currently stands, and know where you want to go.
This method frames technology into your business plan. These Credit Union Best Practices create a benchmark for all credit union technology decisions.
The First Principle builds a solid and crucial foundation. Your vision statement, mission, and culture are unique to your credit union. Together, they act as the core pillar which anchors all of your organizational activities.
The remaining principles have no order and no hierarchy. They do, however, depend on the specifics of your credit union. To navigate this portion of the Cloud roadmap, start asking these strategic questions:
- Where are you currently in your digital journey?
- What is your technology adoption curve persona [ Are you early adopters or innovators?]
- How will these improvements achieve your business goals?
- What business and operational priorities does your credit union have?
- What is the Opportunity cost of waiting or rejecting this proposed improvement?
Not sure where to start? Out team of credit union experts and engineers are standing by.
- Where are you currently in your digital journey?