Moving credit unions technology over to affordable cloudsolutions to level the competitive playing field and improving themobile experience to meet member demands, are two of the mostimportant emerging trends.

Layton, Utah-based CUSO CUProdigy created technology to make itsmember credit unions more efficient and cost-effective usingvigorous cloud-based solutions. The CUSO offers its own coreprocessing platform, as well as core-agnostic cloud-based ITinfrastructure services that include a very robust virtual desktopframework.

“It is this combination of technology, architected in a privatecloud and specifically constructed for credit unions, that makesour offering unique,” CUProdigy CEO Anthony W. Montgomery, said.“It removes credit unions from the burden of purchasing, building,and maintaining technology infrastructure − whether it is server,storage, networking, firewall, or desktop.”

CU Prodigy's cloud solutions provideinfrastructure-as-a-service, disaster-recovery-as-a-service,backup-as-a-service, and a virtual desktop infrastructure. “Itliberates credit union technology staff from mundane and repetitivetasks and allows them to focus on value-added or strategic work,”Montgomery pointed out.

It also provides a private cloud rather than a public cloud.This way credit unions do not have to worry about security in apublic cloud, where their data lives, or who has access to thecloud infrastructure.

CUProdigy's private cloud allows credit unions greaterefficiency, enhanced regulatory compliance and an improved businesscontinuity posture. Montgomery pointed out. “Small and medium sizedcredit unions can utilize cloud infrastructure to help them competewith other financial institutions.”

While CUProdigy offers a core solution, it does not stipulate acredit union must use it to leverage its cloud technology. “In ouropinion, that would be shortsighted of us,” Montgomeryasserted.

Nor does CUProdigy's system require a core conversion becausethe technology used to build its cloud is compatible with manytypes of servers. “The key is whether the credit union softwarethat runs on those servers supports virtualization,” explainedMontgomery.

The cloud technology does not requireapplication-program-interface integration. An available optionalAPI allows technically advanced credit unions to send commandsto administer and create servers and networks without the use ofthe graphical user interface. “For most credit unions, we handlethose duties on their behalf and such tasks are part of our simplepricing model.

Another emerging trend relates to member experience, according to Jeremiah Lotz, VP of digitalexperience and payments at St. Petersburg, Fla.-based CUSOPSCU.

“Many of the emerging things we see happening right now involvesatisfying member demands. That is why it seems very mobilefocused; because it is very experience focused,” Lotz said. “Theemerging part is how to better use new technology, either from themobile device, operating system providers, or third-partyentrants,” Lotz suggested.

Read the full story about the affect of emerging trends oncredit unions members in the Sept. 14, 2016 print issueof Credit Union Times.