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Consumers are increasingly comfortable storing information in the cloud.

As cloud software usage surges, fueling the economy and connecting companies and individuals with instant access to information, it’s hard to believe that many credit unions are still hesitant to select cloud-based technology. For a technology that’s two decades old – and when credit unions are yearning for a simple way to manage IT application – you’d think it would be an easy decision to make.

The cloud also fuels the work financial institutions do, providing credit unions with a deployment option that often translates to significant cost savings, operational efficiencies and improved member service. Within lending operations specifically, cloud-based software is more vital than ever, providing instant access to information on any device and helping meet members’ need for faster processes. With cloud technology, employees are no longer tied to a dedicated machine to work, send or review loan packages, making the entire process accessible and speeding the time it takes to close a loan. Hosted software solutions, such as cloud-based file sharing, help ensure loan package files are complete. They also provide a simple way to access, review and submit loan files, as well as share that information with both internal and external users for review.

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