How the Cloud is Changing Digital Banking
Long gone are the days when banking involved waiting in a long queue to meet with a teller. While digital banking has created more immediacy in the industry, some miss the personalized nature of traditional banking. Now, cloud-native technology is closing the gap, revolutionizing digital banking with more personalized experiences and real-time delivery in a safe and secure environment with clearly understandable and easy-to-manage risks. With a focus on establishing better relationships between credit unions and their members, cloud-native technology is rapidly becoming a smart investment in the coming years. Here are some of the highlights to expect when adopting the cloud.
Personalized Banking Experiences
When logging into their digital banking apps, members often do so with different needs in mind. Cloud technology helps deliver a more efficient and customized experience aided by member data and predictive analytics. This leads to increased engagement and even more successful financial outcomes, emulating the personal experience members might enjoy at their local branches, but via digital channels. Being able to anticipate members’ needs before they ask is the kind of high-end service they expect from a big bank, complemented by the thoughtful personalized input they could only get at a member-focused credit union.
Being on the cloud means being able to optimize and innovate at incredible speeds. With automatic updates, members are always using the latest and greatest version of the software, making time-consuming and stressful upgrades a relic of the past. And with 61 percent of consumers preferring a better digital experience from their financial institution over the most competitive rates, real-time delivery is more important than ever. Imagine a member wants to temporarily turn a credit or debit card off. Instead of calling up or visiting his branch, he can do so at lightning speed from his mobile device connected to our always-on cloud. There is similar ease with making deposits via remote capture. And personal dashboards provide instant access to important information, served up just the way the member wants. Being on the cloud means providing members with the solutions they need exactly when they need them.
Safety and Security
Moving at breathtaking speed doesn’t have to mean compromising one’s financial security. Cloud-integrated machine-learning technologies are able to quickly detect and prevent suspicious behavior through data analytics and threat intelligence. Additionally, automated delivery pipelines allow for real-time responses to new and evolving digital threats, while strong encryption keeps sensitive information protected on the cloud, on a mobile device, and all the places in between.
Digital banking enhanced by cloud-based technology is designed to increase a member’s engagement through intentional, targeted actions within online banking based on member data and past behavior. By gathering member data and storing it securely for easy access, credit unions are able to provide members with the resources, guidance and specific information they need at the exact time they need it. This not only gains the member’s trust, but it also makes it easier (and more likely) for them to enroll in a credit union’s products and services, ultimately making our product invaluable to the client in more ways than one.
Cloud-based banking is a trend expected to continue. From 2016 to 2018, Deloitte Global saw a threefold increase in the number of organizations adopting cloud to promote innovation. Learn more about how cloud service providers like Lumin Digital are helping credit unions facilitate better experiences for their members today.
Erica Garza is an author and essayist from Los Angeles. Her writing has appeared in TIME, Health, Glamour, Good Housekeeping, Women’s Health, and VICE.