Nine Ways a Cloud-Based Solution Can Improve Credit Union Operations
By Ashley LaBombard, Marketing Associate, Sharetec
February 5, 2025
Have you ever considered switching to a cloud-based solution for your credit union? Doing so can boost operational efficiency, improve security, offer scalability, and even reduce costs. Discover how implementing a cloud-based solution like Sharetec can help improve credit union operations.
1. Improve Your Member Experience
With faster processing times and 24/7 availability of services like digital banking, credit unions can ensure members have access to all the financial services they need, and at the exact time they want it.
2. Reduce Costs and Make Scalability Effortless
Credit unions can experience reduced infrastructure costs by replacing expensive on-site hardware with a cloud solution. With cloud services' flexibility, credit unions can better manage fluctuations in demand and avoid over-investing by scaling resources only when necessary. This also helps credit unions reduce the number of IT Management personnel needed.
3. Improve Data and Analytics
Utilizing a cloud-based solution allows your credit union to leverage big data and analytics. Gain insights into member behavior, operational efficiency, and financial performance to help your credit union with strategic planning.
When you partner with Sharetec, you gain access to our Advanced Analytics Suite, which provides custom dashboards and reports, letting you choose how you view and analyze your data.
4. Enhance Security and Disaster Recovery
Cloud-based solutions help protect sensitive financial data by frequently updating security and utilizing firewalls and encryption. They also ensure data is regularly backed up so it can be promptly recovered after an outage, substantially boosting your credit union’s disaster recovery capabilities.
5. Increase Productivity and Collaboration
Having financial data at your fingertips allows for enhanced collaboration and productivity. A cloud-based solution has centralized data capabilities, so the most up-to-date information is accessible to all employees.
Want to enhance collaboration and communication even further? Explore a CRM built directly into the Sharetec Velocity core.
6. Make Vendor Integrations Seamless
A cloud-based solution like Sharetec Velocity lets you easily integrate with third-party vendors that improve your members’ lives, such as credit monitoring tools, payment processors, instant payments, and more.
7. Enhance Operational Efficiency
Automate loan processing, reporting, member onboarding, and other tasks so your staff can focus on more pressing activities and better assist your membership. A cloud-based solution can help enhance operational efficiency by integrating a variety of functions, such as accounting and loan management, streamlining workflows and improving service delivery.
8. Make Compliance Easier
Most cloud providers offer compliance tools that assist with data storage requirements and audit trails so your credit union can stay compliant with financial regulations. Since cloud-based solutions regularly update their systems, they stay up to date on regulatory standards, taking the load off your credit union’s compliance team when it comes to tracking and implementing changes.
9. Boost Your Competitive Advantage
A cloud-based solution like Sharetec Velocity is constantly innovating and upgrading to ensure customers have access to the latest and best technologies. Your credit union can more easily adapt to inevitable changes such as shifts in member expectations, payment technologies, and new regulations.
The best way to future-proof your credit union is to grow with a cloud-based solution like Sharetec Velocity. Let us show you how we can help your credit union win by booking a demo today.
About Sharetec
Sharetec is a cutting-edge technology company providing the latest in core processing software. Sharetec’s robust, yet easy-to-use, web-based core includes everything needed to run credit union operations and create an effective digital experience for members.