In 2012, the credit union system was faced with a new technological challenge: adapting to, in order to take advantage of, the software and data storage opportunities offered by cloud computing. Transferring data to an amorphous cloud initially caused both consternation and confusion. The lesson is: change, be it technological or operational in nature, often means a steep and uncomfortable learning curve.
“Mindful of security and compliance, many large banks and insurers only use private clouds. As mid-market organizations, credit unions find themselves in the tough spot of being hypersensitive to those matters but lacking the resources to manage them the way big financial institutions can, says [IDC Canada’s David] Senf. ‘For credit unions, it starts to make more sense from a cost-savings perspective and from an agility perspective to focus on things like public cloud.’ ” ◊