The OGO Blog

Cloud Readiness Strategies for Credit Unions

Getting ready for things isn’t always easy. Honestly, some mornings I lie awake in bed and sigh audibly for 20 minutes just because I don’t want to get ready for work. Nevertheless, I make it to work each day and I’m better for it.

I honestly don’t blame credit unions who haven’t moved to the cloud yet. Getting ready for it is the hardest part. Still, the cloud is where all the good stuff happens these days, so eventually, all credit unions will migrate to it.

The way we see it, there are three concerns when moving to the cloud. They are our Credit Union Cloud Readiness Strategies©®™.

1.    Mental and Cultural Preparation

It’s like they say, “the first step in solving a problem is recognizing there is one.” No credit union is going to smoothly go through with cloud migration unless they see a point in it.

If a credit union knows what it wants from the cloud, they’ll have a goal in mind. Having more buy-in can accelerate the transition and reduce growing pains.

2.    Do You Feel Secure in Your Migration?

By which we mean, have you made security one of your credit union’s cloud readiness strategies? While some cloud security practices can be very stringent, the cloud itself isn’t natively secure.

When preparing to move your credit union to the cloud, you should research how best to secure your member data. Can you host and protect your sensitive data internally? Would it be easier and more cost-effective for your cloud host, like Azure or Ongoing Operations, to secure your data?

Then, if you do choose a cloud host, they should have a few significant qualifications.

  • Is their cloud security NCUA compliant?
  • Will it stand up to the NCUA’s cybersecurity tools?
  • Do they have policies, processes, and procedures to address regulatory requirements?

Your cloud host should have experience with the regulatory requirements in the credit union industry. They should be able to demonstrate exceptional security practices.

3.    Determine the Most Cost-Effective Strategy

I’m pretty sure that somewhere, someone has used the phrase, “time is money!” Well, that phrase certainly holds true for cloud migration.

Credit unions moving to the cloud should make a realistic assessment of how long that move will take. From moving and securing data, to updating infrastructure, to manage exchange migration—it all adds up. The time and the money, I mean.

One of the best cloud readiness strategies for credit unions is to know the most cost-effective method of doing things. Some credit unions may have the ability to manage the move in-house. Many others may see significant time and cost reductions by hiring third-party specialists.

Final Thoughts

Credit union cloud readiness strategies are one of two things: they’re either simple or they’re complex. The simple method is to hire someone else to do all the heavy lifting. The complex option is doing it yourself. Both have worked for other credit unions.

If reading this blog is part of your credit union getting ready for the cloud, then hey—at least the hardest part’s almost over!

To read more about credit union cloud issues, follow the links below.

Credit Union Business Continuity Planning vs. Disaster Recovery: What’s the Difference?