Credit Unions Guide to AWS: Migration to Innovation
Credit Unions are facing the era of digital acceleration with unique requirements that can better scale their company and customer experience. AWS is best positioned to offer a tailored solution because of its long-standing experience working with financial services companies and public sector organizations.
Migration Planning: Legacy Systems + Scalability
Legacy credit union systems have grown very complex over time, and more often than not are not designed for scale. Organizations do not want to compromise their credit union app's functionality by limiting its ability to scale along with new services and features. With AWS, credit unions can build modern apps quickly using AWS mobile services such as Amazon Cognito for user identity management; Amazon S3 for easy access to data; Amazon DynamoDB database service; Amazon Kinesis stream processing service for real- data.
With Amazon S3, AWS can help credit unions move their critical data securely and cost-effectively on a highly scalable, reliable, and secure cloud service. AWS also provides built-in backup functionality on its storage platform that helps ensure business-ready capabilities are available at all times for your organization. In addition to credit union mobile apps, AWS is a highly cost-efficient way for credit unions to scale online lending functionality and avoid the potential fees of on-premises servers.
Migration Planning: Digital Transformation
The future of credit unions lies in innovation. To be a leader, it is imperative to stay at the digital forefront. While planning your migration, you should consider how you'll support an omnichannel experience with a customized customer experience that delivers on business objectives and increases member satisfaction.
Credit Unions can more effectively serve their members using new digital solutions in credit unions. Many credit unions are already working with AWS for their credit union membership websites, and providing member access to products and services that augment financial planning information or simplify credit card management. Additional member-centric credit union applications include loan offerings, remote deposits and other digital services.
Migration Planning: Security + Reliability
For credit unions, security and reliability are two of the most important issues when considering migrating to the cloud. In addition to highly-scalable services offered by AWS, credit unions can utilize a certified partner like Stratus10 that understands their needs and has architected multiple solutions to help credit unions achieve a range of applications – from credit union core processing systems to mobile applications for membership engagement and digital banking.
Companies looking to leverage existing credit union website migration strategies can take advantage of AWS Migration Hub, which enables groups to work together on a project across multiple stages - from designing and planning through deployment while monitoring progress. This platform is based on best practices developed by organizations such as Capital One Bank to assist customers migrating to Amazon Web Services (AWS) technology platforms using cost-efficient strategies.
Cost efficiency and planning can be adjusted with a tailored strategy that fits the requirements of your migration plan, complete with modernization and room to grow in upcoming years. AWS provides knowledge resources, planning assistance and software tools such as AWS CloudFormation Templates that help credit unions get up and running quickly with minimal effort. Additionally, credit unions can use services like AWS Direct Connect or Lambda@Edge to access data with low latency from customer-facing applications at branch locations or call centers by connecting mobile devices to backed data that ensures and enhance customer experience.
Start Innovating on AWS with a Partner
AWS provides a breadth of potential to accelerate digital transformation and enhance customer experience. The marketplace is complete with services and tools to migrate and modernize large legacy systems used by Credit Unions and financial service leaders.Stratus10 is a certified Managed Service Provider and Migration Certified to help private and public sectors leaders enhance and grow their company on the cloud.