Credit Unions are inherently document-heavy. Nearly every daily action, from setting up accounts to payments and loans, automatically creates documents either digitally and/or on paper that build up quick. Beyond the sheer volume, security is another aspect that quickly makes it impractical to store all that data on hard drives and localized servers. In the best-case scenario where a credit union is using a decent localized server with minimal issues, there remain considerations around quality and efficient of member transactions as well as of staff processing high-volumes of sensitive internal documents.
A long-term solution worth considering is a document management system backed up by the cloud. This is quickly become the industry norm due to the many benefits it brings. As a whole, the processing, transferring, and storage of data becomes substantially more efficient because you’re no longer relying on a single server. Additionally, this also allows for better file sharing and remote productivity for staff who maybe working from home. This is also secure as cloud services for credit unions are designed to make such files only accessible with specific staff credentials, and even in these cases staff will only be able to open and download files they have been given access to beforehand. Another security benefit cloud document management systems have is automatic encryption whenever files are being transferred or delivered as well as backing up all sensitive data.
These and other Fintech cloud security features also make it substantially easier for credit unions with a cloud system to adhere to NCUA regulation requirements as well as maintain industry security standards. Beyond security, there are also other practical considerations that were highlighted by the global COVID-19 pandemic, such as the need to work remotely (which we discussed earlier) as well as e-signature capabilities for clients, staff, and third-party vendors. This is another standard capability of cloud management platforms, as well as general flexibility features such as allowing for customization of filing systems that your team can design to suit the specific needs of your credit unions. This not only tailors and personalizes your system to your CU and the needs of your members, but also is yet another way to enhance efficiency as well as convenience.
There are several strong options out there, and its best to do through research as to the best platform to suit your needs. Ultimately, regardless of the file management platform you chose, it is clear that the time has come to embrace the many benefits the cloud has to offer — both for you and your members.
