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Credit Unions (CUs) face a rollercoaster of challenges. While most recognise that they must move operations to the cloud, many are still struggling to navigate change.

The Case for Change

Customers are looking for better, fast and more convenient ways to manage their finances. The rise of new business models like digital wallets and BNPL are disrupting traditional banking offerings and operating models. Moreover the increased participation of non-traditional players in financial services such as telcos, retailers are blurring lines between traditional separations of technology and business.

Customer expectations are moving away from one-size fits all offerings towards tailored, personalised offerings and the increased growth of new Gen-Z customers into mainstream consumer base have strengthened the case for change.

A multitude of Challenges

CUs are facing a multitude of challenges with the new customer perception and market landscape. There is a stagnation in Innovation due to heavily customised product set and functionalities embedded into the monolith. This makes it difficult to scale business with multiple systems and complex ecosystem of integrations.

There is a worrying inability to tap into new revenue pools and business models that can be tested and launched quickly into market. The high cost structure to run and maintain platform and tech stack along with the inefficiency in operations have impact profitability.

Cloud Modernisation to the rescue

Download our free infographic to understand how we are driving a new wave of modern banking for CUs.

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In partnership with:

aws and persistent