As we previously covered, cloud software has removed significant barriers when it comes to allowing community banks and credit unions to leverage data with the addition of advanced technology.
Cloud-based software has become more cost-effective and has even helped remove monotonous day-to-day tasks and responsibilities from your team members as it applies to data collection and aggregation. Additionally, new technology has nearly eliminated the need for data scientist roles as the new technology empowers everyone to be able to understand, analyze and act on the data they are given. Now the tough question, how do you choose the right technology and cloud software to adopt? In this blog we will discuss five criteria you should look for in a cloud software.
5 Criteria to Look for in a Cloud Software
1. Enhances your data collection process and aggregates multiple data sources
When we think about a bank or credit union’s cash supply chain specifically, the right cloud software should be able to pull data from multiple points including your teller platform, ATMs and ITMs, as well as any other cash end point to provide actual usage for each end point.
2. Works to help meet current goals as well as scales to meet future objectives
Make sure the cloud software you choose to adopt is scalable and meets the current goal you’ve adopted it for, but will also help you succeed in future goals. For example, many financial institutions adopted our C3 Financial platform at the beginning of the COVID-19 pandemic to be able to easily switch back and forth between a centralized and decentralized cash ordering process. However, when speaking to these same financial institutions now, they are looking to use C3 Financial to have a better understanding of their cash supply chain and use the forecasting tool to manage their cash orders more efficiently.
3. Has a user-friendly interface for easy adoption of the technology
The cloud software you choose to adopt for your financial institution should be easy to navigate and adopt. Make sure the software provides both online help and a customer-focused support and training team for the best results.
4. Contains prepackaged reports based on previous customer need
Report building is a necessary function but can be a tedious task for employees. We recommend looking for a cloud software that has pre-built reports based on previous customer needs and requests.
5. Has automation functionality to relieve staff of tedious data tasks and reduce manual errors
One of the main benefits to adopting a cloud software is to automate specific tasks to allow your employees to focus on other critical responsibilities. Through automation, employees should be able to reduce the time they spend on certain tasks, and you’ll also notice a reduction in errors related to manual data work.
Both banks and credit unions across the world are continually making the leap to undergo digital transformation initiatives by leveraging new technology. They are taking on branch transformation, moving toward a universal banker model, and are upgrading products, services, and processes. Data helps increase long-term profitability and ensures you stay competitive in your markets due to the uptick in fintech and non-traditional financial institutions.
To learn more about how to leverage technology to set your bank or credit union up for success, download Part 1 of our new e-book, “Supply Chain Management 101 for Financial Institutions.”