At San Francisco Giants games in the 2000s, I realized something was different. I noticed a new wave of companies taking over as advertisers and sponsors: cloud-based companies like Oracle, Salesforce and Dropbox. I remember thinking, “The cloud is a big thing” – and I wondered, “Why do we need it?” Little did I know we were entering a new era in technology.

The concept of cloud-based technology has been around since the 1960s, but really emerged as a viable tool in the late '90s and early 2000s. It’s a vast network of servers around the world that store and manage data, run applications and deliver services over the internet – making it possible for users to do away with their own physical servers and instead access data and applications on demand, paying only for what they use.

From a consumer’s perspective, the cloud allows you to interact with technology that instantly updates across multiple devices or applications. If you hopped onto the Peloton craze, you know: Your personalized, up-to-the-moment data is available on your bike, your treadmill, your phone and your smartwatch. You log in anywhere, on any device, and have access to your curated communities, personal data and tons of content, with Peloton adding more all the time. You don’t have to download a new app, worry about delays or buffering lags – you don’t even have to update your app – it’s all running in the background via the cloud.

Similarly …

YouTube is powered by Google Cloud Computing, which makes it possible for 122 million daily active users to seamlessly watch more than one billion hours of content each day. You can watch an obscure demo showing how to fix your water heater – or millions can simultaneously tune in to a single event, such as the live broadcast in August when Taylor Swift announced her new album.
iTunes is integrated with iCloud, revolutionizing the way we access music. Instead of downloading songs to our devices, limited by storage capacity, we can now stream songs, radio and playlists and share them with friends, too – all seemingly unlimited. That new Taylor Swift album? At midnight on the day it released, there it was, The Life of a Showgirl, instantly available for millions to stream, simultaneously, thanks to cloud technology.
Instagram was originally run on Amazon Web Services (AWS) but has moved to Meta’s data centers to better support Instagram's hypergrowth. The migration led to an 80% decrease in Instagram's data-fetching times, improving overall performance for users through a combination of strategies, including sharding (dividing data across multiple servers) and caching to handle the large volume of data and traffic. This means influencers can reach a wider audience, and users don’t need to limit their feed for better performance – ensuring you won't miss out on the latest trends!

Scalable, Reliable, Convenient and Secure

Cloud technology delivers these services at a price affordable to the average consumer. It’s scalable (new content is always available on demand), reliable (real-time monitoring and data load management), convenient (literally in your pocket and everywhere else) and secure (often more so than on-premises systems).

For credit unions, cloud scalability means you have access to what you need, when you need it. Reliability means your solutions are available for consistent, seamless member experiences 24/7/365. You enjoy the convenience of “plug-and-play,” tapping into sophisticated, instantly updated solutions with no need for on-premise servers or teams to manage them. Security is bolstered through encryption, multi-factor authentication and always-on monitoring; it is, however, a shared responsibility, as credit unions must also secure their data and educate members on best practices, too.

Some of the cloud-based solutions your credit union already uses may include:

Service Portals – Cloud technology offers 24/7/365 access, with no interruptions for downtime or updates. Up-to-the-minute data can be pulled from other cloud-based applications for easy analysis and resolution.
Instant Origination Solutions – Cloud-based origination platforms allow consumers to apply for credit any time, get instantly approved and start using their digital credit card immediately – without ever stepping into a branch, speaking to someone or waiting to receive their plastic card in the mail. They can also become a credit union member – all within a few minutes.
Contact Center Intelligent Virtual Assistants – IVA systems integrate with intelligent decisioning, AI and other apps/tools via the cloud to route calls to the most appropriate agent or self-service channel based on the cardholder's inputs – no interminable waiting on hold or multiple transfers.
Card Management Solutions – With a cloud-based solution, your credit union can block a card as soon as a member reports fraud to immediately shut down further fraudulent activity – then instantly reissue a new card, immediately visible to the cardholder within their digital banking app. No lag time during busy hours, no refreshes or restarts needed.
Integrated Solutions Platforms – Solutions like our own VeleraConnect and Engage Point use the cloud to connect credit unions to members, data and operations seamlessly, encompassing a wide range of services such as contact centers, digital wallets and fraud protection.

Consumers, especially Gen Z, expect speed on demand without waiting – and cloud technology delivers, with quicker account updates and issue resolution, making it easier for them to interact with their credit union. For credit unions, cloud technology enables customization, flexibility, scalability and faster development cycles. And for CUSOs like Velera, cloud technology helps keep costs low, while enabling credit unions to deliver a streamlined, high-quality and consistent connected member experience.