The nature of the way we live and work is changing dramatically because of cloud technology, says Loren Hudziak, Google’s cloud architect.
“This is no longer a buzzword,” Hudziak tells 2017 CSCU Solutions Conference attendees. “We are seeing a huge uptick in the number of people racing to the cloud.”
The reasons, he says, are obvious: cost savings, digital efficiencies, and improved security.
For those who question whether thhe cloud is more secure, Hudziak says the FBI, State Department, and Target all had on-premise systems when they were breached in recent years.
Hudziak offers four insights for credit union leaders about the growing role of cloud technology and associated trends:
• Mobile payments are becoming part of our lives. Payments watchers have spent a lot of time talking about the low use of Apple Pay, Android Pay, and other digital wallets, but they forget about transactions through Uber, Paypal, and so on.
“The digital payment model is happening without us thinking about it,” he says.
• Work is changing. Work is no longer just a place. Work is an action. Now humans can be reached anywhere, for better or worse.
Young people will expect to work differently than their predecessors. If you want to attract talent to your organization, have the technology they use on a regular basis. Don’t make them get in a “time machine”—to use your 10-year-old technology.
• Machine learning, or artificial intelligence, will be revolutionary. The technology will embed deeply in financial services in the next five years.
• The Internet of Things—connected everyday items and devices—will be transformative. It will transform many sources of analog data into useful and actionable business information.
For consumers, this could “really change and customize the experiences that we have.”