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  • Ahead in the Cloud: Customer Service at Digital Speed with Suresh Renganathan

    September 7, 2022
  • Suresh Renganathan, Chief Technology Officer of Teachers Federal Credit Union, discusses cloud migration and digital transformation. The discussion covers what businesses need to do to become successful, data driven organizations.

    Hosted by Chad Watt, researcher and writer with the Infosys Knowledge Institute.

    “The cloud offers significant opportunities. It improves business agility, service delivery, time to market, even enables new capabilities and delivers better member experience.”

    “So in my observation, people do not care about transformation until you tell them how it will positively impact their role.”

    “Beyond the cloud strategy, you have to have a proper cloud migration plan.”

    “Data is the new currency, it is the fuel to propel the business growth.”

    - Suresh Renganathan


  • Teachers FCU has its roots in Long Island and has 420,000 members across the country. It is one of the three largest open charter credit unions in the country. That basically means that any person can join and deposit money or take out a loan.
  • The financial services today are undergoing a solid transformation across the industry. Financial institutions, banks, credit unions, everybody is going to be in the cloud because cloud provides your business with agility, elasticity, resilience, and certainly even higher security than certain small data centers.
  • We are currently in a hybrid form. What does it mean? All the new developments are initiating in the cloud, whether it's lake, whether it's online banking or whether it's account opening, or collaboration tools. So there are a lot of systems in the cloud. There are certain core systems we have in our data centers. We are at the early stage of planning the migration.
  • Teachers, as much as we are one of the largest credit unions, we are still small compared to large banks. We are forward thinking leaders with pragmatism. So we began our work on AI and data in core operations and support services. Today we began our journey in this area, intelligent automation using machine learning for Optical Character Recognition. We have developed many robotic process automation across all the business units to achieve efficiency and scale.
  • Do not allow multiple data sources. A single source of truth is key. So centralize and organize the data in one repository. Second, establish a strong data governance, where domain owners are a business owning their own set of data. Then invest in right policy, procedures and processes where the domain owners are responsible for quality, privacy, and compliance as well.
  • The democratization of data is key. We have to open up the right access to the right members, beyond analytics and BI teams. The last one I've seen to drive data is oriented culture. You should have an integrated set of tools, so that it's easier for people to consume the data the way they like. So those are the key traits I've seen for a successful data driven organization.

Show Notes

  • 00:06

    Chad introduces Suresh

  • 00:50

    Tell me about the first time you heard about cloud computing.

  • 01:13

    Give me your take on cloud computing and financial services businesses. How does that work?

  • 01:51

    Let's just do some cloud calibration for here, talking about teachers. On kind of a scale from 0 to 100, how essential are the cloud systems you have to your day-to-day work?

  • 02:37

    So where are you guys in terms of your migration? Early stage, in the middle process, mostly done?

  • 03:25

    Are there some things you'll never move to the cloud, either for regulation or historical reasons, and how do you decide?

  • 04:30

    How do you go about persuading people who are resistant to change?

  • 06:25

    I want to come back to the cloud council has that something you've done in previous work? Have you had a cloud council in place?

  • 06:50

    Who do you bring into that? Do you have some technical people, you have some other people?

  • 07:40

    I want to come back to your discussion on operating model, migration, and transformation. Migration obviously has endpoints. Does transformation ever end when you're talking about cloud?

  • 08:41

    Let's talk a little bit more about data, cloud and AI. You've got a lot of data. Cloud makes it easy to move data around and AI promises to help you make sense of it quicker and more efficient. Where are you working the most with data and AI?

  • 09:55

    You mentioned getting this data and AI scaled up. It's one thing to change a manual process into an automated process. How do you take that to across the whole business and have impact on the business?

  • 11:10

    Give me your magic wand usage for data, AI, and cloud. What do you dream of doing someday if you had unlimited power?

  • 12:00

    I'm curious, let's talk a little bit more about data. When you talk about your fellow executives within the organization, what do they expect to get from data?

  • 13:30

    Let's talk a little bit about data storage. What is your ideal approach to data storage, in the context of a financial services business?

  • 15:40

    Can you briefly give me some of the traits of an organization that has its data processes?

  • 17:20

    We moved from working from the office to working from home. Did that have an impact on cybersecurity standards?

About Suresh Renganathan

Suresh Renganathan

Suresh is the Chief Technology Officer of Teachers Federal Credit Union and is responsible for overseeing IT, Digital Banking, Enterprise Data & Analytics, Enterprise Payments and Enterprise Program Management Office. He is a visionary and strategic leader with years of accomplished experience in Banking, Financial Services and P&C Insurance industries. He has a proven track record in leading the enterprise IT, digital and data organizations.

    Connect with Suresh Renganathan

  • On LinkedIn