In our last two blogs, we discussed how cloud provides a competitive advantage for asset and equipment finance organizations and the difference between host and SaaS based cloud delivery. In this blog, I would like to share some insights on the importance of any solution to be tied to the broader ecosystem of solutions which make up the full lifecycle of equipment finance.
Designed to Scale. One of the significant benefits of cloud is the ability to integrate with an ever-expanding landscape of cloud-based solutions. The burgeoning landscape includes resources such as Artificial Intelligence (AI) and other advanced technologies that would otherwise be out of reach for many firms in a more traditional delivery model. Cloud-first technology provides the ability to easily connect to other applications and develop ecosystems in support of business processes in a cost-effective and strategic manner. The connections are made through standard web services or application program interfaces (APIs), an architectural model that has become the prevailing archetype for software integration in the cloud. Here at IDS, we have taken this approach and have an ever increasing number of integrations into the asset and equipment finance marketplace.
The technology ecosystem for asset finance becomes even more powerful with SaaS at the center of a software purchasing model. For example, during origination, actions like credit check, tax estimation, pricing and electronic signatures, can be easily integrated into the origination workflow through APIs or web services. The combination of an API-based architecture, SaaS delivery model and underlying cloud-based infrastructure offers enterprises a compelling and truly strategic path forward for technology investment.
Beyond origination, a cloud-based ecosystem provides the ability to enhance portfolio management, improve customer engagement and drive innovation at a faster and more cost-effective pace. Leveraging the connectivity of the cloud, customers are able to get real-time information like current balance or payoff quotes via digital platforms. Technologies like chat bots can be leveraged to answer general questions and give customers a more interactive experience with the digital channel.
All of these integration points lead to a better customer experience as deals are able to move efficiently through the origination, funding and management stages.
Ray Wizbowski, Vice President of Marketing