STEP #3 – Embracing the Flexibility of the Cloud
In our final post in this three-part series, we’ll provide a brief overview of the benefits of moving to the cloud.
As you evaluate technology platforms, consider looking at how technology is being delivered to you. Over the last decade, cloud computing has become mainstream in almost every aspect of our lives. Financial services tend to be slow to adopt new technologies, but with the on-demand culture that we live in, there is more pressure than ever before to provide experiences that mirror those technology interactions we have in the consumer world. I see this as a key differentiator in the asset and equipment finance industry.
Cloud is simply a delivery mechanism of computing capability. The advantage that cloud brings to our industry is the ability to reduce capex spending by shifting IT resources and their management to the application provider. This Software as a Service (SaaS) model is different than purchasing an application and having it live in a hosted environment. Cloud, by its nature, is built with the ability to enable integrations. An application which is being delivered as a SaaS solution will leverage application program interfaces (APIs) and web service calls to move data back and forth between integrated technologies which streamlines the overall financing process. Companies that take advantage of a true SaaS based solution have the opportunity to scale up or down as their needs demand. This means you are only paying for what you use. The underlying application and infrastructure management is taken care of by the SaaS provider.
Cloud customer benefits from SaaS accessibility and scalability include improved workflow process from origination to end of term.
In evaluating technologies to help your business, it is important to look ahead. Any solution you pick should have an eye on integrating future technologies (i.e., artificial intelligence, robotics, and blockchain). As we look to the future, these will be the next wave of efficiencies built into the client onboarding process. With the right technology partner, in addition to integration already discussed, you can let them worry about building additional efficiency gains into the application while you focus on what you do best – building your core business.
Ray Wizbowski, Vice President of Marketing