In our last blog post, we discussed how cloud can help you gain efficiency in your operations through moving functions like origination and portfolio management to the cloud. Today, we will continue the blog series by focusing on the ecosystem of technologies that the cloud has the ability to connect for a more streamlined asset management process. In this new world of cloud, no single vendor will be able to meet all requirements and growing customer needs. To best serve asset finance providers, vendors must work together to provide comprehensive and flexible options for streamlining origination through end of term processes. Cloud makes this possible.
Expanding Functionality with a Connected Ecosystem
Cloud technology is fundamentally designed for connectivity. If built on modern cloud architectural principles, a cloud service will be able to connect to other systems which will help to improve and expand overall functionality. There has been a paradigm shift from siloed systems where each vendor provides one function or a subset of functionality of the whole process to today where vendors must recognize the ecosystem that supports the full needs of the asset finance company. Cloud solutions allow vendors to link services providing a seamless process throughout the full lifecycle of a lease or loan. For example, during origination, required steps including credit check or digital signature could be part of a single integrated process, yet delivered by multiple vendors.
Application program interfaces (APIs) are at the heart of this connectivity. To harness the full power of the ecosystem, cloud service providers need standardized application connections (APIs) that allow their application to connect to other applications relevant to the asset finance ecosystem. When looking at cloud service providers, understanding their ability to connect to other services should be a key criterion for evaluation. When looking at their product material, you should see references to microservices or web services in addition to the formal API which provides the framework for both the connection and the relationship between the two vendors. You can see our current list of integrations here.
Increased Flexibility with Cloud Technology
This is one of the great impacts of cloud technology; the ability to build the process you need to support your business model today – and in the future. But, while we see cloud adoption moving fast in many areas of our lives, we are still in the early stage of seeing the full impact of this innovation in the asset finance industry. Not all technology providers have achieved the same level of proficiency in the cloud or have simply taken their non-cloud architecture and are providing a cloud-like hosting capability. In this case, the vendor can deliver on the ease of access to their technology but falls short of delivering the capability of delivering a customer centric experience.
Customer centric user experiences start with the customer! I know this seems obvious, but I believe in the midst of the complexity of the technology being delivered, there are times when this first principle is lost. Adding value to the process and giving the customer the ability to work across vendors to get the functionality they need is why we developed IDScloud and why cloud delivery of asset finance technology will continue to grow. Simply put, the cloud takes us back to the goal of delivering what the customer needs by leveraging a technology platform that enables an incredible amount of flexibility.
Continue Reading: The Cloud Effect blog, part 3 in the 4-part series
Ray Wizbowski, Vice President of Marketing