In our last blog post, we discussed how cloud can provide you with a more holistic solution that can be customized to fit your need through the connection of multiple vendors to your origination and portfolio management solution. In this blog, we will focus on the flexibility provided by a cloud solution. This ranges from scalability to a true consumption model where you only pay for what you use.
Up to this point, we have largely focus on cloud technology and WHY it is important. Now, we’ll shift and focus on HOW cloud can deliver tangible benefits to your asset finance business. Like every financial business, the asset finance industry relies on specialized software to support a full range of leasing and loan financial products. Everything from the application for financing to the end of term, financial institutions have looked to specialized software vendors to deliver the functionality to ensure they are able to deliver an exceptional customer experience while meeting compliance regulations and accuracy requirements.
Benefit #1 – No longer one size fits all
In asset finance this specialized technology has traditionally been sold in one size fits all packages, which have been deployed on-prem. For IDS, this changes with the introduction of IDScloud, where we took all of the business intelligence gained through serving customer for over 40 year and built a cloud centric delivery of our industry leading solution. As a result, there are many direct benefits for financial institutions of all sizes. First and foremost, it allows you to tap into the flexibility of a 100% SaaS cloud solution and focus on your business. With cloud application, origination, portfolio management, asset disposition, and so on, you have the ability to access best-in-class technology without the need to build out the infrastructure and staff to support the hardware or application. Instead, you can focus on acquiring more business and providing extraordinary customer experiences.
Benefit #2 – Pay for what you use
The right asset finance technology provider will also allow you to only pay for what you need to support your specific business. With the flexibility of cloud solutions, you have the ability to work with your technology vendor to map out the right system and functionality to meet your business’s current and future business needs. At IDS, our consumption-based pricing model allows you to select which features are most relevant to your business.
Cloud also allows you to scale up or down as your business needs require. For example, if you were to acquire a book of business from another financial institution and had a sudden need for increased capacity (i.e. user seats, capacity for additional contracts), your technology vendor could quickly and easily scale up to meet your needs. This flexibility is made possible due to the elasticity of the cloud infrastructure which adapts according to your business needs.
Hopefully it is becoming clear – Now more than ever, it is time to consider the true benefits of moving to the cloud. In the final blog in this series, I will share some final thoughts regarding the future of what cloud-based solutions can do our the asset finance industry.
Continue Reading: The Cloud Effect blog, part 4 in the 4-part series
Ray Wizbowski, Vice President of Marketing