The cloud is driving innovation and business transformation in the lending sector, an industry that has seen a lot of change the years since Dodd-Frank was put into effect. In a crowded, highly competitive market, in which speed is critical, any innovation with the potential to bring operational efficiency offers major competitive advantages. This article will explore how some lending firms have leveraged cloud technology to simplify IT management, gaining efficiencies that have proved valuable to the overall business.
Heightened Access to Data in the Cloud
In lending, it’s critical that company data is not only easily accessible but kept secure. The cloud can help lending firms achieve both of these objectives. For added user flexibility, access isn’t confined to a particular device, but rather users can access a complete workstation – including data and applications – from the device and location of their choice. Hosted workstations are quick and easy to deploy, requiring very little maintenance, which frees up IT staff for more strategic projects.
Improve Collaboration and App Deployment
With branches often geographically dispersed, cloud infrastructure makes it possible for users to securely log in to a workstation and collaborate. As far as the tools lending employees need, they often rely on applications such as Ellie Mae. Cloud-based services like app publishing make it easier to not only deploy and maintain those applications, but also for accounts for other application use challenges such as app compatibility.
Get New Users Up and Running Quickly
Furthermore, the employee onboarding process can be greatly expedited since a virtual desktop can be provisioned on the fly. Lenders can also leverage cloud services to implement a bring-your-own-device (BYOD) policy which not only relieves the burden of maintaining and tracking assets, but also gives users the freedom to utilize the device of their choice.
Expanding into New Markets with The Cloud
As part of the fluctuation that lending firms often see in their workforce, it’s often necessary to expand into new markets rapidly. Without the responsibility of maintaining and tracking devices and other company assets, a new branch can be set up quickly and simply. In the event resources are no longer needed, VMs can be quickly de-provisioned, allowing a level of scalability appropriate for the lending industry, which often sees rapid change.
Security and Compliance
And most importantly, lenders should partner with a provider that caters to its security and compliance requirements. With heightened sensitivity to consumer protection, lending institutions can’t risk falling out of compliance. dinCloud has specialized services for lending institutions, all backed in its SSAE 16 standard data centers, and with multiple layers of protection in place to safeguard against infiltration.
More Information about Cloud Services for Lending
See how one Arkansas based lending firm used the cloud to power its rapid expansion into a number of geographically dispersed branch offices.
If you’d like to learn more, you can also contact us to speak with one of our cloud specialists.