Do you ever feel like you are stuck in neutral while other lenders appear to have a Nitro boost that helps them to simplify operations and enter new markets quickly?
We don’t want it to sound like you should be modeling your organization to be the banking equivalent of a Fast and the Furious movie.
What we mean is: are you still relying on the outdated and ineffective technology instead of working with modern cloud-based solutions?
Financial institutions are no strangers to the cloud. According to a recent survey, 91% of banks are already utilizing the cloud in some format.
And there’s a compelling reason for that. Between now and 2026, the global finance cloud market is predicted to grow 22.3% annually.
So why are just 9% of banks utilizing cloud technology for mission-critical operations?
In part, because data security and privacy remain top priorities, as does understanding how new technology impacts total cost of ownership.
But hesitancy is more of a risk. Innovation will happen whether it’s at your financial institution or a competitor’s, and customers will go where the convenience is.
What to look for in a cloud solution
Leading financial institutions are switching from on-premises legacy applications to new cloud technology to achieve a seamless digital experience for customers and remain competitive.
A cloud-based lending platform offers you the ability to:
- Scale in real-time and gain flexibility
- Drive lending growth strategies with innovative digital and mobile tools
- Enhance data security, while preserving compliance
- Seamlessly integrate and reduce hardware and software footprints
Operational efficiency is another factor driving the switch. Imagine eliminating the once cumbersome, labor-intensive processes that rely heavily on unverified physical documents. This is not only time consuming; it can leave your institution vulnerable to human error or fraud.
Leveraging a consolidated and compliant cloud platform, you can automate digital lending processes, allowing for faster response and turnaround times.
Finding the right partner
When adopting a cloud platform or integrating cloud solutions with your current systems, it’s crucial to have a partner with end-to-end expertise.
According to research from McKinsey, many financial institutions have found that an “end-to-end view of the entire customer journey was crucial to success.” It also continues to state improving processes “piece by piece tend to become incremental, lose customer focus, and miss the big-picture opportunity.”
With a seamless digital lending platform, you can cover the full loan lifecycle - origination, underwriting, covenant tracking, collateral management, loan servicing and portfolio reporting – all while enhancing customer retention and acquisition.
Evolving your digital lending services doesn’t have to be a battle. With the cloud’s more sophisticated, secure, and nimble technology on your side, you can kick innovation into high gear and discover new ways of business.
Is your financial institution looking for ways to use the cloud to provide a more robust digital lending experience? Download this ebook to walk through a story of a VP of lending and her journey to the choosing cloud-based solutions.
Contact Finastra today to see how our lending solutions can spark innovation and ensure security and compliance at your financial institution.
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