Cloud computing can empower the mortgage industry by streamlining processes, reducing errors, and improving efficiency. However, some institutions are still a bit hesitant, when it comes to integrating Cloud computing into their strategies.
Cloud Security Alliance has recently released a survey observing the intersectionality of Cloud computing technologies and financial services. The survey discovered that about 61 percent of respondents believed that the Cloud is still in its formative stages, with only a relatively small number of respondents planning to include Cloud computing altogether. None of the respondents noted that they are willing to entrust major applications and systems to a public cloud.
Interestingly enough, the survey puts a spotlight on how financial services, including the mortgage industry, are progressing in terms of including Cloud technology and providers into their repertoire.
The Public Cloud Is Not Enough
When it comes to the mortgage industry, these businesses require more than what a public Cloud can offer. 80 percent of financial services want increased transparency when it comes to auditing controls from Cloud services, especially since the Cloud will inadvertently deal with sensitive and private information.
Encryption, security, and flexibility are real concerns for financial institutions, as respondents indicated that infrastructure capacity was a top concern. Mortgage companies want to work with Cloud providers that are keen to comply with banking regulations, protection protocols, and national regulations. The Cloud has made solid strides in the industry, with the capabilities of Cloud technology improving efficiency on an exponential basis.
Here's how Cloud computing and the mortgage industry can work together, underlining the importance of mortgage professionals and their customers.
Why Use a Mortgage Vertical Cloud Provider?
The banking standard of information security now applies to all mortgage companies. A mortgage vertical cloud provider must have its regulatory compliance certifications. As a result, you are better protected with a certified mortgage vertical cloud provider.
A mortgage vertical cloud provider understands your mortgage business. A mortgage vertical cloud provider can protect your servers, computer desktops, software applications, and even the way your browser accesses the internet against new cybersecurity threats.
It is time to get serious about information security. Fannie Mae’s CIO, Anthony Johnson, during a panel discussion at the Mortgage Bankers Association (MBA) annual 2015 conference said, ““In my view, there is only one thing that could absolutely destroy a company overnight, and that is [a lack of] cybersecurity.”
The Cloud Is Highly Accessible
Cloud services can be accessed from a tablet, smartphone, and PC, as well as from different operating systems. Mortgage Cloud providers also have specific mortgage industry applications that work with the Cloud, further expanding the influence and capabilities of the mortgage professional. Cloud integration works with data warehousing to bring mortgage software platforms together seamlessly.
Additionally, Cloud computing has empowered online business and allowed mortgage professionals from different niches to be able to engage customers remotely and securely store their information in the Cloud. When implemented correctly, the Cloud can mediate errors and complete tasks, like credit stipulation, with the click of a button.
Mortgage applications and Cloud computing also reinforce trust with customers. In the study noted above, 18 percent of all smartphone owners note that they are willing to apply for certain financial products right through the convenience of their mobile devices. This is particularly important for future-proofing a mortgage company, as millennials prefer companies and brands that have a strong presence in the digital sphere. Generation Y is a generation that is particularly open to working with mortgage companies and cloud computing, even willing to apply for a home loan right from their personal device. Mortgage Cloud applications also allow the mortgage industry to:
Close Deals FasterRequired documents can be easily accessed with Cloud computing, with apps being able to help mortgage professionals conceptualize when they should initiate with certain applicants. Cloud computing can notify when it is appropriate to reach out to a customer or when to upsell certain services.
Mortgage Applications Underlined the Importance of Customer ServiceBeing able to respond quickly and efficiently to a notification is a hallmark of a competent mortgage loan officer. In today's competitive market, loan officers need to be able to access information quickly, especially in a market driven by commodity and cutthroat tactics.
To learn more about how the right mortgage cloud provider can help you execute with technology, contact us today.