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Cloud computing is nothing new however, cloud technologies and services have matured significantly in recent years. Driven by advancements in technology, changing market demands and the growing sophistication of security threats, cloud hosting is rapidly becoming the ‘go-to’ model for organisations of all sizes.
Our journey has seen Lendscape partnering with Amazon Web Services (AWS) on several cloud-based initiatives over the last few years, and our collaboration, highlighted by the launch of our cloud-native, AI-ready, Asset Finance solution, has underscored the benefits of embracing cloud hosting.
Here are some of the key reasons why banks and lenders are moving to the cloud and why those hesitant to make the shift risk being left behind.
Agility and Flexibility
In today's rapidly evolving financial landscape, the ability to adapt to shifting market dynamics and changing customer needs is paramount, as is the capacity to accelerate the development, testing, launch, and refinement of financial products.
Our flexible, highly-configurable platform enables clients to do just that, and leveraging cloud-hosted infrastructure amplifies this agility, empowering banks and lenders to scale resources in response to demand. Moreover, cloud hosting can facilitate innovation, allowing for the integration with diverse systems and emerging technologies,
Organisations transitioning to AWS from on-premise experience a 29% increase in innovation focus among staff, with productivity and efficiency rising 4.7 times. The AWS Marketplace further fuels innovation by granting seamless access to a variety of cutting-edge technologies, complete with built-in security templates and vendor assessment components to bring new ideas to life quickly.
Resilience
Operational downtime is not an option, especially given the stringent requirements outlined in the Digital Operational Resilience Act (DORA) and where failure to meet these standards could result in significant fines. Cloud hosting offers greater resilience for financial institutions by spreading systems and applications across multiple servers and data centres, providing seamless backups and failover capabilities and reducing the risk of data loss.
If one server encounters an issue, the system automatically switches to backup servers, ensuring uninterrupted access to essential services for users. This safeguards against downtime and reinforces your reputation for reliability and dependability among stakeholders.
Security
Initially hesitant due to security and data sovereignty concerns, the heavily-regulated finance sector has since embraced cloud platforms. Global cybercrime costs are estimated to reach $10.5 trillion USD annually by 2025, and aside from the financial losses, operational disruptions, legal liabilities, and reputational damage, a security incident also risks incentives for innovation and investment. Leveraging highly secure data centres, fortified with the latest encryption protocols and comprehensive security measures to protect against breaches and unauthorized access, leading cloud hosting providers have demonstrated their capability to safeguard sensitive financial data.
Designed to be the world’s most secure cloud infrastructure, AWS cloud hosting is underpinned by over 300 security tools and the vigilant oversight of expert teams who continuously monitor and refine security measures. Organisations who migrated to AWS Cloud from on-premises report 43% fewer security incidents.
Cost Efficiency
Moving IT applications to the cloud can lead to significant cost savings for financial institutions. Rather than investing in and maintaining expensive on-premises hardware, banks can leverage the commodity pricing model of cloud services to optimise their costs by reducing capital expenditure and avoiding the costs associated with over-provisioning of hardware. Additionally, with a Software as a Service model, activities associated with the running, maintenance, updates, and security of systems are effectively outsourced, further reducing operational costs for banks.
Sustainability
Lendscape is dedicated to fostering a positive impact across our people, clients, community, and planet – and we know that our customers feel the same way too. A shared focus on sustainability is another factor which led to our partnership with AWS.
Leveraging the AWS cloud, both Lendscape and our clients gain access to innovative tools and capabilities that revolutionize the collection, analysis, and management of sustainability data in the supply chain - a crucial step towards building a brighter, more sustainable future.
In conclusion, cloud hosting offers unmatched scalability, flexibility, and resilience, and moving to the cloud equips banks and lenders with the tools to innovate, adapt, and thrive in an ever-evolving market.
At Lendscape, we’re committed to delivering technology that empowers our clients to deliver great lending experiences and stay ahead of the curve. The extension of our partnership with AWS enables us to offer cloud hosting services to all our clients - an exciting step in our ongoing journey to drive transformation in commercial finance.
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