How many times have you heard about the cloud? People from around the world use cloud networks, either at home or in the office, but what does it mean? How does it work? And most importantly, why does it matter? We must know the answers to these questions now more than ever because according to the RightScale 2019 State of the Cloud report from Flexera, 94% of enterprises are on the cloud.
A few big players in the technology industry have supported this large scale digital transformation and now dominate the cloud-based environment. Amazon Web Services (AWS), Microsoft Azure, and Google Cloud are the top three cloud vendors, with AWS leading the pack at a 32% market share. Some of their notable clients include the US Department of Defense, Netflix, DocuSign, FedEx, eBay, and 20th Century Fox. With such large migrations to the cloud in recent years, Forbes reported on LogicMonitor’s Cloud Vision 2020: The Future of the Cloud Study and 2020 is projected to have cloud data centers processing 83% of all enterprise workloads.
Life without the cloud
Stepping back to before the cloud existed, organizations required on-site data centers to house their hardware and software. Storing and managing data internally meant a specialized team was needed to install and upkeep the equipment while maintaining its security. Not only was this very costly, but it restricted individual access to the company’s data and applications. Plus, system scalability became inhibited due to the limits of company budgets and technology capabilities. That created obstacles for businesses that wanted to expand their reach, nationally or even globally. Although virtual private networks (VPN) could ease that burden, they too are riddled with inefficiencies such as slow speeds, connection drops, and challenging configurations.
With a cloud network, companies of all kinds can easily store and process information through the Internet on remote servers, meaning their data isn’t tied to a single server or location. Outsourcing data center infrastructure to a third-party cloud vendor relieves valuable IT budgets and provides connectivity between on-site resources and those on the cloud. Teams are no longer bogged down; they’re bridged to unlimited storage, collaboration tools, and information access on any device anytime, anywhere. The capabilities cloud networks offer to all industries has grown immensely. In fact, the global cloud computing market is predicted to reach $623.3 billion by 2023.
Our partnership with AWS
When FinTechs enter the financial industry, they must decide how to host their services. With banking accounting for 10.6% of the global cloud expenditure, it ranks as the third highest industry based on 2019 market share. Since a vast amount of personal and business information is collected among financial institutions and FinTechs, finding cost-effective, efficient, and secure data storage solutions is a top priority.
That’s why MK Decision chose the cloud. We proudly host our digital lending platform on AWS, and as our third-party cloud vendor, they’re responsible for securing the underlying infrastructure that supports our systems including servers, operating systems, networks and storage. In return, we are responsible for software put on or connected to the cloud. This shared responsibility model reduces our operational burden in many ways. In addition, implementations are carefully planned to ensure high quality application processing, underwriting, regulatory compliance, and data security.
AWS is a public cloud Infrastructure-as-a-Service (IaaS) platform, and according to Gartner, those workloads will experience 60% fewer security incidents than traditional data centers by 2020. Guru Dharam Khalsa, COO and co-founder of MK, emphasized,
“MK chose AWS for their robust and established cloud presence. We wanted to partner with a cloud provider that is highly scalable, but most importantly, has strong security measures throughout their infrastructure.”
In the age of digitization, cybersecurity is a critical issue so feeling confident about our data safety is essential.
Supercharge your team’s capabilities
By hosting our lending platform on AWS, we offer financial institutions the most innovative technology in the industry. Our Dashboard modernizes the lending process by allowing underwriters to have immediate access to customer data stored on the cloud. The centralized underwriting queue can be viewed on over 400 devices, including desktops, tablets, and mobile phones since the network isn’t anchored to a single data center. This flexibility opens up the back office to collaborate on underwriting credit applications, reviewing loan portfolios, and more. Dashboard also timestamps and logs all user activities in the system when sensitive data is changed and decisions are made on loan applications. And with 99% uptime, you can confidently serve your community's needs.
Beyond increasing team efficiencies, your financial institution will have a competitive advantage from our world-class technology. Supporting Dashboard on the cloud offers unparalleled underwriting flexibility and scalability since it’s cost-effective. You can save valuable resources and initiate exponential growth because data storage isn’t limited by your in-house equipment. Likewise, your lending operations will enjoy continuous improvements through scheduled system updates.
By hosting our cloud environment on AWS, your financial institution gains robust functionality and enhanced security. We understand the importance of properly allocating your resources, so deploy them wisely with our cloud-based Dashboard. Want to learn more about the capabilities Dashboard offers? Check out our recent blog post here. Stay tuned for upcoming articles on security and how Dashboard not only streamlines lending workflows but benefits borrowers too.