It is important for mortgage banks to harness the data that is already residing within their silos to become more insight driven. This data harnessing becomes more effective if a data driven cloud strategy leveraging the is implemented for mortgage banks.
Mortgage banks can apply advanced analytics to the large amount of structured and unstructured data to gain a 360 degree view of the borrowers and loan products.
Need to implement data driven cloud strategy for mortgage banks
Mortgage banks can focus on borrower experience by analyzing data from alternate data sources like market conditions and customer behavior apart from traditional data sources.
By utilizing public or hybrid clouds, mortgage banks can leverage the advanced cloud analytics.
Mortgage banks can make faster decisions based on public and private data they have.
Mortgage banks can have increased cost efficiency without incurring massive unnecessary costs for infrastructure enhancements.
Essential functionalities required for Data Driven Cloud solutions
Data Access:Protection against unauthorized access to the resources and including conditional access and identity protection, without compromising productivity.
Deployment:Addresses latency and connectivity requirements while building, testing and deploying applications across the cloud environment
Analytics:Collecting, analyzing and managing data to enable proactive insights
Data Integration:Seamless integration and support for incremental adoption and tool interoperability of new technology across different cloud environments.
Data Security:Secure workloads running on-premises and in other clouds from cyber threats, detect and defend against advanced threats and automate security workflows.
Compliance: Establish standards and continually monitor compliance to deliver enterprise-wide governance and regulatory compliance.
Data Support: Support for relational, non-relational data and different types of data formats.
Scale on demand: Ability to handle ad-hoc queries which are difficult to be supported with fixed resources.
Challenges in implementing data driven cloud solutions in mortgage industry
Regulatory Compliance Issues.
Migration Complexity and inter-operability.
Changes in the operating models as mortgage banks transform their businesses.
Compatibility issues of tools and processes.
Data security issues at all new integration points in a hybrid/public environment.
Therefore by implementing data driven cloud solutions, mortgage banks can mitigate risk of scalability, reduce costs and improve decisions.
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