Mortgage Industry had been slow in adopting cloud computing solutions as there were apprehensions regarding reliability, regulatory and security risks. Hybrid cloud computing for Mortgage Industry deliver all the benefits of cloud computing like flexibility, scalability and cost efficiencies with the lowest possible risk of data exposure.
Hybrid cloud solutions involve a mix of on-premises, private and public cloud services.
Benefits of Hybrid Cloud Computing for Mortgage Industry
Data Management: Hybrid cloud computing enables seamless management and distribution of data and analytics consistently across the on-premises environment and the cloud.
Data Storage: Mortgage banks can use dedicated storage devices or private cloud storage for data that require frequent access and only use public cloud storage for archival data.
Big Data Processing: Mortgage banks can run big data analytics using highly scalable public cloud resources, while also using a private cloud to ensure data security and keeping sensitive data within the on-premises environment.
Workload Distribution: Mortgage banks can store sensitive financial or borrower information on the private cloud and use a public cloud to run the rest of the enterprise applications.
Flexibility: A hybrid cloud approach lets Mortgage banks to match actual data management requirements to the public cloud, private cloud or on-premises resources according to the requirements.
Scalability: Implementing automation rules on the hybrid cloud provides the ability to scale resources up and down as business demands change.
Reduced IT expenditure: Hybrid cloud is an alternative to a purely private cloud which is expensive to scale and adopt according to business needs.
Essential functionalities required for Hybrid cloud computing 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 hybrid 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.
Challenges in implementing Hybrid cloud computing solutions for Mortgage Industry
Regulatory Compliance Issues
Migration Complexity and interoperability
Compatibility issues of tools and processes.
Data security issues at all new integration points in a hybrid environment.
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