4 Benefits of Cloud-Based File Sharing for Lending Processes

As cloud software usage surges, fueling the economy and connecting companies and individuals with instant access to information, it’s hard to believe that many credit unions are still hesitant to select cloud-based technology. For a technology that’s two decades old – and when credit unions are yearning for a simple way to manage IT application – you’d think it would be an easy decision to make.

The cloud also fuels the work financial institutions do, providing credit unions with a deployment option that often translates to significant cost savings, operational efficiencies and improved member service. Within lending operations specifically, cloud-based software is more vital than ever, providing instant access to information on any device and helping meet members’ need for faster processes. With cloud technology, employees are no longer tied to a dedicated machine to work, send or review loan packages, making the entire process accessible and speeding the time it takes to close a loan. Hosted software solutions, such as cloud-based file sharing, help ensure loan package files are complete. They also provide a simple way to access, review and submit loan files, as well as share that information with both internal and external users for review.

These benefits alone should help any IT decision maker feel comfortable moving to the cloud. But for anyone who is still on the fence, here are four of the biggest benefits implementing a cloud-based file sharing tool provides:

Share Loan-Related Information Safely & Securely

The best cloud-based file sharing platforms allow users to securely share loan-related documents with external users, including clients and other third parties, without involvement from the IT department. Leveraging a purpose-build cloud provides enhanced security that public facing file-sharing solutions can’t meet. This gives credit unions full ownership and control over information.

Security and functionality users should look for in a cloud-based file sharing tool include:

• Role-based sharing – to control who shares content, what content they can share and with whom it is shared.
• Access control – if, or when, an employee changes roles or leaves a company, the system administrator can easily lock the account to ensure that person no longer has access to private customer information.
• Simple ownership transfer – as an employee changes roles or moves departments, a system administrator can immediately change viewing and sharing privileges to ensure employees have the right access and sharing rights.

Provide Peace of Mind With Redundancy & Disaster Recovery

Many organizations don’t select cloud technology because control is vital to their success – control of processes, infrastructure, documents and data. However, even with the strictest control measures in place, there is always the possibility that an event outside their control takes place. And when these disasters happen, downtime in service leads to losses in productivity, revenue and brand reputation.

Cloud-based file sharing tools provide credit unions with greater security and control if they ever experience a disastrous event. With quick and instant access to information, less down time means better member service regardless of the emergency scenario.

Delivers Version Control & Eliminates Shadow Files

Version control with loan packages can be a nightmare. Often, employees at financial institutions pull the documents they need, save them to their local drive or thumb drive, fill out mandatory information and then send them back complete. This practice creates unsecure processes with files, and copies of files, saved in multiple locations.

Cloud-based file sharing tools provide greater consistency within lending operations with version control and audit trails. This helps ensure the lending package is complete, information isn’t stored in multiple unsecure locations and the overall process is efficient.

Superior Member Service

In today’s competitive landscape, credit unions need to provide exceptional member service. This means meeting the needs of members for faster response times, digital-first processes and making complicated procedures, like closing a loan, seem effortless. To accomplish this, anyone who touches the loan needs to remain connected through the lifecycle. Cloud-based file sharing tools provide the ground work for the end-to-end experience.

Additionally, when coupled with a content services platform that incorporates intelligent capture technology with a sophisticated workflow engine, credit unions can create a fully automated, digital experience.

The good news is cloud-based application selection is on the rise. More organizations feel comfortable trusting the cloud – and they should, because over the past two decades software providers have had the opportunity to become hosting experts, establishing best practices that create superlative architecture to host software solutions.

Cloud-based file sharing solutions help make access to information quick and convenient. They can ensure loan information is safely and securely shared with both internal and external users, while providing control over that information so only the right users have access to pertinent data. Finally, data redundancy within the system delivers peace of mind to users so no matter what is happening within or outside the four walls of the credit union, users always have access to information, therefore they won’t miss a beat and can provide the best service to their members.

Rick Hiles is team lead of financial services sales at Hyland. He can be reached at rick.hiles@hyland.com.