One of the best ways to futureproof your secured finance business with technology is to adopt evergreen IT. This is probably something you don’t think about, but would notice if it wasn’t there. Proper evergreen IT solutions mean your technology is never out of date, never obsolete. It’s constantly changing and evolving, and updating to the latest version of technology. Evergreen IT solutions ensure your system is secure against cyber threats, compliant with the latest banking and government regulations, and features the most innovative technology.
And the extra bonus with evergreen IT is that you don’t have to do anything. The fintech partner you select takes on the bulk of that responsibility to manage your finance lending software upgrades – all behind the scenes.
A good example of an evergreen IT solution is the mobile phone operating system (e.g., iOS). When cell phones first came out to the mass market a couple of decades ago, you never really upgraded your phone. You accepted whatever operating system it had at the time. Most likely, you didn’t even know it had an operating system. Phone manufacturers at the time weren’t really focused on an upgrade path.
That’s a very different story now. Whether you use an iPhone or an android device, you receive evergreen IT solutions or updates regularly and it’s a pretty quick and easy change that typically happens when you’re sleeping.
That same concept – evergreen IT – is happening in other sectors of technology and it’s something you should expect from your fintech software partner.
For example, you’ll want to ensure your secured finance software partner embraces evergreen IT, which updates your technology products frequently and seamlessly. Upgrading on-premise systems once or twice a year won’t keep you on the forefront of constant change.
With a trusted fintech software provider that offers software-as-a-service (SaaS)-based solutions, you’re in a perpetual upgrade cycle that you never have to think about.
Benefits of evergreen IT
Benefits of evergreen IT include:
- Always-current applications
- Always-current services
- Always-current security patches to protect your data and your customers’ data
- Futureproof system interfaces so third-party apps work seamlessly
- Low-impact, regular upgrades means minimal downtime that happens after hours – no disruption to business operations
- No longer behind or manually updating individual computers
- Less risk, less burden, less resource constraints, and quicker time to value – more frequent and smaller upgrades vs. weeks or months to test and deploy
- More mindful and forward-thinking so new releases don’t break what’s already working
Want to learn more?
Contact one of our experienced secured finance solutions consultants to learn how you can futureproof your business with software-as-a-service (SaaS) technology and an open finance platform.
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So many opportunities exist to accelerate your secured finance business with technology. Regardless of your size or where you are on your digital transformation journey, keep these top five recommendations in mind when futureproofing your business with technology.
Top 5 ways to futureproof your business with technology
Read Part 1: Go digital
Read Part 2: Stick with standards
Read Part 3: Adopt evergreen IT
Read Part 4: Move to the cloud and SaaS
Read Part 5: Harness data insights
Cloud: Essentially storage of data, software, and services on virtual servers located in data centers all over the world.
SaaS: Instead of users installing software on their computer, software-as-a-service (SaaS) applications are hosted on cloud servers and are accessed either through a browser or through an app.
Evergreen IT: Small iterative updates to IT systems and software so that business systems are always kept up to date.
Platform: The foundation of your business ecosystem. A set of software tools and a standard infrastructure that serves as a foundational service that can be leveraged to integrate other applications and services.