Standardizing or modernizing your secured finance software solution is one of the top ways to futureproof your business. While customized finance lending software may have differentiated you from the competition back in the day, that legacy technology will hold you back competitively today and in the future.
Rapid changes in the industry, business models, customer behavior, and technology place critical demands on data infrastructure and highly customized legacy technology. You can solve those problems by modernizing technology. And moving to a software-as-a-service (SaaS) platform is the vehicle to modernizing finance lending technology. SaaS is designed for standardization.
Common platforms you use regularly may include Salesforce, Amazon, Microsoft 365, Apple. Essentially, a platform provides a set of standard infrastructure of common frameworks and services deployed in a consistent manner across all applications operating on that foundation. And you will find it in Solifi’s secured finance open finance platform.
Customization is out. Configurability is in.
With Solifi’s open finance platform, we’re moving away from customized finance lending software and driving toward repeatability, sustainability, efficiency, and automation. We believe the best path to enabling your secured finance success is by creating standard, yet agile, platform services and frameworks to ensure efficiency in your secured finance software solution. Customization, however, is typically one-offs and that defeats the purpose of efficiencies.
A common question that comes up regarding the platform, “If I can’t customize my finance lending software, how do I differentiate what my secured finance business offers?”
We make our standard product – our open finance platform – highly configurable (rather than customizable) so that our professional teams can tailor a solution to meet and exceed your secured finance needs. And that’s built on top of the software – and that includes seamlessly integrating with third-party application programming interfaces known as APIs that you use in your business operations, such as EQ Riskfactor, DocuSign, Vertex, etc.
Building on a standardized platform
Think of a platform as a community of homes. Imagine you are responsible for building, maintaining, and enhancing the entire residential development. You could have everyone build individual customized homes with different materials and components.
Or create a more efficient strategy that uses a prebuilt and proven toolkit where you install the same type of foundation, the same electrical wiring, the same plumbing that results in a consistent framework that’s repeatable, sustainable, and faster to build. Both approaches are configured in different ways; however, the ones that are standardized are more flexible and easier and faster to maintain and upgrade if you want to swap out different components.
By offering a standardized platform for your secured finance solutions, we enable you to build the house you want and continue to enhance and support it with the lower possible overhead and fastest turnaround.
Like building a house, a platform serves as a foundation that you build on. In the secured finance industry, you can build and run business applications on the platform in a smooth, secure, and scalable fashion that’s more streamlined and efficient. A platform standardizes and normalizes use – enabling customers of any size to transform operations, launch new products, start businesses, expand into new markets, integrate portfolios, and leverage emerging technology.
The beauty of a platform for secured finance lending software is that it’s extensible and configurable – designed to respond to change quickly where you can add new capabilities and functionality that fit your business needs without worrying about disrupting your daily operations or that you may break something in the process.
Standardized platform – design it once, build it right, and forget about it
And once you’re on the open finance platform, there’s no more big heavy lifts or upgrades. We design and build a platform once and build it right so that it is consistent, standard, normalized, seamless, resilient, and reusable across all secured finance applications. That’s because we’re delivering a service and we absorb all the effort, all the complexity behind the scenes to make sure you stay current and ahead of the pace of innovation. You’ve transferred all the responsibility of maintaining, updating, and futureproofing your technology to us.
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.
Like this blog post? Please save and share on your social networks
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.