Feb 2025 | Innovation |

In recent years, a buzzword has made its way across the technology sector and has now reached the financial sector: “The Cloud.” To help you understand it better, we will explain this technology and unpack its impact on your business in the micro-lending sector.

“The cloud” refers to storing and accessing data through systems on the internet instead of a computer’s hard drive. It is the infinite capability to save and secure information and access the same information through a secure system compatible with most devices with internet access.

Cloud-based or cloud-hosted software solutions can help you access, change, and store critical business information without worrying about buying expensive storage hardware and paying exorbitant licensing, support, and maintenance fees.

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Some of the benefits of using cloud-hosted solutions include:

  • Security: Cloud-based service providers invest heavily in security measures to protect data. This can be especially important for credit lending businesses, which handle sensitive financial information. Business owners who manage their data on spreadsheets stored locally on laptops and computers risk losing this data and putting all their customers at risk. In short, the cloud allows credit lending businesses to be more compliant with regulations related to data protection.
  • Scalability and cost savings: Cloud-based systems can quickly scale up or down to meet the needs of your business, especially in the growth phase. This is more cost-effective than maintaining expensive IT infrastructure such as servers, as more data is stored
  • Efficiency and automation: Cloud-based lending platforms can automate specific tasks, such as validating information, checking a borrower’s creditworthiness, making decisions on loan applications, servicing loans, and generating reporting and insights. This frees up staff time, allows faster loan decisions, and reduces human error.
  • Increased productivity: Cloud-based solutions enable employees to access information quicker, follow set business processes, focus on authorised tasks and process applications quicker. Business owners can customise and change processes to ensure employees complete the essential jobs and service more customers without major data access issues.
  • Improved customer experience: Cloud lending can make the application process quicker and easier for borrowers. The data required to approve loans is readily available on the platform, and any authoritarians can be triggered via a click of a button. Business owners and employees can manage loans online from anywhere with an internet connection.

For credit lending businesses, data access, storage, and security are critical to securely storing customer information, processing loan applications, making quick decisions, approving and paying loans, and reporting on business activities. Cloud-based solutions have helped many businesses stay compliant while delivering the best customer experience.

If you want to upgrade your business’s data security and ensure compliance, contact us to find out how Experian’s Compuloan Cloud can help you manage and grow your lending business.