How SaaS Cuts Costs for Community Banks

In today’s increasingly volatile lending environment, commercial banks and credit unions demand greater accountability while keeping costs down and ensuring compliance. The conventional approach of utilizing legacy hardware and software simply isn’t as efficient as it used to be. Software-as-a-Service (SaaS) provides advantages that not only cuts costs for the financial institution, but also ensures you remain compliant and loan risk can be assessed with the utmost clarity.

1. Eliminates initial software set-up costs, update costs, and hardware costs

In addition to the initial software purchase, the successful implementation of legacy systems also hinges on ensuring that existing hardware can handle its functionality — or upgrading if it cannot. While these start-up costs can run into the tens of thousands of dollars, it doesn’t stop there. Periodic updates are typically not included in this price and must be paid separately. Using a SaaS system eliminates these costs.

2. Pay-as-you-go options

One-size-fits-all solutions for your lending team don’t work in today’s lending environment. Being able to pay for only the services and features you need — when you need them — cuts costs significantly while still providing nimble and robust tools such as standardized data collection, validated real estate analysis, loan portfolio reporting and more. When needed, you can gain full access to a supported and secure roster of innovative features, without any software or hardware purchase necessary.

3. Fewer IT risks & associated costs

In few other industries is security as important as it is in banking — both in terms of easing clients’ concerns and ensuring compliance. Without the need for a dedicated IT team on-site, the costs of using SaaS reduce your bottom line. Utilizing the latest state-of-the-art security innovations, your bank’s information is always protected within authenticated servers that are constantly updated.

CLOUDecision offers affordable, nimble and innovative solutions for today’s ever-changing lending environment. Our SaaS approach fully supports your financial institution on your need to stay competitive while still offering top-notch products and services that integrate with other platforms needed to complete financial analysis. To learn more about CLOUDecision’s suite of flexible commercial lending packages and individual products, contact us today.