Storing confidential documents used to mean a trip to the filing cabinet. But advances in technology have revolutionised the way that businesses can manage their data. Cloud storage solutions allow data to be remotely accessed and stored securely. In our latest ‘Smartr Thinking’ series, we take a look at the five benefits of cloud systems and why this could be a useful solution for your brokerage.
The introduction of cloud storage has rapidly changed the way mortgage advisers interact with important information, as it provides instant access to data from anywhere in the world at any time.
Firms with multiple branches or advisers working remotely can now easily bring staff together to collaborate and work on documents without needing to be in the same room, enabling them to access and use client data far more effectively. This flexibility opens up referrals between firms too. For example, a mortgage adviser referring a client to a protection adviser – whether inside or outside the business, like a club or network.
It’s not just collaboration between advisers though, but with clients too. Current processes mean there is limited collaboration on individual cases, but cloud solutions can allow clients to share documents with advisers and vice versa – all in a GDPR compliant and auditable fashion.
It’s not just accessibility that has made cloud storage increasingly popular among firms; searching for information digitally has also made the process of finding vital client information much more efficient.
Brokerages using a cloud system will also reduce operating costs – the gigabyte to pence ratio is usually very cheap for the amount of storage your firm can buy. Plus, you only need to pay for the storage you need. The benefits go far beyond cost-efficiency though. If the cloud is supported by the right technology, it can be just as quick as onsite systems.
Smartr365’s cloud solution increases efficiency specifically for the mortgage process. Unlike general cloud-based document storage solutions, for example SharePoint or Google Docs, Smartr365’s is designed by mortgage advisers, for mortgage advisers. It’s a bespoke mortgage solution, not a generic software.
3. Unlimited storage
Unlike paper or local hardware storage, the beauty of the cloud is that it won’t run out of space. In fact, many systems now offer unlimited data, which means that your hard drive will be much less cluttered.
You will have to make sure certain files and documents are destroyed after a set period of time, but there is no timeframe on how long your data can be stored online. So, if a client wanted to remortgage, their file can be easily accessed with a few simple clicks.
As with most new developments in technology, some people have been reluctant to get onboard, citing fears about security. While security is understandably a key concern for businesses, cloud storage is a good safeguard against hardware failure.
In fact, the cloud actually is one of the safest ways to store sensitive information. Smartr365’s system uses bank-grade security to ensure that brokers have peace of mind that client records are protected and GDPR-compliant.
5. Easy Backup
Every broker should have an emergency backup plan, just in case they ever lose their files. With cloud storage, the fear of losing important data on a local server is eliminated; with data recovery from the cloud, files can be retrieved and accessed at any time.
With so many advantages, it’s not hard to see why a growing number of firms have taken the leap and are utilising this powerful technology, ultimately resulting in a better, more seamless experience for clients. If you are interested in finding out more about how Smartr365 and our cloud system could work for your business, please get in touch and book a free trial demo here.