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70 I N D U S T R Y I N S I G H T / S T E V E C O M E R It's a cliché, now, to say, "We're going to the cloud." e technology, nearly two decades old, is ubiquitous in 2019. It fuels the economy, connecting clients with companies in an immediate way that demands trust and honesty. Look no further than the smartphone in your pocket to see how the cloud is enveloping consumers on a daily basis. Updates to apps, including social platforms and communication portals, are pushed out via the cloud, saving users the hassle of loading and reloading software on every device they own on a regular basis. It also fuels the work of financial institutions. Embracing the cloud often translates into significant cost savings and operating efficiencies for traditional banks and credit unions, wealth firms, and other financial services providers. In today's market, the technology is more vital than ever, as loan-servicing consolidation continues and more financial institutions are taking on larger portfolios—and, as a result, more risk. As the industry heats up, originators and servicers are looking to technology to help minimize risk and maximize reward. e cloud can help. e cloud makes access to information via various devices quick and convenient. Users no longer have to access a dedicated machine to get work done. A simple way to see this impact is through cloud-based office programs that allow employees to access document creation tools via web browser or app. Companies discover cost savings when outsourcing the management of these applications and systems to a dedicated and trustworthy cloud vendor. For financial institutions that want to make sure loan servicing files are complete, ensure the quality of their loans, and access data from certain documents within those loan file packages, hosting in a purpose-built cloud solution can be an ideal way to send and share information. But even financial institutions that are hesitant to embrace the full breadth and depth of the cloud can benefit from it. Cloud-based file-sharing applications offer a way for default services departments to safely and swiftly share Cloud-based file sharing can save money, increase security, and improve efficiencies for servicers. Here are five reasons it's time to get your head—and your business—into the clouds.