Ellie Mae has gone all in on Amazon Web Services. Using AWS, the leading cloud-based platform provider for the mortgage finance industry can rebuild its core applications and create new digital products for the evolving needs of homebuyers. Moving to the cloud enables Ellie Mae to further automate digital lending with greater personalization, develop new ways to deliver digital mortgages and simplify the loan process for customers and partners.
Why this is importantPublic spending on the cloud is expected to reach $160 billion this year, according to IDC. But the financial industry has been relatively slow moving its infrastructure to the cloud, compared to other industries. That's changing with announcements like this one. Microsoft claims that more than 80 percent of the world's largest banks use its cloud platform, Azure.
Tearsheet's takeThere are different stages to cloud adoption which financial services are undergoing. First, it's about migration -- getting the data and applications of legacy systems onto the cloud. From there, the industry can begin to take advantage of cloud platforms, microservices, containers, and DevOps afforded by these technologies. Amazon's AWS, Microsoft's Azure, and Google Cloud all are serious competitors in this space.
Read more about finance's adoption of cloud technologies
- Ellie Mae goes all-in on AWS (press release)
- Moving to the cloud: A strategy for banks in North America (Accenture)