The incredible wealth of data and information available today would be impossible to fully, safely utilize without cloud computing. At Blend, we’re using the cloud to put data to better use and propel the $40+ trillion consumer lending industry into the digital age. So, it’s an honor to share a spot on the Forbes’ 2019 Cloud 100, which celebrates the transformative impact of the cloud on all business verticals.
Early on, rather than go it alone and compete with fintech upstarts and challenger banks, we decided the best path forward was to partner with banks, lenders, and other technology providers. We thought it was the best way to make the biggest impact on the financial lives of Americans.
The cloud is about impact
It’s paying off. We continue to find new ways to eliminate steps in the mortgage process to make lending easier and more accessible. Our mobile capabilities, for example, have helped provide access to different populations, including lower-to-moderate-income Americans, populations typically underserved and underbanked. We’re also radically changing the pre-approval process to give consumers a faster, more accurate understanding of what they can afford.
The lenders Blend works with account for roughly 25% of the U.S. mortgage market. That’s a lot of data. The cloud makes it possible to communicate with them and securely provide access to data. It also allows us to make platform improvements that anticipate the changing needs of our industry.
The cloud is about agility
The cloud has also provided the agility necessary for our business model to evolve. Though we started with mortgage, Blend has branched out to home insurance, home equity loans and lines of credit, and deposit account openings.
The cloud is the keystone that enables Blend to put the science of data to work on new and once intractable problems facing our industry. Without it, Blend wouldn’t exist. At the very least, its ambitions would be very different. With it, we’re radically transforming the financial lives of consumers and the business decisions of our customers. It’s our hope that our technology and the cloud infrastructure that it sits on will enable deeper connections that lead to healthier financial outcomes for everyone who touches Blend.