Cloud adoption has totally changed the global business landscape. Despite this, the hype around cloud has been met with a certain amount of trepidation by the financial services sector. But this is changing. According to PwC, core service areas like credit scoring, statements, consumer payments and billings for basic account functions will be cloud-based come 2020.
Understanding that cloud is central to digital innovation, these finance-based businesses are keen to reap the benefits of cloud. Some of which include the following:
Improved security and compliance
Initial skepticism around cloud was largely security related but cloud actually provides a highly resilient security architecture and is subjected to stringent security checks at regular intervals. For banks and financial services firms looking to combat compliance and security problems, a multi-cloud strategy delivered by an expert third-party managed service provider will provide the security you need. Cloud vendors take have to be very strict when offering services to the finance industries that no compliance regulations are violated by either party. In fact, regulators actually work with the major cloud vendors to ensure that their compliance is up to scratch.
Greater cost efficiency
For many businesses, cost is an important factor deciding where to invest. Cloud can help a business to reduce the expenses related to servers and data centres, as well as other core IT infrastructure-related costs. This is especially true when your cloud solution is paired with an effective cloud expense management solution.
Storage and big data opportunities
Storage is one of the greatest benefits of moving to the cloud. Unlike more traditional IT setups where you have to deal with constant upgrades and maintenance is required, cloud computing offers unlimited storage so you no longer have to worry about your ever-increasing amounts of data.
Perhaps the biggest benefit of cloud is the ability to scale your environment on-demand. Basically, this means you can grow or diminish resources based on your fluctuating demands. In essence, scalability is a planned level of capacity that can grow or shrink as needed. This flexibility ensures that all duties – regardless of demand – can be performed without any glitches.
Cloud computing enables employees to work on the go. This is a real benefit for all business types. In addition to greater flexibility for employees, cloud also allow banks and financial institutions to better serve their customers. Financial services organisations cannot afford to ignore the opportunity cloud gives them to develop systems customised to meet their customers’ expectations. These new business models, which are largely based around mobile banking, make it easier to gather customer feedback and deliver services based on this feedback.
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