An increasing number of financial institutions are transforming their systems and exploring how cloud computing can help. The COVID-19 pandemic has further inspired financial and banking leaders to incorporate cloud and security in financial services. According to The Next Web, cloud services have served as a saving grace throughout the unprecedentedly challenging time, making it easier for businesses to allow employees to work remotely, efficiently, effectively, and securely. While digital transformation without the cloud is not impossible, its scope will be very limited.
If you are curious about the transformational possibilities of cloud computing in financial services and need more information to determine whether it’s the best path for your bank or other financial institution, keep reading.
Improving Operational Efficiencies in Financial Institutions
Top cloud service leaders work to design and build a system that focuses on the big picture for your FI, which includes user experience to drive satisfaction and success for all.
Further, the flexibility and scalability that cloud adoption offers allow your financial business to quickly adjust to operational changes, empowering you to handle greater volume without worrying about adding more storage capabilities or staff to manage it all.
When you move your data and key business applications to the cloud, you don’t have to store them locally, continually upgrading your storage needs with quick fixes. Even better, you no longer need to worry about your physical infrastructure since your cloud service provider has it covered. With the Pay-as-you-go pricing models provided by the cloud providers, you’ll enjoy huge savings associated with no longer worrying about buying, maintaining, upgrading, and housing the necessary hardware.
Increasing Data Storage Options In the Cloud
The need for more data increases daily, making it challenging for on-site IT teams to keep up with the demand. With the right cloud service provider, you have access to virtually unlimited cloud storage without worry.
Enhancing Availability and Resiliency Through Redundancy
Redundancy, creating backups and fail-safes, can help make applications resilient and more readily available. Many cloud service companies are building various redundancies to guarantee that data is always available and secure. A few redundancies include:
- Availability Sets, which protect against localized disk or network hardware failures. Virtual Machines (VMs) are spread across different fault domains, defining the VM group that shares a common power source.
- Availability Zones, which serve as isolated data centers within a cloud service system’s regions.
AWS has developed several strategies to improve availability, resilience, and sustainability through faster innovation and enhanced security, accelerating deep learning workloads, investing in faster processors, and much more.
Freeing IT Teams to Manage Core Organizational Projects
Investing in cloud services means that your IT team can focus on strategic planning, core organizational objectives, and on-site employee support and training. Engineering-focused IT team members can take on projects like app development to improve customer experience.
Boosting Customer-Banking Relations
Pleasing customers is high on your priority list, and cloud computing in banking offers many ways to do that. With cloud services, you can control customer data instantly and better understand their financial habits and account management preferences. Additionally, you can improve the customer experience and offer instant and accurate information, consistent accessibility, and peak performance to keep their visits brief, easy, and satisfying. Customers will enjoy a better experience with fewer disruptions and outages. Even if there is some disruption, cloud computing resources make it easier to get back online quickly, ensuring continuous availability to customers.
Tightening Up Security
Cloud service firms continue to dispel any fears that experts have expressed over cloud security over the years. With the right cloud platform partner, keeping your data in the cloud is safer than keeping it on-site with effective SSL management options, enhanced credentialing, and data encryption.
Many cloud service providers take a proactive approach to tackling DDOS attacks, avoiding data breaches, preventing data loss, strengthening access points, and sending prompt notifications and alerts.
Streamlining Compliance Standards
The digital world is brimming with risks, making compliance standards essential for everyone, particularly financial institutions. Once you move into the cloud, you’ll find that your provider must remain compliant with all relevant regulations.
The financial industry is brimming with regulations to protect multiple parties, including customers, investors, and financial institutions, and it’s imperative that all parties dealing with a financial institution’s data, including a cloud hosting service, must remain compliant.
Cloud computing helps to achieve compliance by taking the necessary steps to secure data and mitigate risk. Further, cloud providers also offer several dynamic tools and features across network security, access control, data encryption, and configuration management. All these tools and features help customers meet their security objectives and remain compliant with their information security standards.
Are You Ready for Cloud Computing Services to Transform Your Financial Industry Enterprise?
If you find any of these transformative possibilities exciting, it might be time to consider moving to the cloud. Our Idexcel team offers an array of cloud services to enjoy a bounty of benefits. With over 20 plus years of experience fine-tuning various digital technologies, we can help you take your financial business in any direction you choose.
Connect with our team to schedule your free assessment.