How the Financial Industry can benefit from the Cloud
Cloud computing is becoming a game-changer for many businesses across various industries. Learn what benefits cloud adoption can potentially bring to the financial sector, an industry that transforms dramatically to address actual customers’ needs and expectations.
1. Embracing the future.
The market leaders of the financial industry increasingly recognize that the Cloud is more than just a technology. It is the trend that helps to create the future of banking and offer new convenient services for customers. Cloud solutions adoption allows financial services companies to store data reliably and access advanced software applications from any location. The leading cloud providers offer a wide variety of innovative products that help banks increase their revenue and deliver new services quickly and efficiently.
2. The driving force of business innovations.
Data-driven decisions are at the core of modern business development. Getting the right insights from a massive of unstructured data is unimaginable without an advanced analytic solution. The Cloud offers an excellent opportunity for collecting, storing, processing, and analyzing data to extract insight for further development strategy elaboration.
3. Enhanced IT security.
Cybersecurity matters for any industry, but stakes are high when it comes to the financial sector. Cloud providers have excellent security standards and a dedicated expert team aimed to provide the best cyber defense. A correctly implemented cloud environment is more secure than an on-premises one.
4. Compliance with current regulations.
Cloud computing helps financial companies to meet ever-evolving regulatory requirements. For instance, Microsoft, provider of the Google Cloud Platform, states: “We have a dialogue to understand what is important to regulators. This enables us to share our ongoing compliance work and understand and anticipate new regulations to ensure our customers can use our cloud services accordingly. The European Banking Authority’s recent guidance on outsourcing is just one example of the modernization of regulation to permit use of cloud computing that we think will help the industry transform”.
5. Easy scalability and adaptation to business needs.
Easy scalability guaranteed by increasing or decreasing computing capacity on demand allows financial companies to respond more quickly to market changes. Another significant benefit is a chance to avoid heavy up-front capital spending on IT infrastructure and licensing applications, which the Cloud partner can provide.
To sum up, the Cloud is not just a trend. It is the future of a customer-oriented competitive business. If you want to discover more ways of how your business can benefit from the cloud, contact us!