This is the year 2020, and if you aren’t still leveraging the Cloud due to outdated security reasons, then you are living in the past!
Financial services are one of the most dynamic and innovative industries, and the Cloud is central to digital innovation. Combining both these factors will give you the best possible outcome from Clouds that help the Banking and Finance companies around the world.
Today’s tech-savvy customers are moving along the technological tidal wave, and the banking and finance sectors have to catch up with it. A slow-moving financial institution failing to adapt to meet the expectations may find themselves on the losing end of the scale. Therefore, being a company in the banking and finance sector, here’s how a Cloud can benefit you:
1. Cut costs:
The building, development and operations of the bank have always been expensive. Establishment of new data centres and server along with the staffs and their training turns out to be quite expensive. These high-costs have deterred new potential market entrants from providing the much-needed competition to these high-street banks. However, cloud computing does not require high investments on dedicated hardware or software, nor the workforce to maintain it. Instead, these financial institutions can buy into the infrastructure of a secure, specialised cloud service provider and focus more on driving money into their business.
2. Improved Flexibility and scalability:
Cloud computing provides brank with the ability to rapidly scale their processing ability according to the volatile market development and customer demands. The rapid pace of today’s world, along with customer-centric digital banks, enables them to act swiftly during critical times and remain competitive amongst the field. Scalability has been one of the top reasons for banks to adopt cloud computing.
3. Increase in efficiency:
Cloud computing can help banks and finance companies to streamline their operation to enjoy improved efficiency rations and operating leverage. Efficiency is essential, particularly for businesses that work across multiple markets with several demographics. Clouds enable you to interpret and analyse rich market data. Financial organisations that use Clouds gain a practical advantage over their competitors by seamlessly negotiating innovations and developments from that particular market.
4. Serve customers faster:
Cloud computing makes development and launch of new products and services effectively faster and easier. The financial service industry has been traditionally slow to adapt to new technologies, but that changes with cloud computing. Even at the prototype stage, non-cloud-based applications can necessitate more than 1.5 years of development before they are ready. Cloud computing accelerates the development of new features and can even deploy them in less than three months.
5. Stronger customer relationships:
Combination of big data and the unlimited potential of cloud computing enables financial institutions to dig deeper and get better insights into their customers. This data allows for the banks and finance companies to create highly-customised services and products according to their customer’s expectations. This helps in building stronger relations with the customers.
More and more banks are gradually choosing the cloud computing path as it is more efficient and helps increase productivity by a significant margin. Failing to keep pace with the cloud adoption rate may cause financial institutions to disappear into obscurity!