Like many other industries, the financial services sector has changed drastically over the past years. That’s why many financial services and wealth management companies have moved their services online, responding to the impact of the pandemic outbreak and the way we work and live today. This shift and the need to meet new requirements have been particularly challenging for the financial sector. The move to the Cloud has been invaluable in overcoming these challenges. Apart from higher scalability, improved data management, greater security and more opportunities for innovation, it helps your business keep a competitive edge.
In the following, we’re exploring the positive impact of cloud computing in the financial services sector and why finance businesses simply can’t afford to successfully grow without it.
Benefits of the Cloud for financial services
Financial services deal with great amounts of highly confidential financial information and have to meet several compliance and data protection requirements. With the growing cyber threat landscape, data stored on on-premise servers is becoming risky. The finance sector’s responsibility is to secure their customers’ data from data breaches or cyber-attacks. The Cloud offers the necessary security features, such as end-to-end encryption and user access control to mitigate the increasing threats and to keep data highly secure.
Many financial services still rely on a traditional infrastructure and legacy technology, making it almost impossible to adopt new and continuously emerging solutions. This doesn’t just give your competitors that use modern solutions an advantage, it can also slow down your overall performance and impede you from delivering a great customer experience. Cloud computing allows you to adopt new technologies and solutions more easily, without worrying about compatibility issues. This is key to streamlining your operations and helping you deliver services faster and more efficiently. Bringing more speed and ease to the financial world, the Cloud can help boost innovation, keep on top of emerging trends and maintain your competitive edge.
Data lies at the heart of every financial institution. It’s used for routine and everyday tasks such as account management, user identity verification, user spending analysis and more. In order to efficiently deal with the huge volume of data, it needs to be accessible from anywhere and at any time. The Cloud allows the financial services industry to store, manage and access data easily and quickly. This allows financial institutions to save both on hardware costs and facilitate workflows.
Growth is very common in the finance sector and it can happen quickly and unexpectedly. While traditional infrastructures don’t necessarily support growth as expanding or upgrading on-premise storage is costly, Cloud technology make scaling up (or down) much easier and quicker, while being more cost-effective at the same time.
Being a rapidly changing market, the financial services sector needs the flexible, growth-supporting features the Cloud offers to stay competitive, meet compliance requirements and take the complexity out of managing great volumes of data.
Talk to one of our Cloud experts today to discover how cloud technology could help your finance business enhance security, innovation, scalability and data management, and keep you one step ahead of your competitors.