7 Ways Cloud Services Are Shaping Up the Future of the Finance Industry

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IT and Communications have advanced greatly in the past few decades leading to massive revamps across companies and organizations in different fields and sectors and Finance is no exception. Growing past their initial reluctance to accept cloud networking and services in their work setups, financial institutions and banks have started incorporating various cloud-based tools and services into the arsenal of products to boost their efficiency and performance. Cloud services integrate banking services from different branches into a single integrated online platform simplifying banking for your clients and customers. Here are a few insights on how cloud services are shaping up the future of the finance industry.

Introduction

The banking sector is transforming rapidly over the past few years with huge advancements in the field of IT and communications. Digital banking has become a reality with most banking institutions and it is found to be as efficient or sometimes even more efficient than on-premise banking. The initial stigma associated with online banking has been overcome with the advent of highly secure platforms reducing the aggregated risks associated with them. Cloud services have opened up various new avenues of services for banking institutions to improve customer usage and interactions. Studies report that the finance cloud market size is estimated to grow up to 29.47 billion USD in 2021, with an estimated Compound annual growth rate of 24.4%. 

Ways Cloud Services are Improving Finance Industry

Cloud services have helped the finance industry progress significantly and improve customer relations. Digital banking has simplified work processes and helped banking institutions focus on other areas of improvements, helping them advance at a faster rate. Here are a few ways by which cloud services have improved the finance industry.

Integration of Services

Unite data and information from all branches providing clients with great access and mobility from smartphones and devices with access to the internet. The integration of the data on a dedicated platform allows easy management and organization of data with high-level security protecting sensitive information. This also proves to be of great assistance in the research and analytics sector with vast amounts of data for analysts to work with and obtain insights from. Integration of data also improves the collaboration of teams across different branches and enhances the overall efficiency of your teams in carrying out tasks without obstacles and a redundant waste of time.

Robust and Resilient Operations

The incorporation of cloud services in banking services contributes to enhancing the resiliency of operations and helps institutions bounce back from any setbacks or disruptions in their functioning. The storage of data in secure platforms allows institutions to replicate data and services and shift from one main data centre to multiple storage centres. The COVID pandemic has demonstrated the resiliency that can be offered by cloud computing services, allowing banking employees to work in isolation from their homes to access data integrated into the platforms.

Secure Data Storage

Cloud servers have evolved to become highly efficient storage platforms with enhanced security measure for their clients. Financial institutions have relied upon these platforms for ensuring control and compliance with various regulations. Installation of the platforms by experienced professionals and conducting stringent security checks frequently assure institutions and clients safety and security.

Innovative Schemes and Services

Cloud computing provides a wide plethora of opportunities for banking institutions to improve their services and cater for their clients better. Interesting offers and schemes can be facilitated to attract new customers and optimize operations. It allows for easy incorporation of new tools and services such as Machine Learning, Intelligent Process Automation, Internet of Things platforms, Augmented reality etc. enhancing their capabilities to increase revenue and operational efficiency. 

Freedom to Scale

Financial institutions empowered by cloud computing services have the freedom to scale higher and lower as suited for their requirements. They can assist companies and organizations to cope up quickly with market shifts and unforeseen issues offering stability. Flexible payment platforms for cloud computing allow institutions to optimize their computing capacity as suited and provide more control on expenditure.

Revenue and Growth Prediction

The advanced analytics facilitated by modern tools accompanying cloud computing help predict revenue growth and customer experience. Data from all institutions are gathered and assessed using powerful analytical tools to evaluate customer experience and expectations. It helps make necessary modifications in the different schemes and offers, offering them a seamless experience based on their requirements. 

Financial Institutions with Cloud Computing

Various financial institutions have grown immensely with the incorporation of cloud computing into their practices. Continuous growth and advancements in cloud computing have propelled institutions rapidly to boost their efficiency and performance substantially. 

  • A leading financial institution has been using cloud computing services to improve their analytical capabilities and process financial data better. They were looking for a scalable environment to better analyse data and found the solution to their requirements with advanced cloud computing software. The incorporation of cloud computing has enhanced their post-trade analysis capabilities and allowed them to better foresee the market changes and their performance.
  •  A reputed insurance agency started using cloud computing services to empower itself and develop a hybrid working environment. It has greatly benefited from the scalability offered by cloud computing and the low costs at which they are possible.

Conclusion

Financial institutions are in a constant state of change and transformation to keep up with the varying needs of customers. Companies like Futran Solutions offer interesting cloud computing solutions for financial institutions to better enhance their efficiency and optimize their work processes. The incorporation of cloud computing services will significantly improve the abilities of institutions and are a part of the digital banking future that customers will experience and enjoy with satisfaction.

IPA is Democratizing Healthcare

How IPA is Democratizing Healthcare Access During the Infamous Second Wave of Covid-19

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The COVID pandemic has affected millions of people across the world, leading to the onset of one of the greatest economic setbacks of all time with business in all fields and sectors affected significantly. Science and technology have emerged heroes in these dire circumstances with advancements in health care and Information technology coming to our aid, allowing our sustenance and functioning. Intelligent Process Automation is one such advancement that has changed the course of work processes in various industries especially Healthcare, reducing the burden of the workload on us. Here are a few insights on how Intelligent Process Automations is democratizing Health care access during the second wave of COVID – 19.

Introduction

Intelligent Process Automation is a convergence of automation capabilities involving the application of AI related technologies such as Machine learning, Cognitive automation etc. to Robotic Process Automation resulting in the dramatic elevation of business value for your clients. It empowers companies and organizations to improve their overall efficiency in input management and enhances customer experience and satisfaction. IPA has played a great role in simplifying work processes in the fields of Insurance and Finance and its biggest contribution is to the field of Healthcare during the COVID pandemic. The field of automation is growing rapidly with a predicted growth from $250 million in 2016 to $2.9 billion in 2021, showing the enormous growth and reception to its various applications.

Applications of Intelligent Process Automation in Healthcare

IPA has found a variety of applications in the field of healthcare and has become a very popular solution with great reception to it. It has provided greater freedom and flexibility for the technical teams in healthcare as it assumes most roles in patient scheduling, document management etc. allowing healthcare professionals to focus on the work at hand – Saving lives. Documentation is an essential and mandatory part of all healthcare procedures and IPA assumes complete responsibility for it, simplifying the processes and patient interactions. Here are a few applications of IPA in healthcare

Patient Scheduling:

IPA handles patient interactions through chatbots and interactive tools allowing it to comprehend patient needs accurately and triage patients before the treatment procedures. Patients can clear out any queries regarding the procedures with the chatbots and consult regarding any other issues with professionals using the same. The use of IPA eliminates all kinds of bias in-patient admissions and appointment scheduling ensuring equal chances for everyone based on their symptoms and medical requirements. Multi-speciality hospitals with different departments and hundreds of patients everyday will definitely find IPA significantly simplifying patient interactions and improving customer experience. It also helps in easier documentation of data for reference and research purposes. 

Insurance and Finance Management:

IPA can also assist patients and healthcare facilities with insurance and finance management. The rising costs of healthcare facilities increase patient dependency on insurance policies and the proper documentation of patient information enabled by IPA ensures patients insurance requests are processed at an earlier time frame. IPA can be used to work through the repetitive tasks involved in insurance claims and validate the claims, allowing professionals to process the claims at a faster rate.

Supply Regulation:

IPA helps hospitals keep a tab on medical supplies available in hospitals allowing centres to procure essential equipment with adequate time in hand. Records of important commodities such as vaccines and Oxygen cylinders can be maintained efficiently using IPA, ensuring proper distribution of the commodities to patients who need them. 

It is of great assistance during times like COVID when there are a huge number of patients at hand and even distribution of all the commodities is required. 

IPA also Regulatory Compliance: ensures hospitals and officials are compliant of all rules and regulations as per the Government medical boards. It helps record and process all information efficiently keeping data organized for audits and inspections.

Role of Digital Partners in IPA

IPA can transform your work processes in healthcare facilities, allowing you to process an increased number of patients in a shorter period. Digital companies can be of great assistance in guiding you to set up the IPA platforms at your offices. Companies like Futran Solutions with their unique talent ecosystems and extensive experience in setting up IPA across various fields such as Finance, Insurance, Healthcare, Banking etc. have helped many companies and organizations transform their work regimes to high efficiency systems. The sound technical support and experience offered by such competent digital partners can create a vast difference in your experience with IPA and help smoothed the learning curve associated with them.

Conclusion

Change is the only constant thing in our ever-changing environment and the pandemic too shall pass. We need to adapt to modern advancements in our fields to stay at pace with our increasing demands and keeping ourselves technologically updated is the only way to do it. Update your work processes and provide patients the best they deserve with IPA assisting you every step of the processes and companies like Futran solutions by your side throughout your journey.