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.
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.
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.