Revamping the Financial Services with Cloud Computing

By CIOReview | Wednesday, May 15, 2019

Cloud computing continues to revolutionize the way people do business. Over the past few years, cloud computing has rapidly gained momentum and has become widely adopted across multiple industries. Organizations of different sizes can reinvent their outdated processes and achieve significant business benefits using the cloud.

As a highly-regulated sector that handles most of the customer's sensitive and personal information, cloud computing services are employed closely with the finance industry to address security, governance, and compliance requirements effectively.

Let's have a glance over some of the benefits provided by cloud computing to maximize financial services.

Security

Cloud system redundancy offers multilayered digital and physical protection of sensitive data which ultimately ensures no single point of failure. Even if a server crashes, all the data will be safe as it is stored in redundant locations with the data backup advancement. For maintaining email conversation safe and secure, cloud service providers offer

• Email retention for compliance

• Policy-based email encryption

• Built-in protection against viruses

• Multi-layer spam

• Virus protection

Reduced infrastructure and costs

The incremental growth in financial services made random changes in information technology hardware and software needs. Cloud migration will help to reduce process costs and also eliminate the problem of hardware and software procurement by sharing the responsibilities between technology partners only. Moreover, with the help of the cloud, the need for multiple servers and equipment is also reduced.

Amplifies the financial ability

As long as the risks can be managed, cloud services can ultimately help companies to enter into new market verticals by taking advantage of new opportunities and also to strengthen their business processes. Additionally, connecting to the cloud speeds up websites and other digital assets, allowing data to be transferred much more quickly.

Although the cloud has been slow to initialize the financial services, with the advancements in the cloud can surely increase the business agility factor of the financial institutions to enter new territories with incremental growth and sustainability.

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