For organizations that want to remain in the business, it is vital for them to stay tune with the changing technology updates taking place in the world of IT. Technology keeps advancing and what was once a technology that perfectly suited to meet the demands of the industry might become a thing of the past and can make entire industry go obsolete.
When it comes to finance, it goes without saying that it is the foundation for any business and always at the center of everything a business will do. Despite of being at the forefront of business growth, financial industry has, for the most part, lagged behind on technology adoption. As a result managing operations can be complex and difficult. Many companies face these challenges because most of them have legacy processes at the center of everything they do.
Banking and financial services organization can be seen spending all of their time on routine, repetitive maintenance just to keep company’s business running. Needless to say they must embrace digital disruptive technologies not just to automate legacy processes. Because without doing so, it can seem impossible to find the time they need to plan for new services or improve existing processes.
The increase in data from a variety of sources is making cloud computing one of the most important functions to deal with rising customer expectations more effectively and efficiently. Finance industry has evolved and they should keep up with the fast paced emerging landscape in which they operate. Conventional, on-premises legacy technologies are simply unable to provide the flexibility and capabilities that today’s businesses use cases demand.
Technology offers the scale and agility needed to deal with today’s many of the problems facing the financial services industry. It not only empowers businesses to disrupt competitors and find new revenue streams but also ensure they excel in customer service, something very important because it is the service provided to the customer that it turning out to be a key competitive differentiator more than price and product.
70% of employees have access to data they should not and that is fast becoming a problem for financial sector. When it comes to cloud technology in the finance sector, security is one thing that plays a vital role. Data security is no longer a matter of big concern – it’s a critical challenge that is impacting sound decision making. Current financial services industries are struggling to keep up with the demands of emerging threats around confidential and sensitive data. It comes as no wonder that a majority of Fintech companies are leveraging cloud. 85 percent of Fintech companies consider using cloud to be a strategic priority when it comes to safeguarding their business critical data against vulnerabilities. There was a time when it was thought that data will be safe with on-premise storage. In fact, concerns about data not being safe over the cloud, is the main reason why many hesitated to move to cloud storage. So, what was once a misconception, data not being secure over the cloud, has now turned out to be a strength, thanks to cloud providers who took security to the next level.
If we notice one thing cloud infrastructure offers similar capabilities as traditional IT infrastructure, in fact it goes a step further than just providing ordinary benefits, doing away with costs involved in installing and maintaining IT infrastructure. It might come as a surprise that 80% of an enterprise investment towards IT is spent on installation and maintenance. Financial companies by migrating to cloud greatly benefit from agility, elasticity or pay-as-you-go efficiency that today’s businesses demand.
When it comes to instant gratification generation, speed is everything. Customers now more than ever are expecting faster technology and services from financial services. What’s every organization’s biggest challenge when it comes to doing business online today? For most banking and financial services organizations, it’s getting things done on time using their conventional website, which is often reactive and standalone. This challenge only increases with the sharp growth of smartphones and rising customers’ digital expectations. Goes without saying, speed of website and consistent user experience across variety of digital channels is something that matters to customers from everything website and service. Good news is that cloud services can be leveraged to accelerate website load time for speedy delivery to the end user.
Legacy IT infrastructure presents a lot of challenges when it comes to handling scalability issues to meet rising or shifting business demands. Prior to the advent of cloud, making changes to on-premise IT infrastructure would involve cost of acquisition, maintenance and not to speak of downtime caused by the activity. But thanks to cloud, scalability can be achieved in less time.
The main challenge of moving to the cloud for banking and financial services is figuring out how to integrate, synchronize, and share data across cloud and on-premises applications.
Prime’s Resourceful Cloud Team expertise in providing exceptional solutions and makes it easier to successfully leverage the cloud-your way, at your pace.
