Transforming Cloud Computing for Financial Services

Ntegral | Transforming Cloud Computing for Financial Services

Starting with the end user in mind

Financial services companies are on the lookout for new technologies to increase efficiency and speed of operations and to provide better customer service. Technology has helped organizations create continuous innovation in their financial services. FinServ organizationthe s leverage the cloud to make processes more transparent and collaboration easier. Technological evolution is at the heart of efforts to serve customers through customer experience management better. Adopting new banking technology is critical to thrive. McKinsey research shows that by 2030, cloud technology will account for EBITDA (Earnings Before Interest, Tax, Depreciation and Amortization) in excess of $1 trillion across the world’s Fortune 500 companies.

What is cloud computing, and why is it growing?

Cloud computing is a type of on-demand service that provides access to shared resources, applications, and storage over the internet. Financial institutions can choose from three cloud offerings: public cloud, hybrid cloud, and private cloud. Public cloud infrastructure is owned by cloud computing service providers, who sell cloud services to organizations like enterprises, startups, and the government or to the public. Hybrid cloud infrastructure is composed of two or more types of cloud (private and public) that are maintained independently but connected by proprietary technology. A private cloud means that the infrastructure is built for individual businesses’ exclusive use and is deployable in the company’s data centers or via other hosting facilities.

As FinServ companies migrate to the cloud, they explore three main offerings: Infrastructure as a Service (IaaS), Platform as a Service (PaaS) and Software as a Service (SaaS). Each option offers individual advantages, so it ischoosing the one that best meets your organization’s needs is essential to choose the one that best meets your organization’s needs. IaaS provides on-demand access to virtualized IT resources like networking and storage, while PaaS focuses on developing and choosing server-side applications in a native cloud environment. SaaS is great for selecting software subscriptions so developers don’t need to worry about the underlying infrastructure.

Cloud computing allows financial companies to escape from non-core businesses such as IT infrastructure and data centers while enabling access to flexible storage and computing services at a lower cost. Research shows that effective use of the cloud can increase migrated application development and maintenance efficiency by 38% and increase infrastructure cost efficiency by 29%.

Cloud computing is a significant advantage to financial services organizations that want to ensure platform integrity. By using cloud technology, FinServ companies can implement powerful automated and embedded security processes and controls on their system. This makes platforms more secure and reduces the need for manual maintenance or oversight, giving organizations peace of mind and freeing up resources to focus on other tasks. With this type of security in place, companies can ensure that all data is always kept safe, up-to-date, and accurate.

Staying ahead of the curve

In recent years, more and more businesses have been turning to container technology for their cloud needs. This type of technology allows running multiple workloads on a single operating system instance, which avoids the overheads created by multiple individual systems and boosts overall efficiency. Not only does this allow companies to save money otherwise spent on excessive hardware and software, but it also drastically cuts down on the amount of time spent managing these resources. It increases the fortitude of a company's infrastructure by making it much easier to scale or move an application elsewhere. In other words, container technology is an excellent way of making cloud computing cost-effective and more efficient.

Financial institutions have long been tasked with storing, gathering, and managing personal information while adhering to strict security protocols. However, cloud technology provides an opportunity to provide more secure systems for data than ever before. Cloud migration offers sophisticated security advantages, such as encryption and multi-factor authentication, to provide peace of mind. By taking advantage of the cloud’s unparalleled scalability and accessibility options, financial institutions can ensure that sensitive information remains safe and secure. The transition to a cloud-based service for financial institutions is convenient and crucial for maximum data protection and optimum end-user satisfaction.

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