Cloud Tech & Financial Services

How Cloud Technology is boosting Financial Services Industry!

Financial Services Industry always seems to be satisfied with their conventional IT Infrastructure. This particular sector has been reluctant to shift their applications to the public cloud. As the years passed, it is arguably been proven that cloud platform acquirement is biggest innovation in enterprise computing world. Many industries have already started to accept cloud based platforms as they are emerging as cost effective and simple modules.

In case of Financial Services Industry. Main reason for the ignorance of cloud technology was “Security”. However, this particular concern was well addressed opening large sets of benefits to the Financial Services Industry (FSI).

  • Amplified Security:

Most cloud computing solution providers provide in-built security against malware and viruses, multi-layer spam protection, policy based email protection and compliances related to emails. Some providers also provide diversified configurable information protection services for customer data management and protection that includes data encryption at transit and rest, strong key management.

The main issue for operations staff is their authentication and authorization. In cloud base applications, it is implemented as a standard security protocol using cryptographic controls and support for secured remote connections.

This field is so advanced theses days, that users can possess stronger security than the ones who use their traditional method of IT infrastructure. They have moulded themselves in such a way that  to meet the expectations of clients.

  • Business Agility:

If you are looking for business agility, then cloud is the first choice these days. The very first advantage of cloud computing is its flexibility and being built with mobile productivity taking in consideration. Application developers face day-to-day challenges while building and supporting new versions and modules.

It is because of cloud computing techniques that new applications can be rolled out fastly and that too with the prescribed innovations.

The second advantage is, the operations staff can easily access information and information virtually from any device, as long as they have internet connectivity.

  • Trimming Down Maintenance Costs:

Use of cloud technology automatically results in reduction of infrastructure to maintain. Installing and maintaining IT infrastructure becomes more difficult for companies. Cloud computing can be used in a very effective way to outcast such costs leading to hassle free and more secured security infrastructure.

  • Flexibility and Adaptability:

Cloud computing has highly adaptive features. They can be adapted according to the change in requirements of company with less cost of upgradation. If your company grows, five years down the line, which will result in increase in number of employee and associates, you wont need to buy a new set of IT infrastructure. You can expand through the cloud computing platforms with effectively very less amount. If your company experiences increased activity due to seasonal changes for example, you can adjust your cloud services to match. Cloud computing provides your business with affordable flexibility that on-site systems simply cannot match.

  • Reduced Infrastructure:

Last but not the least benefit, i.e. significant reduction in hardware as well as software requirements that are necessary if you are operating through conventional IT infrastructure. The traditional process of purchasing, maintaining and updating servers and supporting equipments, storing them onsite is vanished due to presence of cloud platforms in today’s high tech world.

Many clients are actively looking for their organizational transformation into cloud computing technologies. Instead of shifting few applications to cloud, FSI companies can consider rebuilding of their whole application structure with the help of cloud navigation structure. These procedures will enable financial services companies to deliver faster, cheaper, and more secured technology products and services that meet the requirements while also better solving the needs of their customers.