Advanced Cloud Computing Promising a Revolutionized Banking Landscape

Banking CIO Outlook | Tuesday, July 30, 2019

Improving the bank's operability and functionality, cloud computing brings next-generation solutions to meet both the banker and customer satisfaction.     

FREMONT, CA: Financial institutions, especially banks, rely on the customer trust for security, benefits and solution. The adoption of cloud-computing is steady as deploying the work process and transforming the entire traditional system into new platform may be a cause of worry to many bankers. However, the approach towards the digital transformation frames massive advantages to the institutions in the future. Implementing a cloud platform leverages the cloud computing delivery model. The cloud-based developing and operating applications can encourage new ideas to market faster, and instant response to the customers demand and need. 

A data breach results in severe consequences, highly for banks and other financial institutions. Looking at the security concerns, the cloud providers feature better security blocks and up-to-date software than the average on-premise system of the banks. As the new datacenters and servers need to be installed has staff recruitment involved, training to operate the in-house security solutions can increase the infrastructural cost as well as the time-consumption. Here, cloud hosting allows organizations to maintain the IT infrastructure effectively, eliminating the need for training, and spending money regularly. The transitioning to cloud computing allows easy accessibility, regular update to the solutions, helping in disaster recovery with built-in redundancies and, solving challenges quickly. 

The growing financial world increases customer expectations and demands for best and satisfactory services. A well-developed cloud strategy automates and integrates with the platform deployed in the cloud-native applications and services. The software development for IT operation aims to deliver high-quality software, which fixes the bugs faster by ensuring the uptime to solve customer challenges. The architectural approach for application development to collect small services provides micro-service management, like updating services and applications independently without involving the whole system.  

The rate of cloud adoption continues to grow, regardless of the industry providing benefits and immense possibilities. The advanced features and facilities can boost the business and also change the landscapes of financial services of today. 

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