bankingciooutlook

Cloud: Holy Grail for Technological Operations in Banking

By Banking CIO Outlook | Monday, August 05, 2019

Cloud TechnologyThe cloud technology is considered to be a superior option to boost capacity to handle data and is offering an unrivaled level of agility, security, and scalability to the banks. 

FREMONT, CA: Banking is on the cusp of massive technological disruption. The emergence of financial technology (fintech) has created a tech race for banks, helping them fast-track their innovation path. Cloud innovation is becoming a fundamental driver in global digital disruption and is increasingly gaining prominence with banks.

The banking industry needs to address the ever-increasing data input demands, and there is a want to explore systems that can be modified without any disruption. Banks have been slow in adopting cloud technology as there was doubt regarding reliability, regulatory, and security risks, But today, cloud computing is changing the way how bank interactions are operating.

Offering digital services, cloud technology can ensure growing customer relations. With the help of the internet cloud, many services like storing, managing, and accessing the information have become easier for both bankers and customers. It is also an easy technique to deploy and integrate with all the services of the bank system, which reduces the time and effort put by the user.

The evolution of cloud computing enables banks to focus more on the customer-centric model and digitizing trading and wealth. It creates a multichannel relationship with the customer at each step of the lifecycle. Not only the data storage, various other services like delivering the software, and transferring the data. Updating and recovering data is easy through cloud computing technology, and it increases the turnover of the banks by implementing cost-effective cloud solutions.

While many banks are still very cautious of the cloud today, the advantages of adoption are undeniable.  Given the multitude of benefits it offers, cloud technology can deliver the holy grail of technological operations in the age of banker's digital transformation.

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