bankingciooutlook

Key Advantages of Cloud Computing in Banking

Banking CIO Outlook | Monday, October 04, 2021

Cloud technology enables organizations to respond instantly to changing market conditions, using data and applied analytics to achieve customer experience and operational productivity advantages for banks and credit unions seeking greater business agility.

Fremont, CA: Traditional and non-traditional banking competitors are responding to market expectations by lowering the friction of interaction with modern infrastructure. New cloud solutions use data and analytics to improve digital customer experiences, back-office efficiency, risk reduction, and innovation. Banks and credit unions can no longer postpone their migration to the cloud.

Now more than ever, financial institutions must leverage modern technology to provide better customer experiences at a lower cost and in real-time. This necessitates the collection and processing of multiple data sources, as well as the modernization of legacy systems and obsolete operating models. Traditional financial institutions will be ill-equipped to compete with more responsive and innovative competitors unless their infrastructure is improved.

Benefits of Cloud Computing:

More Customer Insights: Customer data contains insights that can only be discovered through advanced analytics. Real-time data analysis can lay the groundwork for a level of personalization and proactive engagement across all channels that would otherwise be impossible with legacy infrastructure. A bank or credit union can understand individual customer behavior and trigger ideal actions that engage, drive conversion, and loyalty with instant analysis.

Improved Efficiency: Many financial institutions struggle to automate, streamline, and connect back-office processes that influence customer experiences. Cloud technology has the potential to bring together disparate data and operational systems that have previously existed in silos and hampered efficiency. This can redirect time spent looking for insights to more productive and impactful analysis and decision making.

Improved Agility: Cloud technology enables organizations to respond instantly to changing market conditions, using data and applied analytics to achieve customer experience and operational productivity advantages for banks and credit unions seeking greater business agility. The opportunities range from responding to evolving consumer or competitive dynamics to allowing for the scalability of technology use.

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