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Today, the infrastructure of banks has undergone a drastic change. The customer has become the controlling hand. The new business model changes overtake the legacy of the banking sector. Cloud computing in the banking realm delivers innovative customer experience, effective collaboration, and enhanced speed. It also helps in optimizing the banking operations and increasing profitable growth. Many banking institutions have been speeding up their processes to move their banking applications into the cloud.
Recently, Westpac has also involved in shifting its banking process into the cloud. According to the Australian banking major, a new private cloud with IBM cloud technology speeds up the banking process ten times faster and three times cheaper than the existing traditional banking structure. Many bankers also feel that cloud-based systems also slow down the amount of time spent on banking tasks. However, the banks still face key issues while migrating to the cloud.
When the banking cloud faces any potential mishaps, there will be trouble in providing continuous service to the customers. Banks have to ensure transferring information to their own databases at such times. Other important key issues are the storage of personal information, dependence on third-party providers and cloud infrastructure security.
As per a new study by Accenture, the cloud offering a way for banks to develop new applications improves the customer experience and provides new online services too. Banks depend on the cloud to deliver seamless services of mobile banking and digital payments. Data-intensive applications like complex data analytics are cloud-based and play an important role in the banking sector. Artificial Intelligence technology is made available in public cloud platforms.
As banks have not laid any foundation for a rapid and orderly transaction, the risk factor is increased. In order to compete in the real digital age, banks need to also focus on building cloud-based capabilities that can manage security and compliance. Accenture and Oxford Economics survey within the retail banking industry states that 53 percent of those banking professionals believe that cloud-based technologies have a large impact in improving operational efficiency and generating the business value aligning with the evolving industry requirements.
Check out: Top Cloud Banking Solution Companies.