Thank you for Subscribing to Apac CIO Outlook Weekly Brief
The Acceleration of Cloud Computing in Banking
The Banking sector has gone through a rapid transformation ever since it opened doors to the latest and greatest technologies for enhancing customer experience and improving the quality of services. With the help of cloud computing technology and the widespread reach of the internet, banks and financial institutions can reap immense benefits. As an IT solution, cloud computing can help banks succeed due to the following reasons:
Reasonable Pricing: The advent of latest cloud solutions has eradicated banks’ need for purchasing and maintaining heavy IT infrastructure in-house while avoiding needless expenditure on new hardware and replacing worn-out systems.
Enhanced Security: The data centers hosting cloud go through various tests against attacks and are hardened with stringent authentication methods. The information of each bank is secured maintained with due integrity. Understanding the criticality of bank’s security requirements, every cloud provider constantly aligns the solutions with latest security applications.
Flexibility and Accessibility: Cloud technology provides customers with the ability to access their data anytime, thereby avoiding the requirement of being physically present in the bank. It also enables banks and financial institutions to reach out to their customers whenever necessary.
Ease of Use: Cloud solutions are easy to deploy and integrate with banks’ systems and are sure to prove their worth over time in terms of profitability. Many financial and banking institutions are concerned to shift to a new technology due to various reasons including the impact on business during migration and deployment of existing applications. Cloud providers ensure every banker a smooth cloud transition with almost zero downtime and no impact on their business.