Cloud Computing for the Banking and Financial Services Industry

Cloud computing, according to Microsoft, is the delivery of computing services — including servers, storage, databases, networking, software, analytics, and intelligence — over the Internet (“the cloud”) to offer faster innovation, flexible resources, and economies of scale. It refers to the underlying technologies that enable most internet services we enjoy to operate effectively.

You’re probably using cloud computing right now as many actions you perform on the internet are being run by the unseen cloud.

The Shift From Traditional Banking To Cloud Banking

Banking, in the past, was very complex and time-consuming, and information was usually stored and shared locally using Electronic Document Management. This was detrimental in terms of cost, decreased productivity, storage space needed, and the risk of storing documents locally.

These days, banks and other FSIs have to re-invent their offerings to be more customer-centric, reacting to the dynamic needs and demands of the clients. With the rise in the use of mobile devices and digital tools like social media, the power is literally in the hands of the customer, as a single negative remark could lead to the loss of customers and damage brand image.

These emerging trends have spearheaded a change in existing traditional models, practices, processes, and strategies of banking, with many financial organisations looking to the cloud for solutions. However, the cloud has quickly grown to be more than just a substitute for software and data storage, with numerous applications in banking and finances emerging each day.

Applications of Cloud in Banking

Building Cloud-Native Applications, Products, and Services: Cloud-native applications are applications built for the cloud. With the cloud, you can build, deploy, and manage mobile, web, and API applications quickly especially when integrated with DevOps. In a 2018 report by Capgemini, 88% of cloud-native leaders said using cloud-native has improved the agility of their organization, while 84% said that cloud-native has helped them increase revenues and cut operating costs.

Data Storage and Accessibility: A fundamental concept behind cloud computing is that the location of the service and the details of the software which the service is running on are not so relevant. This capability denotes that the underlying technologies just don’t matter, it’s all in the cloud. With cloud storage, you can store data more cost-efficiently, on a large scale by transferring your data over the Internet to an offsite cloud storage system which can be accessed from any location using any device.

Compliance: Banks and other FSI firms have to adhere to several rules to make sure customer data is safe and secure. With cloud computing, banks and financial services industries can meet these regulatory demands and also detect money laundering and other fraud issues using data.

Data Consolidation and Insights: Cloud together with digital transformation will allow banks to shift from the traditional mode of sharing data to a unified one. Data stored on the cloud can be consolidated and used to gather information on business operations and customers which can be analyzed to create insights that will aid decision making.

Security: As organizations relocate all or some portion of their data and framework to the cloud, there is the unavoidable question of security. Will our data be safe in the cloud? Cloud security, if well implemented, is a solution that responds to every security inquiry involving cloud computing. It offers numerous degrees of control in network infrastructure to manage the cost of coherence and insurance.

How Can TSS Help?

As your support solutions partner, we exist to work hand-in-hand with you to determine the best cloud strategy for your business. We will help you transition smoothly no matter which technologies you wish to adopt. Using cloud engineering, we can facilitate the faster development of your firm’s products and services by boosting your computing power in order to meet the increasing demands of your customers in this digital age. Our team consists of some of the most talented professionals in the industry and we are armed with the experience and skill to make your business grow with tech.

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