Cloud is a distinct IT environment that remotely provides measured and scalable IT resources, and relies on a pool of shared physical and virtual resources rather than deployment of personal or local software and hardware. Cloud deployment offers a great choice in choosing the management required and level of security and hence is suitable for almost any business. Although there is no magic bullet that can meet all the requirements, cloud computing offers several advantages to financial institutions.
Cloud computing in banking
In today’s competitive banking environment, the cloud has overtaken on-premise deployment to become the rule rather than an exception. As we begin strategizing for a post-COVID world, one thing is clear – the scenario demands digitally-enabled banks, supported by the cloud.
Cloud enables financial institutions to be more agile, scalable, and flexible with its ability to operate in a dynamic, contact-less environment. Migrating traditional data centers to a cloud server helps in increasing security, boosting data-handling capacity, and providing access to the bank behind the fintech as a new delivery channels.
To know more about cloud computing in banking, click on the following links:
Understanding the risks of cloud computing is essential to unlocking its potential. To know about cloud banking, read the article:
Cloud banking: More than just a CIO conversation.
Cloud computing is moving to the forefront as a focus for IT leaders, C-suite executives, and board members. Learn how the cloud can be a catalyst for enterprise business transformation—and a potential game-changer for how financial services organizations will operate in the future. Read more:
Benefits of Cloud Banking
Cloud has the potential to transform a bank’s digital landscape—helping to achieve their business goals, ensure compliance and data security, and deliver an Omnichannel customer experience. While selecting the ideal cloud services partner, banks must consider many factors, including business strategy, regulatory compliance, technical compatibility, and cybersecurity.
The benefits of Cloud banking are:
1. Scalability and Flexibility
2. Cost Optimization
3. Increased Process Efficiency
4. Agility and Innovation
5. Enhanced Data Security
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Scopes and impact of cloud computing on banking:
The rise of cloud-based software has offered companies from all sectors a number of benefits. Among all the major sectors, the banking industry has been one of the most beneficial ones due to cloud technology. To know about what is cloud computing and scopes and impact of cloud technology on the Banking & FinTech domain, read the article:
Advantages of Cloud Banking software:
Over the last few years, the quality of internet connectivity across the globe has increased, while the costs of both connectivity and software, in general, have decreased. To know about the advantages of cloud Banking software, read more:
Why are banks moving to the cloud?
The banking industry needs to address the ever-growing data input demands, and there is a need to explore the systems that do not rely on like-system migration so that infrastructure can be modified without any disruption. Banks have been slow in adopting cloud computing as there are apprehensions regarding lack of control and environment sprawl which can lead to reliability issues and security risks. Banks also want their financial data to be secured with controlled access. However, cloud computing can change the way consumers interact with banks, and migration to the suitable cloud computing model offers several benefits. The banks can also alter their resource configuration to match the changes in the demand for their services. The risk of a security breach in the private cloud is minimized as it is deployed within the firewall of the organization.
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Why is cloud migration so important to banks?
Banks have traditionally been reliant on legacy systems. Banks must overcome the reluctance to make changes to their IT infrastructure. To know about the importance of cloud migration, read more:
Why are more banks moving confidently into the clouds?
Banks are recognizing that a cloud infrastructure can help them pursue sweeping modernization initiatives. To know the reason why are more banks moving confidently into the clouds, read the article:
We, at OpenGrowth, are continually looking for trending startups in the ecosystem. This was a blog on Cloud banking. If you want to know any further information about the startup ecosystem or have any mind-boggling ideas, do refer to the other blogs at OpenGrowth. If you have any suggestions, do let us know in the comment section below.
Contributor: Amrita Sinha
Amrita is in the field of media. She has a deep inclination towards writing and public speaking. She has the aim of removing the stereotypical mindset of society. She loves to read and photography is her passion.