Cloud computing has been highly leveraged across different industries for a long. It’s time that banks should overcome the myths related to cloud adoption to leverage the full potential of cloud computing for their business growth. Hybrid cloud adoption is growing. Our customers’ survey across 35 cities worldwide indicated accelerated cloud adoption across the Banking Industry spectrum. The survey also highlighted a rise in the mix of public cloud and industry cloud. One of the key highlights of this survey was the increased adoption of hybrid cloud in the Banking Industry.
Many banks have been deploying the cloud infrastructure for superior agility in various banking functions since the inception of the technology. But most of them left core transaction processing and other business-critical tasks up to legacy systems. However, in terms of cloud implementation, the Covid-19 pandemic is now clearly changing the overall picture for banks.
Improved Efficiency- Many banks and financial organizations struggle to automate and connect the back-office processes that directly impact customer experiences. Cloud technology unifies multiple data and operational systems from silos and impacts efficiency. Streamlined back-office processes can drive productivity and give banks more time for impactful analysis and decision-making.
Cloud-based infrastructure can empower Banks to respond pro-actively to marketplace changes.
Increased Customer Insights- Advanced analytics can unlock the insights that are hidden behind heaps of customer data. Real-time data analysis for banks can provide the foundation for a high level of personalization and proactive engagement across all channels, unlike legacy infrastructure.
Enhanced Innovation- Cloud technology can shorten the lengthy product deployment cycles and simplify product testing, allowing financial institutions to test innovations in real-time and react to market acceptance (or rejection) quickly.
Greater Agility- Cloud solutions empower banks and credit unions with powerful capabilities to help them achieve greater business agility, by responding to the evolving market conditions instantly. Leveraging data and applied analytics, banks can achieve benefits related to customer experience and operational productivity. With the cloud, the opportunities are extensive for banks from enabling them to respond to changing consumer or competitive dynamics seamlessly to be able to scale technology use any time.
Reduced Data and Continuity Risk- Cloud computing empowers banks to remain tampering proof by providing them a viable alternative for outdated systems that are increasingly vulnerable to such practices.
Traditional banking systems are inflexible which makes it costly for them to deploy next-gen solutions or protect against growing security risks.
Banks can readily experience the comfort from cybersecurity risks with powerful capabilities of cloud solutions, such as instant identification of potential breaches, and embedded security to safeguard banking data. Additionally, banks can also leverage cloud solutions to experience a high level of redundancy and backup to improve disaster recovery.
Covid-19 forced the world to look at unconventional remedy for the impact. Banks have been investing heavily in technologies such as Artificial Intelligence and Cloud to improve their IT infrastructure and become more customer experience centric. At PureSoftware, we have been helping banks uncover value for their customers by leveraging Artificial Intelligence, Cloud and Advanced Analytics.