May 18, 2022 | Bitscape Team, Cloud Computing
Do you want to reap the advantages of cloud computing services in banks? The old-age banking system executed financial operations using on-premises architecture, devices, networks, and the maintenance cost for successful payment transactions and processes. Are you in a dilemma in selecting the appropriate cloud deployment model for your bank?
Therefore, the traditional banking system was expensive as it included the cost of on-premises devices to create financial operations architecture, maintenance charges, and limited financial security services.
Nowadays, banks need a highly secure platform to execute financial operations and cost-effective services that boost productivity and efficiency.
The technological revolution introduces cloud computing services like Microsoft Azure, one of the suitable digital banking solutions. However, it offers a cost-effective model like pay-as-you-go; the banks will pay for the services they use in financial operations. In addition, it provides advanced security tools that protect banks from financial threats and malicious attacks.
There are primarily three types of cloud service models helpful for banks and other financial institutions to achieve flexibility and efficiency in executing various banking operations.
This cloud computing services model allows banks and employees to utilize financial software and access data from web browsers. Besides, the cloud service provider will handle the working of the software.
For example, if banks use Microsoft Azure for cloud-based services for financial software like Accounting, Customer Relationship Management, Human Resource Management, content management software, etc. So, all these applications and software get executed with this model, and Microsoft will take care of its execution.
In a scenario where banks utilize Microsoft Azure for designing architecture which includes security services to combat financial crimes, networks for seamless banking operations, servers, virtual data centers for accessing financial information, and more. In this way, banks can use Microsoft Azure as infrastructure to operate various financial services.
Microsoft Azure offers a dedicated platform for banks to execute multiple financial processes in this cloud service model. For example, banks can utilize power platforms with no code and low-code capabilities and make workflows or perform automation of repetitive and time-consuming banking operations. However, this model helps banks boost efficiency and saves the productive time of the bank employees.
If you want to utilize suitable cloud computing service models, you can have a detailed discussion regarding Azure consulting services as per the bank’s requirements. There exist cloud deployment models suitable for banks and other financial institutions. For example, public, hybrid, and private cloud models.
In a scenario, where banks want a cost-effective solution with limited security features and target the public for executing their payment transactions, the public cloud deployment model is useful for this purpose.
The private cloud is useful to banks who want to take full control over different types of financial operations with advanced security tools like firewall protection.
There are specific banks and financial institutions that want to take advantage of both public and private cloud models together. For this purpose, they can utilize a hybrid cloud to monitor some financial services by themselves and other banking operations will manage by cloud service providers.
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The modern and new-age bank requires flexible, scalable, secure, and cost-effective solutions to execute all the financial services and fulfill changing customers’ demands. For this purpose, the private cloud is a suitable option to make the bank more secure and utilize various IT services for banking more effectively.
Also, the private cloud deployment model is safe, affordable, and highly scalable and allows banks to easily transition from multiple financial operations. Banks will also benefit from the advanced level of security through firewall protection in the private cloud model. In this way, customers’ financial confidential information remains protected from identity theft risks and other threats.
Therefore, the private cloud deployment model is appropriate for banks to successfully migrate their on-premises architecture to the cloud in banking to achieve high scalability and flexibility.
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Suppose you want to revolutionize multiple banking operations and experience new-age financial services by fulfilling customers’ demands. In that case, you can contact Bitscape, a certified Microsoft Azure cloud consultant who offers customized cloud computing solutions for the bank as per their preferences.
Banks can benefit from migrating their architecture into the cloud-like cost-effectiveness, advanced security, scalable, reduced downtime, and flexibility. Hence, the cloud computing services from Microsoft Azure transforms the old-age banking system into the modern financial institution with a flexible and secure platform for executing financial services.