May 23, 2022 | Bitscape Team, Cloud Computing
Do you want to experience cloud adoption in the banking industry to streamline financial operations? We have seen various drawbacks and issues in the conventional banking system with a pitfall in the security against various financial threats. Also, it comprises time-consuming banking processes with a delayed resolution of customer queries.
However, the digital transformation leads to an upgraded banking system with advanced technologies that solve various banking and customer issues. For this purpose, “cloud computing services,” “cloud adoption,” or “migration towards cloud” becomes the buzzwords amongst bank employees and technopreneurs.
There has been a rise in cloud adoption in various industries, including financial sectors and banks, over the past few years. For example, Microsoft Azure is one of the suitable cloud computing platforms offering advanced and latest functions appropriate for financial services. Multiple reasons are vital in migrating into the cloud, such as cost-effectiveness, flexibility, highly scalable, advanced security, and many more.
Let us dive deep into the brief details of numerous reasons that drive the cloud adoption revolution amongst the banking industries.
Cost optimization and capital savings are one of the fundamental reasons for banks and other financial organizations to undergo cloud adoption. Banks and other financial institutions generate a large volume of data daily, including customers’ confidential information, contact details, account numbers, etc. So, there is a need for increased storage devices to manage large data volumes.
Therefore, the entire process of utilizing on-premises IT infrastructure and systems becomes lengthy and becomes expensive. In contrast, banks can avoid these expenses by adopting cloud services because cloud service providers will host all the maintenance costs and functions. For example, Microsoft will host and execute maintenance of all the necessary IT services for banking if the bank utilizes Microsoft Azure for cloud migration.
Various financial services and banking operations get executed in real-time by banks. For this purpose, they are using multiple on-premises devices like servers, networking equipment, data storage devices, and many more. Also, customers are doing numerous payment transactions in banks which requires efficient financial management.
In addition, banks and financial institutions offer multiple options for payment transactions like new-age modern contactless payments, online fund transfers, payment gateways, and mobile banking services. However, cloud adoption by banks with artificial intelligence capabilities makes financial process management easier.
Also, the cloud offers highly scalable, flexible, and dependable data systems for easy scale-up or down the data storage functions and accounting software usage based on the bank’s requirements.
Security and compliance parameters play a vital role in the banking and finance sector. For example, they require advanced security for financial services like banking, capital markets, and insurance services. Besides, technological advancements introduce advanced security tools to cloud computing services for combating financial crimes.
The successful cloud adoption in the banking sector offers advanced tools for protecting the customer’s financial information and predicting future threats with artificial intelligence and machine learning functions. Banks can benefit from extensive security for extra protection against various financial threats and compliance functions for securing confidential customers’ financial information.
Hence, cloud migration will act as one of the crucial digital banking solutions for banks and financial organizations with higher security levels.
Banks and other financial organizations are continuously involved in executing trading operations that require real-time data related to finance, capital, and monetary transactions. For this purpose, they perform various trading processes and other financial applications which require high-frequency real-time data like market insights, commodity prices, interest rates, and currency exchange rates.
So, banks can experience substantial monetary loss if there are a few milliseconds delay in showcasing this real-time confidential and fluctuating financial information. With successful cloud adoption, it helps reduce the latency for the finance industry to achieve huge profits from various trading applications. In this way, cloud adoption will act as effective IT services for banking to boost the performance of payment transactions.
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A wide range of tools and advanced technology from Microsoft help banks deliver excellent quality financial services with improved customer experience compared to their competitor. For instance, Microsoft Azure offers high-end tools that give future insights into the customer’s demands and advanced threat patterns with artificial intelligence and machine learning capabilities.
In this way, cloud adoption with Microsoft Azure becomes a suitable digital banking solution that fulfills customer requirements and offers a secure platform to execute different types of financial services. So, if you are thinking of experiencing cloud adoption in the bank, you can contact Bitscape. This certified Microsoft Azure consultant offers customizable banking technology consulting services based on bank and financial organizations’ requirements.