Banking and Financial Services has evolved from being available only in the realm of royalty to that of the common man, and even one with a smartphone. From staid old exchange of money and instruments, to support for virtual currencies, technology is enabling the rapid transformation of a hitherto change averse sector.
Challenges and how the cloud can solve it
- Fears about security and regulatory risks kept the banking industry away from adopting the business agility offered by cloud services.
Up till some time back, financial services industry stayed away from cloud vendors; reluctant to share their data with them; security being their biggest concern. With cloud vendors implementing privacy and security standards along with granular logging, this has become an argument of the past.
- Regulatory compliance is tough to ensure, especially for data.
Data security compliance, including Safe Harbor, is now possible with the increase in data centers across the world. It is possible to select a region and build cloud infrastructure and store data in a particular region, to ensure regulatory compliance.
- Conditions for the lenders are worsening because of slower economic and trade growth
It is possible to develop and offer new financial products and banking services by use of cloud computing to quickly scale those services while running them at lower costs of operation.
- Technology/Cloud is not a core competency
There are many fintech organizations that help banking and financial organizations move to the cloud, be it for non-core operations like HR, Admin, Sales or for Core Banking operations. There is no need for core competence in cloud technologies, with the emergence of many vendors in that space, as also the increase in cloud practices in all technology consulting firms.
- Increased accountability is being demanded by regulatory bodies
New technologies like blockchain could transform accounting and auditing operations and cloud computing could deliver economies of scale.
- Cost Savings: Instead of making IT infrastructure investments via CAPEX the cloud infrastructure is setup using a pay-as-you-go OPEX model.
- Backup and Geo-redundancy: Cloud computing allows for easy backup of data to the cloud by provisioning as much storage as needed for that task. It also allows for geo-redundancy of hosting the data and infrastructure in different regions, so that if there are any issues in one region, it can work from the other regions.
- Customization without Complication: Cloud computing services allow clients to custom build data storage and management systems for their specific goals. Cloud providers create the system for you and manage all the IT details. This allows clients to focus on their core business without having to worry about managing the IT infrastructure.
- Built-in Safeguards for Data: Cloud providers usually set up your cloud in a way that backs up all of your data. There is no need to worry about a disaster or data failure occurring where data is lost. The cloud is more secure than hardware systems or paper files.
- Enjoy Flexibility: Banking and Finance services are moving to smartphones at a rapid pace. Clients use smart phones, tablets or laptops to access services from anywhere. The cloud allows you to store all of your work on a virtual space to be accessed anywhere.
Advantage with DROOTOO’s unified cloud platform
Many services are available from multiple cloud vendors in different countries. For requirements in a specific country, there could be a need to use different cloud providers. With multiple cloud vendors offering many services, for different purposes, at varied price points, and requiring many setup and configuration steps, it makes sense to use Drootoo Unified Cloud platform to take away the complexities and allow users to focus on getting their work done.
- Complexities of setup and configuration are hidden and a simple, easy to use interface is provided to the users. This lowers barriers to allow everyone from bankers, investment advisors and clients to collaborate together.
- Users can compare services from multiple cloud vendors to select a suitable one. Depending on the country, required services could be available from different vendors and it is cumbersome to use multiple sites to manage those. It also helps if all relevant information is available in one place. From a legal perspective, it is important to adhere to the laws regarding data storage and this is enabled by region based service selections. This gives Cost arbitrage option to lower costs.
- The IT network can span multiple clouds adopted by the users. That way, backup and restore, high availability, disaster recovery can be built to work across different clouds.
Hence, it is possible to save Time, Money and Effort with Drootoo unified cloud platform as you take advantage of cloud computing to finance the future.
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