How Cloud Computing Helps Banking Sectors?

Cloud computing is touching new heights and is expected to be one of the fastest-growing technology of the approaching years. If the reports are to be believed, business applications will be the major market for cloud-based services spending. Going forward, finance sectors are expected to join the cloud rage cautiously for meeting their business requirements. In this line, the technology will offer multifold of benefits to financial sectors that include, cost-efficiency, pay-as-you-go billing, business continuity, and agility.

Let’s dig deeper to understand how cloud computing helps financial institutions to add agility while lowering down total cost of ownership:

Usage-based billing: With cloud technology, banks can cutback huge spending on IT infrastructure. Additional hardware, software applications, custom-tools, servers, bandwidth, etc. can be swiftly provisioned on a monthly or pay-per-use billing model.

Business Continuity: Cloud architecture is build using hi-tech technology with all the maintenance related tasks executed at the service provider’s end. Cloud service vendors maintain high redundancy and disaster recovery planning to keep mission-critical applications up and running all the time.

Business Agility: Cloud has the immense potential to transform the way banking sectors operate. It allows for quick development and faster-speed to launch new products. One of the major features of cloud is ‘quick provisioning’, which allows to instantly provision the requisite computing components in minutes.

As all the maintenance related tasks are performed at cloud service provider’s end, businesses can focus more on their core projects rather than performing mundane IT infrastructure maintenance tasks.

However, prior to shifting gears for cloud, financial institutions must ensure data confidentiality, service quality, security and regulatory compliance.