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How cloud computing will impact banking?

Cloud is the trend these days. With Public, Private, and Hybrid cloud options, the cloud really has something for everyone. If you are an enterprise, then you will most likely be using Hybrid Cloud.

In recent years, banks have grown to like Cloud Computing. There are a ton of reasons to adopt and not to adopt cloud services. However, when it comes to Cloud the pros outweigh the cons. To stay relevant to modern-day computing you need to move to Cloud.

Reasons why Banks moved to Cloud?

Scalability and Flexibility:

Although this is something common that every cloud user is benefitted when it comes to banks, this particular factor is of paramount importance. The user base grows or shrinks with respect to the market trends. Sometimes the hardware you just bought may be of no use since there has been a decline in new customers. Any bank would want to save an extra penny, right? Well, Cloud services mostly pay as you go, so you pay for what you use. On the bright side, if the market share grows and suddenly you get a huge influx of customers, you would be able to accommodate all of them with not much hazel at all.

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Costs Much Less:

Imagine maintaining a huge server room with IT staff to support all the hardware and experienced network architects to take care of the security protocols of those servers. The price really weighs down on the pockets. If the banks don’t have such deep pockets, I suggest they go with Cloud services. Since you physically don’t have to own state-of-the-art hardware, it costs much less.

Reliability and Efficiency:

Cloud servers are usually backed up at different locations. Even though one data center is lost, the others are up and running. You will truly never lose any data from Cloud. Also, the servers are spread all across the globe to serve the clients at a faster rate. This way the customers don’t have to wait up more than they need to.

Strong Customer Relations

Any customer will be thrilled to work with your bank if they have absolutely no delay in the services you provide. Better services mean more customers. I think that is the dream of every banking firm ever established. For that matter, any business would go to extreme lengths to have better customer relations. After all, customers decide the future of any business.

Cloud computing is readily supported by Machine Learning and other advanced technology used in modern banking. More than 22% of the Machine Learning market share goes to banking. I think Cloud Computing adds that extra something to the existing software and hardware.

The kind of data handled by banks is usually sensitive and requires a high amount of security. Cloud Computing is still a bit lacking in the security and visibility division, however, I am sure it will catch up. This is no reason to not opt for Cloud because there are 3rd party trusted apps that take care of the inbound traffic to your cloud servers. AI has been so much useful in this regard – detecting threats but AI is a topic for another day.