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Banks Turn To Benefits of the Cloud

16 October, 2014

Cloud BankingOver the past few years an increasing number of banks have begun to realise the benefits of cloud technology. In fact according to recent research from the US based Aite Group, 50% of surveyed senior technology executives at financial institutions maintained that they were planning on using cloud technology over the next two years. Furthermore, Price Waterhouse Coopers LLP revealed that 71% of financial service providers planned to invest more cash in cloud based technology. This represents a huge 53% jump from last year’s statistics.

 

If you’re interested in the rapidly growing cloud technology trend, read on for a brief overview of why so many banks are making the switch and what’s in it for both them and their customers. 

Slash costs

One of the major benefits of cloud computing is the opportunity to slash costs. This is a direct result of the reduced need for investing in software as well as a diminished demand for human workers. As well as increasing bottom line, banks can also choose to pass these savings onto their customers.

Enhanced flexibility

Thanks to its scalable nature, cloud technology allows banks to grow and evolve with their customers and the state of the market. Technology can be scaled up or down depending on the given situation. This will allow banks to rapidly respond to changing circumstances and give them a weighty edge over the competition.

Boost efficiency

Thanks to the great range of features on offer from cloud technology, banks are set to enjoy a significant boost in efficiency. The interconnectivity makes it easy to roll out new upgrades and technology while employees and customers will benefit from faster operations across the board. 

Faster and more sophisticated service

From an internal perspective, advanced cloud technology makes it easier and faster to engineer and launch new products and services. When dealing with downtime and internal problems, cloud technology allows IT teams to solve problems quickly and efficiently.  From a customer’s perspective, cloud technology enhances computing power which means less down time and seamless operations, even during peak times. 

Build stronger customer relationships

Using big data and sophisticated analytics, cloud technology allows banks to better understand their clients and offer them a more personalised service. As well as helping banks to build customer loyalty, customers will also enjoy an enhanced standard of service. 

 

With lucrative benefits such as these on offer, it’s only a matter of time before cloud technology is considered an essential part of everyday financial institution operations with many more Data Centres being built across the world!

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