Cloud computing is one of the trending topics these days. With Public, Private and Hybrid cloud options, cloud really has something for each and every one in the day to day life. If you are an enterprise or organizations, then you will most likely be using Hybrid Cloud.
In this world of the modern era, banks have grown to like Cloud Computing. There are a lot of reason to adopt and not to adopt cloud services. Moreover, when it comes to the name of the cloud the pros outweigh the cons. To stay relevant to modern day computing you need to move to Cloud for the safer side.
Reasons why the Banking sector is nowadays moving to Cloud?
1- Scalability and Flexibility:
Although this is something common which every cloud user is benefitted when it comes to the name as banks, this particular factor is of paramount essential. The user base grows or shrinks with respect to the trends in the market. It can also be that the sometimes the product or hardware you bought may be of no use since there has been a decline in the new customers. And we all know that every bank wants to save money. Well, Cloud services are just like the pay as you go, so you pay for what you use. For a much brighter side, if the market share grows and suddenly you get a huge influx of customers, then you would be able to accommodate all of them with not much haze at all.
2- Costs Much Less:
Imagine maintaining a huge server room with the help of IT staff to support all the hardware and experienced network architects to take care of security protocols and proxy of those servers. The price really weighs down in the pockets. If the banks don’t have such deep pockets, then it is better for them to go with the approach of Cloud services. Since you physically don’t have to own state of the art hardware, it costs so less.
3- Reliability and Efficiency:
Cloud servers are usually backed up at multiple choice of locations. Even though one data centre is lost, the others are up and will also keep running. You will never be going to lose any data from Cloud. Also, the servers are spread worldwide to server the clients at a much faster rate. With the help of this way the users/customers don’t have to wait for so long then they need to do.
4- Strong Customer Relations
Any customer will be thrilled to work with your bank if they don’t have to wait in getting their services done at the earliest. Better services mean more customers. So, that is why the dream of every banking firm ever established. For that matter, any business would go to extreme lengths to have better relations with their customer. After all, customers decide the future of any business/organizations.
Cloud computing is readily supported and powered by Machine Learning and some of the other advanced technology which is working in the world of modern banking. Around more than 40% of the Machine Learning market share goes to banking. Furthermore, Cloud Computing adds that extra something to the existing hardware and software.
The kind of data which is merely handled by banks is usually sensitive and requires a high amount of security. Cloud Computing is still a bit lacking in the field of security and visibility division, and it will surely catch up. This is no such reason to avoid the cloud because there are 3rd party trusted apps which takes care of the inbound traffic to the cloud servers. AI has been so much useful in this area of a field.