Cloud architecture essentially refers to the components in place that leverage the cloud to help a business with its issues, systems and processes. The components include, software and services, middleware, on premise resources and cloud resources. Cloud architecture works to allow users complete access to applications and data, on demand and with a high bandwidth. The range of architectures include: Platform as a Service (Paas), Infrastructure as a Service (IaaS), or Software as a Service (Saas).
Cloud technology & banking
In the last few years, banks and other financial institutions have sought to improve their operational excellence through a process of digitization. In recent years, the cloud has fast emerged as a high-flying option; with its excellent ability to handle data. Cloud computing has gradually been transforming the banking industry with its levels of scalability, security coverage and the operational efficiency provided. For functions such as analytics, processing and data storage; it’s simple to access all from the cloud whenever required. The digital transformation that a cloud environment provides, far increases efficiency and productivity. Let’s take a closer look.
The banking industry has been able to improve operational excellence with the process automation capabilities that cloud technology provides. CRM (Customer Relationship Management) software, for example, is a popular software option when it comes to cloud computing. By using CRM systems, the banking industry has been able to provide an enhanced level of customer service and to increase data security. Remote access is readily available for users of CRM. By using CRM software, the financial industry has been able to deploy a customer-centric model. Such a model has helped banks to deliver the digitized experience that the consumer has come to expect. CRM has enabled banks to efficiently utilize mobile and online banking solutions, as well as deploy real-time responses and fast onboarding. Banking technology like so allows both employees and customers a streamlined experience.
Improved quality & speed
When bankers have access to all of the customer data that they need, in one place, productivity levels are up. Time is saved that can then be channelled toward building customer relationships. CRM software has further allowed for improved communication. CRM enables banks to track the internet for mentions of their brand and products, respond to customers quickly, or troubleshoot negative feedback on social media. The automation of processes has been a real game-changer over the last few years for the banking industry; from digital wallets to speedy online transfers. Cloud technology has enhanced and created a unified customer experience.
When cloud computing is adopted, banks do not need to purchase an additional data center. The purchasing of network equipment, storage devices and servers is no longer required. Technical issues, software and hardware, are all handled by a cloud computing provider. Due to advances in cloud technology, banks are now able to implement advanced technological systems without in-house IT professionals to put these into place. The cost-efficiency of public cloud systems are high and so the financial industry has benefited ongoing. Whenever there are high levels of demand, cloud technology can allow banks to operate more efficiently in terms of computing capacity also. The cloud is often deployed for risk mitigation purposes, and so cost benefits occur from the improved efficiency here also.
Banks can make use of the cloud to reduce the risks that are associated with more traditional forms of technology. Such concerns might relate to, for example, resilience, redundancy or capacity issues. The use of cloud technology can help banks to increase their levels of security. In our current climate of data breaches, cloud computing technology provides high-level security protocols. Such protocols are useful to protect sensitive transactions, data centres and information; thus ensuring that third parties cannot tamper with data. Cloud computing can function to measure or prevent traffic in large quantities intended for a company’s cloud server. The former can protect against a suspected DDoS attack. Cloud computing further works to help businesses by preserving their infrastructures in terms of compliance; in this way, personal and financial data is safe. In terms of improved resilience; among high periods of traffic, you can stop your servers from crashing if you implement an up-scaled cloud solution.
Better leverage of human capital
Adopting the cloud will eliminate staff time wasted on menial tasks; the emergence of cloud technology has allowed far better leverage of human capital. Employees do not have to spend their time on information tasks that can be dealt with via the cloud software. Staff can instead leverage their expertise for better use. When employees are putting their skills to the best use possible, job satisfaction is likely to increase which in turn promotes an improved business culture.
One challenge for banks has often been to enhance client relationships by providing more value and improving cost efficiency. Customers want to access and organize their vital information on the go. The solution to this arrives with a collaborative cloud platform which connects people easily to their bank and simplifies the digital processes involved.
As our environment becomes increasingly digitized, customers, clients and shareholders come to expect and desire the most up to date solutions. Financial service owners, their customers and their employees all stand to benefit from cloud computing technology. Benefits are likely to continue to grow as technology advances further.
Guest post from FutureVault