Rumours have been aplenty over the ages that the Financial Industry would choose to stay away from Cloud technology citing lack of security and a buzz of regulatory pressures that would follow such an adaption.
This did hold some merit in the initial stages of cloud computing, but as the adoption rate increased among capital markets in the previous decade, the financial industry has begun paying close attention.
With the growing tide of newer and diverse applications and better cloud security protocols, the financial services industry has begun investing in cloud technology.
Here are the top five reasons you need to make the switch to the cloud:
1- Top notch Security
This might seem the biggest con of the cloud, but we beg to differ.
Cloud technology has undertaken massive strides, incorporates resilient architectures and enhances its security controls and compliance checks to keep its data in check.
Additional mechanisms help implement key management services such as,
- Virtual Private Cloud
- Private fiber connectivity to servers with Direct Connect
- Web application firewalls
- And many more
2- Cost optimization
In layman terms, you can customize your data to run faster, scale to demand, greater agility and at a much lower cost than the traditional methods.
“How do i save on costs?”
Firstly, you can conserve your expenses by not having to spend on building expensive data centers or server farms.
Secondly, you pay as you use which further drowns the costs.
3- Virtually unlimited storage space!
With complex responsibilities such as the need to store massive amount of data from application to bank loans, stocks and commodities, transactions and other financial related data, the size of storage requirements go through the roof.
And this is where cloud technology comes riding to your rescue!
With Hybrid Cloud solutions, you can access your most frequently used data locally with the remaining data backed up to AWS saving you storage and expenses.
There are other big data services such as Amazon’s AWS Kinesis for streaming data, AWS Redshift as a petabyte scale of analysing the big data and AWS Elastic MapReduce which build clusters of nodes to process and analyse in parallel with the other financial management systems.
There are similar competitors to Amazon’s cloud services that make cloud solutions attractive to the financial industry such as Microsoft’s Azure, Google, Box, etc. They can help your data management needs when it comes to migrating, enhancing, implementing and processing your workload in the secure infrastructure that cloud computing provides.
Coupled with Cloud technologies’ expertise in data management, security and relevant domain knowledge, your financial service can accelerate and provide the best professional savoir faire (experience) to your customers.