Since the inception of cloud computing, we’ve several organizations from the banking world incrementally migrating to the cloud. With the amount of data produced & consumed increasing exponentially, banks are increasingly leveraging cloud services. It helps them to address the need for speed & capacity while centralizing data storage and supporting real-time analytics.
If you, too, are considering cloud services but aren’t sure how the different deployment & operating models fit into your digitalization strategy, then this blog is for you.
Here Is What We’ll Cover:
Cloud services are on-demand services that provide access to shared resources, applications, or storage over the Internet. It enables banking institutions to store & process data in remote servers instead of local systems. While the financial industry has been slow to adopt cloud technology due to concerns about giving up their legacy on-premises applications, regulatory compliance & data privacy issues, this stance is changing rapidly. Today more & more financial institutions realize how technology can help them meet their business objectives while satisfying customers’ needs at the same time.
And, adoption of the cloud isn’t simply about just technology—it’s about a new model of IT ownership. This approach enables banks to innovate faster, become more agile & benefit from unprecedented economies of scale.
In our opinion, an accurate cloud model should:
You may also want to give this insightful post a read to know more about the key drivers and use cases of cloud adoption in financial services
Here’s some insight into cloud adoption by banks:
Cloud technology in banking has emerged as a catalyst for digital transformation, making banks future-ready. Therefore, any bank must be aware of the main benefits of cloud computing to take advantage of its robust deployment and delivery model.
Cloud services provide easy access to storage, apps, and shared resources enabling banks to analyze data in remote servers with faster processing speeds and enhanced security. Here’s how banks can harness the potential of cloud services to achieve their business goals while meeting customer needs simultaneously:
With our experience in cloud application development, we can help you define & execute the right strategy suited for your banking institution.
Banks using legacy systems running on an on-premise data center may find it daunting to modernize and migrate to the cloud. Fortunately, they can take an incremental approach if they don’t want to opt for an all-in-one cloud model. Banks can use a mix of hybrid and multi-cloud solutions based on their business needs, readiness, and maturity.
The key to seamless cloud deployment & integration lies in implementing a suitable model that matches the needs of banking ecosystems. Here are four main types of cloud services that banks can choose from:
Choosing a suitable delivery model with the required mix of resources and assets is vital. Rishabh Software works with global customers across the listed three operating models:
Getting your operating model right is the key to driving business growth. Our specialists can assist you in designing and building your cloud infrastructure.
Despite the numerous benefits of cloud computing technology, many banking organizations are still hesitant to adopt it. Here are some of the reasons that prevent banks from adopting cloud with potential solutions:
The main concern for banks investing in cloud services is ensuring data security. When sensitive banking data is stored and processed by a third-party provider, banks lack visibility into authentication issues, credentials are compromised & there is a risk of data breaches.
Fortunately, popular cloud providers have optimized their security capabilities. Ensure your chosen cloud service provider implements a robust identity management system with reliable access control measures. Cloud also ensures the implementation of data privacy protocols and database security.
When business data and apps are moved to the cloud, the business performance becomes dependent on the cloud platform.
So before investing in cloud technology, banks should look for cloud service vendors with emerging technologies. The performance of BI tools and other cloud-based solutions is linked to the vendor’s systems. This makes it vital to ensure the provider has protocols to mitigate real-time issues.
Banking systems need to remain up and running at all times. So banks relying on third-party services and cloud systems must be reliable and robust to avoid frequent outages and unwanted downtime.
Banks can leverage third-party tools to track service efficiency and have a reliable plan to monitor SLAs, usage, performance, robustness & business reliance on cloud services.
Certain banking regulators require that customer banking data remain restricted to the home country. This sensitive data should not be intermixed with other information residing on shared databases.
Banks must select the right service provider and clearly understand where their data will reside in the cloud and the deployment & operating models employed to address compliance and security concerns.
We serve the banking services industry by taking a customer-first approach to everything we do. As a cloud application development company, we provide development, reengineering & integration services to support financial organizations. We help integrate the best-suited cloud transformation strategies. Our team approaches to cloud migration module-wise while reducing transition risks and enabling them to witness the many advantages of cloud computing. As an experienced FinTech software development company, we can help you build robust cloud banking solutions ranging from simple mobile apps to complex enterprise-grade software.
A European digital services company serving banking & financial services was pursuing a cloud services partner to develop an all-inclusive money transfer platform. Their end customer wanted to build a money transaction platform that simplifies currency distribution to its global users. And further, it should be scalable and meets the international compliance norms for fraud detection, tax evasion & anti-money laundering.
Every progressive bank is leveraging the cloud to lead in its niche, expand its market reach, and optimize the value chain that its competitors are targeting. Those acting now to reposition their digital transformation strategy at scale on the cloud have already gained the agility and scalability they need to leapfrog their rivals. Now is the time for you to leverage the capabilities of cloud services and address newer business frontiers over the coming decade.
We will consult & assist you with modernization, migration, cloud app development, software integration, and support.
Listed below are some reasons why the cloud can help reshape the future of the banking industry;
Listed below are some success factors banks should consider while shifting to cloud solutions.
You agree that banks operate with a low regulatory and reputational risk tolerance. As part of this, the risks would include disrupting the business while shifting its code systems to the cloud. Further, they need to comply with stringent data, security, and privacy rules.