Cloud Banking: Future of Banking Technology
Cloud computing as we know it today is much more than just moving your datacentre to a different location. It’s a need of every business.
In the past decade, people were skeptical about sharing their personal data on the cloud, but today cloud is one of the most secure technology. We have endless security options on the cloud which makes it irresistible.
Who could think that banks would trust the cloud with their data? It’s happening now! Cloud Banking is a thing in the 21st century. Now you can obviously imagine the security levels that the cloud is capable of providing.
Let’s begin exploring cloud banking, how it’s affecting the banking industry, and what does the future looks like with cloud adoption.
What is cloud banking?
Cloud banking is essential to the future of banking technology. With cloud banking, banks don’t have to worry about their capacity limits or data security. With great flexibility and endless opportunities provided by cloud banking, we are moving towards a world where we’ll have all the resources we need at all times.
According to the Financial ServicesTechnology 2020 and Beyond report published by PwC,
“81% of banking CEOs are concerned about the speed of technological change, more than any other industry sector.”
How is cloud adoption helping the banking sector?
Now that we know what cloud banking is, we will move towards how it’s helping the banking sector and why we need to adopt it.
1. Fast and agile:
The key factors to a good banking service are how safe, fast, and agile the transactions are. Luckily, all three are provided by cloud banking. Despite being the safest, the fastest, it’s also very flexible and guarantees 24/7 service availability.
2. Fast deployment:
Every service offered by cloud banking is deployed as soon as it is out with no delays. New services are launched regularly based on the latest trends. With cloud adoption, you never have to worry about lagging behind.
3. Safety:
As we know, cybercrime is becoming very common these days, and to have a secure system you need to keep it up-to-date and follow all the regulations. Your system is never 100% protected but with the cloud, you can minimize the chances of getting hacked.
4. Agility:
The ability to move with the latest trends and keep everything up to date is becoming more and more difficult every day. Since the digital world is transforming with new trends coming out regularly, it’s very important for your customer retention to adapt to cloud banking.
5. Cost reduction:
With the minimal ownership costs, banks are moving towards technology that does not require upfront infrastructure and maintenance costs. They can expand their business without having to worry about the operational cost. Options like pay-as-you-go make it very easy for any business to scale up.
6. Compliance:
Cloud banking ensures regulatory compliance.
How does future banking look like with the cloud?
Cloud is perhaps the most transformative industry today. It’s essential for digital transformation and it offers fast and reliable services like no other technology today. The banking industry is going to accelerate at a much higher pace if they adapt cloud banking.
Platforms like BaaS (Banking as a service) are also being offered by the cloud. To remain competitive in the industry, it’s a need rather than an option to retain your position as well as customers.
In the near future, cloud banking aims to solve the key issues faced by the banking industry:
1. Delay in the transactions:
One of the main issues offered by the customers is delayed or failed transactions. Most of us want our money transfer to be as fast as the blink of an eye which is only possible with the adaption of cloud banking.
2. Safe and reliable online banking:
Online scams are a big problem faced by customers today. We want to make our transactions reliable. To build the trust of your customers, you need to take advantage of the opportunity provided by the cloud.
3. Mobility:
One of the main advantages of cloud computing is the mobility it gives to its customers. Whether you are in your office or on a vacation, your transactions are just a click away with no hassle.
4. Adaptation to new trends:
Cloud technology is very competitive and is constantly working on making the customer experience better. The new trends in the market are quickly adapted and implemented by the cloud.
Conclusion
With the introduction of cloud banking, the banking industry has revolutionized completely. IT continues to grow at an unstoppable pace and we are moving towards the introduction of extremely efficient baking services.
With much faster, reliable, and scalable technologies, the customer base is increasing every day and with the cloud banks are delivering the best customer experience due to the adaptation of cloud banking.
