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What motivates financial professionals to use cloud infrastructure?

For financial institutions, a hybrid cloud solution that combines public cloud flexibility with private cloud protection is an essential tool in this highly regulated and competitive sector

Jan 8, 2023

2 mins to read

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Fintech companies are shifting major portions of their digital infrastructure to advanced cloud platforms. Global fintech organizations that are valued at billions of dollars highlight industry-wise trends where cloud computing is predominant, evaluated and implemented. Cloud technology is the new standard for Fintech, and all those who fail to execute this will lose ground to their rivals.

For financial institutions, a hybrid cloud solution that combines public cloud flexibility with private cloud protection is an essential tool in this highly regulated and competitive sector. With a hybrid architecture, the financial industry may expand ahead of its data centers and into cloud services. Major financial institutions are also preparing for a dynamic, mobile-first future by leveraging the cloud to empower technological advancement.

Cloud Computing is the Future of Digital Banking

Banks can't always predict what new services consumers might need or, more importantly, when they'll require them. For example, if a high number of banking clients log into the site at the same time, the servers may get congested, slowing down customer interactions and eventually degrading the overall brand experience.

This is one of the benefits of using a hybrid cloud. It allows institutions to scale up and down as needed, offering both immediate and long-term flexibility that allows institutions to adapt and adjust in response to continuously changing scenarios.

Furthermore, there are a number of important advantages to a comprehensive hybrid cloud approach. Here are some examples of how financial institutions are already benefiting from cloud computing:

  • Reduced cost: Cloud computing enables financial institutions to expand their data requirements in real time, avoiding the expensive prospect of maintaining a large amount of digital storage that isn't being utilized.
  • Enhances the efficiency of financial institutions: Financial institutions can easily transfer digital resources where they are required, allowing them to adapt to the client's requirements.
  • Stimulating advancements: Innovation is stimulated by the hybrid cloud since it is not constrained by a particular enterprise or region.
  • Secure and safe: Data security can be improved using cloud computing, which provides financial institutions access to tools like AI that are important for identifying and combating cybersecurity threats.

The digital transformation of banks is being driven by factors more than just client demands. Banks are being compelled to utilize hybrid cloud by new legal and compliance standards, including GDPR and several territorial consumer privacy legislation.

Whether businesses are prepared or not, there will be more digital innovation in the financial services industry. For most of the leading financial institutions, cloud computing is the best option to move forward.

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