The Case for Cloud Adoption in Financial Services Grows Stronger
Cloud infrastructure and applications have become significantly more secure and the advantages of cloud computing have grown.
As financial services expert Yvonne Dunn notes, "The reasons for financial institutions to move systems and data to the cloud have never been more compelling - and the barriers to doing so are diminishing." In this article, Dunn explains the key benefits driving financial services companies to adopt the cloud. Read the blog here.
Why should financial institutions adopt cloud solutions?
Financial institutions are increasingly pressured to put new services online, especially following the pandemic. Cloud solutions help break down data siloes, enabling a more comprehensive view of customers and allowing for more accurate insights. Additionally, the flexibility and scalability of cloud services can accommodate unpredictable data volumes, making them an attractive option.
What are the benefits of cloud adoption in financial services?
Financial institutions see several benefits in cloud adoption, including cost savings from reduced hardware expenses and a shift to service-based pricing. The cloud also enhances flexibility and scalability, which is crucial for managing large volumes of transactional data. Furthermore, perceptions of security risks have improved, as cloud providers often have more robust security measures than individual institutions.
What challenges remain for cloud adoption in financial services?
Despite the diminishing barriers to cloud adoption, financial institutions still encounter regulatory issues and must navigate complex contracting considerations. Additionally, successful cloud migration requires a cultural shift within organizations, treating it as a business project with executive sponsorship, rather than just an IT initiative.
The Case for Cloud Adoption in Financial Services Grows Stronger
published by NGenious Solutions, Inc.
NGenious Solutions Inc. is a Microsoft Gold Certified Partner offering cutting-edge IT solutions to enterprises and independent software vendors (ISVs). Since our inception in 2005, we have been consistently delivering IT services & solutions that are relevant, futuristic & scalable across a range of industries and technology segments.
With our corporate headquarters in New Jersey and an offshore engineering center in India, we render boutique-style, personalized services to provide digital solutions for even the most complex challenges and exceed customer expectations thus. We have succeeded in building a rich legacy of ready-to-go enterprise-class solutions for digital workplaces, expanding into a wide variety of industries that include education, retail, food, finance, legal, healthcare, marketing, non-profits, pharmaceuticals, etc.
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