Cloud Banking - Future of Banking Technology
Cloud Computing

Cloud Banking: Future of Banking Technology

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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 known as one of the most secure technologies. We have endless security options on the cloud and that’s where cloud banking comes into action.

Who could think that one day banks would trust the cloud with their data? Cloud banking has made it possible today. Therefore you can imagine the security levels that the cloud is capable of providing.

Let’s begin exploring cloud banking and how it’s affecting the banking industry. Then we’ll move on to what the future looks like with cloud adoption.

What is cloud banking?

Cloud banking is essential to the future of banking services. With this technology, banks don’t have to worry about their capacity limits or data security. With the great flexibility 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 Services Technology 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 this technology is, we will move towards discussing how it’s helping the banking sector and why we need to adopt it. 

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 and the fastest, it’s also very flexible and guarantees 24/7 service availability.

Fast deployment

Every service offered by the cloud 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.

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.

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.

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.

Compliance

Cloud banking ensures regulatory compliance.

[ Read also: Data Security Risks of Cloud Computing by GCP ]

How does future banking look like with the cloud?

Cloud is perhaps the most transformative technology today. Moreover, it’s essential for digital transformation and it offers fast and reliable services like no other technology. The banking industry is going to accelerate at a much higher pace if they adopt cloud services.

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:

Delay in the transactions

One of the main issues faced 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 adoption of the cloud.

Safe and reliable online banking:

Online scams are a big problem faced by customers. 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.

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 banking services are just a click away.

Adaptation to new trends

Cloud technology is very competitive. The service providers are constantly working on making the customer experience better. The new trends in the market are quickly adapted and implemented by the cloud.

Bottom-line

In conclusion, we can say that 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 extremely efficient banking services.

However, with much faster, reliable, and scalable technologies, the customer base is increasing every day. With the cloud, banks are delivering the best customer experience and retaining their customers.

[ Read also: Why Multi-Cloud? Prep Yourself For The New Cloud Future! ]

TCN Media
The Cloud Navigator brings diverse perspectives on the world of emerging technologies powered by the cloud that affects every aspect of our lives.

Why Multi-Cloud? Prep Yourself For The New Cloud Future!

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