Banking on the Cloud

There’s a lot of talk about the Cloud lately, and you would be forgiven for thinking every large business is turning to the Cloud right here, right now.


But deciding on when and how to implement the Cloud is a big decision, and many companies are still understandably reticent, wanting to be sure that the Cloud is really a good fit for their business.

When it comes to embracing the Cloud, the financial services sector, and banks in particular, have been slower than some sectors, and with good reason.

Between the strict regulation of the sector and the sensitivity of the data at hand, it’s understandable that banks haven’t rushed to the Cloud.

But that could all be about to change, as research by PricewaterhouseCoopers shows that an impressive 71% of Bank Executives plan to increase their spending on the Cloud. The banking industry is starting to take the Cloud seriously, and there are several reasons why banks stand to benefit from turning to the Cloud.

Less Spending

One important point for bankers considering the Cloud is the fact that it could save them money.

Traditionally banks have done business using complicated internal systems that require a great deal of hardware and software. Such systems are costly and time consuming to install, and if something goes awry the repairs can be similarly resource intensive.

Adopting the Cloud negates the need for such heavy infrastructure, instead replacing it with a personalized, streamlined Cloud experience that is built to best meet the needs of the Bank.

More Flexibility

The Cloud is a valuable tool for banks who want to keep abreast of developments in the industry, and develop their products to fit in that changing landscape.

Using on-site hardware and software makes it difficult for banks to be flexible with the services they offer, or to change the way data is stored and processed. With the Cloud, banks can implement new services or methods in one place (the Cloud) and then watch them spread easily throughout the organization.

Cloud services can be scaled up or down according to the needs of each bank. This is not only more flexible, it saves money too as there is no need to pay for redundant services.

Better Customer Relations

Using the Cloud can mean better customer relationship management.

Instead of customer relationship management software (CRM) being utilized at a branch level, the process can be centralized using the Cloud. Everything from lead capturing or tracking to follow ups and sales can be tracked centrally, making it easier to see each customer’s relationship with the bank at a glance.

That can help with marketing – knowing what message to send to whom and when – and ensuring any issues are dealt with promptly.

The greater speed, flexibility and accuracy of working that way is good news for customers who can expect faster, more personalized service.

Delivery of Services

The Cloud offers benefits when it comes to delivering banking services, too.

The Cloud is an ideal companion to mobile banking solutions, combining to create truly flexible service delivery that connects customers to the right information and applications, no matter the time or location.

Customers expect flexible banking that fits around their needs and lifestyle, and the Cloud can help to provide just that.

Banks stand to gain a lot from embracing the Cloud.

Security issues will of course remain a chief concern, but once a bank is satisfied that those are taken care of, the Cloud can be used to deliver a more effective, flexible and streamlined service to customers, while saving the bank money, too.

About the Author: Tristan Anwyn is an author who writes on subjects as diverse as health, marketing, personal finance management, and SEO.

License: Creative Commons image source

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