The BFSI industry does heavy transactions each day and requires a huge quantity of resources and maximum security to safeguard their customer information. Till the recent past, the banking and other financial businesses were a little skeptical and hesitant to move to the cloud environment.
There are many ways the cloud hosting will benefit the BFSI industry.
No Major Capital Investment:
The most significant benefit is its cost-effectiveness. The industries need not do any major upfront investment in infrastructure. All the required hardware, software and requisite licenses will be provided for by the cloud hosting provider.
Low Operational Costs:
Cloud being flexible allows them to choose the services they require and they will be paying only for the services they have consumed on the pay-as-you-use model. There is no excess procurement of resources nor any wastage in the cloud environment.
The financial institutions and insurance companies can scale their requirements when there is an abrupt demand for any of the services. The demand can be raised if there is a sudden decision to increase some interest rates. Instead of succumbing to the traffic rush, the industry can instantly increase the resources to create more space, bandwidth or memory.
Better Backup and Recovery Solutions:
Cloud offers efficient data backup. In the event of any loss of information due to an outage or disaster, the institutions can instantly recover it with the least interruption in services.
The banking industry has got a big boost with the efficient online banking using the cloud technology. The cloud providers have eased the credit card and mobile banking process.
Consumers can access their account from anywhere and anytime on their mobile devices and with the guidance of the cloud vendors technical expertise they are able to control and eliminate possibilities of any online frauds. Payment of utility bills online is a major relief to the consumers.
Cloud service providers ensure the security standards associated with the cloud. They keep a track record of everything to avoid future hassle. Cloud environments can be highly secure than on-premises but only when it is implemented correctly.
Drive Business Innovation
Helping in the innovation and driving the strategy for building new customer experiences and creating market offers. Leveraging new tools and abilities to increase the investment, cut costs, make consistent operations and retain the personnel effectively.