What are the Benefits of Storing Your Data on the Cloud?
Cloud computing is transforming the data storage and processing landscape, gaining immense popularity and, in many cases, becoming indispensable for businesses. Notably, the financial sector is experiencing a significant impact from cloud technology. Currently, over 44% of data within financial services organisations is stored in the cloud, and it's expected to surpass half of all organisations (52%) in the coming year.
Let's explore how Finworks knowledge of cloud computing will support the transition formation of financial services organisations to cloud computing.
6 Benefits of Cloud Computing in Financial Services
Choosing the right software provider is critical for successful cloud integration in the financial sector. The right expertise enables a smooth setup, data security, regulatory compliance, and keeping up with the ever-changing cloud environment.
Learn more about the benefits of cloud computing in financial services, establishing a foundation for your organisation's agility and growth.
Cloud computing improves fraud detection
Banks and other financial institutions use the cloud for fraud detection by processing vast volumes of data from many sources. This enables them to spot potentially suspicious or risky activities and address them before they cause harm.
The real-time monitoring capabilities of Finworks cloud solutions empower financial institutions to identify and respond to suspicious activities. This proactive approach helps safeguard financial assets and maintain transaction integrity.
Cloud computing reduces costs for financial services
With the cloud's pay-as-you-go model, organisations can optimise resource allocation, scale infrastructure as needed, and avoid the burden of investing in and maintaining extensive on-premises hardware.
Finworks manages the maintenance of data storage services, lowering your company's equipment and IT infrastructure expenditures and IT staffing needed.
Cloud computing tightens security
Cloud computing offers robust security features, including encryption, multi-factor authentication, and continuous monitoring. By leveraging these measures, financial institutions can fortify their defences against cyber threats and data breaches.
Finworks adheres to strong data privacy and security requirements, ensuring that your data storage solution secures your customers' data and provides many layers of protection against cyber-attacks and data breaches. The centralised nature of cloud security management simplifies the implementation of consistent security protocols across the entire infrastructure.
Cloud computing improves compliance with regulations
Because the financial industry handles such sensitive client information, several data, security, and privacy laws must be considered. Finworks facilitates adherence to regulatory requirements by providing tools and frameworks for secure data handling, storage, and processing. This ensures that financial institutions can operate within the legal framework, mitigating risks associated with non-compliance and regulatory penalties.
Cloud computing improves customer relationship management (CRM)
The financial industry can employ cloud-based CRM solutions to centrally store and manage customer data and interactions. Today, 73% of customers expect businesses to understand their unique needs, goals, and expectations.
With Finworks' cloud strategy, we can centralise customer data in a secure and accessible environment, and institutions can enhance their understanding of client needs. This, in turn, enables personalised services, streamlined communication, and overall improved customer satisfaction.
Cloud computing leads to greater scalability for financial services
Previously, businesses had to invest in infrastructure and resources for "peak load." However, cloud services are now scalable, allowing institutions and other financial organisations to scale up and down as needed.
If your financial institution has spikes at different periods of the day, month or year, you can automatically raise and decrease computer capacity as demand fluctuates. This improves your processes and prevents resource over-allocation.
How Can Finworks Take Your Cloud to the Next Level?
In today's cloud-first environment, an effective cloud strategy is crucial. The right approach allows organisations to clearly articulate their specific needs while also identifying solutions to help them progress toward their overall goals.
Here, we explore how you can clearly understand how top financial organisations implement their cloud strategy.
Implementing advanced data analytics involves leveraging tools like machine learning models and data processing frameworks within the cloud environment. Finworks integrates technologies that enable real-time data processing, predictive analytics, and pattern recognition algorithms. This empowers financial institutions to extract valuable insights from vast datasets, aiding in decision-making and trend analysis.
Optimised Financial Workflows
Finworks employs automation tools and workflow management systems within the cloud infrastructure. Orchestrating these elements, it optimises financial processes, reducing manual intervention and errors. This streamlining of workflows enhances efficiency and accuracy in tasks such as transaction processing, auditing, and reporting.
Compliance and Security Expertise
For compliance and security in the cloud, Finworks utilises robust encryption methods, access controls, and compliance frameworks such as GDPR and industry-specific regulations. Implementing secure communication protocols, data masking, and continuous monitoring tools ensures adherence to regulatory requirements and safeguards sensitive financial data.
Customisable Solutions for Financial Institutions
Customisable solutions entail the development of modular and flexible cloud architectures. Finworks has a low-code data management solution, and application programming interfaces (APIs) to create tailor-made solutions for financial institutions. This enables seamless integration with existing systems, allows for the adaptation of cloud resources based on specific business requirements and empowers self-service by users.
Building a future-ready infrastructure involves adopting container orchestration platforms like Kubernetes, deploying cloud-native applications, and implementing DevOps practices. Finworks can assist in creating a modular and agile infrastructure that can easily accommodate emerging technologies and evolving business needs, ensuring longevity and adaptability.
Integration with Financial Systems
For seamless integration with financial systems, Finworks employs middleware, API gateways, and integration platforms. This ensures that cloud-based services can communicate effectively with legacy financial systems, facilitating data flow and interoperability. This technical integration minimises disruptions during the migration to cloud-based solutions.
Comprehensive Security Measures
Employing Identity and Access Management (IAM) tools, encryption protocols, and enterprise-grade security checks, Finworks establishes a multi-layered security framework within the cloud infrastructure. This enables the use of continuous vulnerability assessments, intrusion detection systems, and incident response mechanisms to proactively safeguard against potential threats.
Harness the Power of Cloud with Finworks
Moving to the cloud allows leaders to implement strategies to reduce expenses without sacrificing data-driven innovation and development. Finworks provides an excellent data platform for improving your cloud strategy to become more agile while reducing overall costs. Contact us today! Finworks will enable the success of your cloud strategy.