Financial services firms are increasingly relying on the cloud to enable growth, transform the customer experience, simplify regulatory compliance, and extend on-premises resource capacity on demand. IA members are global leaders in the drive to develop lower cost, more secure, scalable, and innovative cloud services. Financial services firms that implement cloud are able to boost computing power to meet spikes in demand while keeping client data safe. The cloud also allows banks to forge stronger client relationships through enhanced data analytics.
Benefits Of Using The Cloud
Resiliency
Commercial cloud services enable financial services firms to design applications to be more operationally resilient than they would be in traditional data centers. The cloud allows firms of all sizes to leverage a suite of best-in-class tools for backup, continuity of operations, and redundancy.
Scalability
Commercial clouds offer the flexibility to adapt to each project and reallocate resources depending on the amount of computing power that is needed. This ensures that a financial institution can provide high availability and reliable services for its customers.
Security
Commercial cloud providers offer cutting-edge “defense in depth” protections to keep data safe from a wide array of threats than ever before. They are unparalleled in security expertise, insight, and orientation, and constantly update security capabilities to stay ahead of tomorrow’s attacks while providing best-in-class tools for compliance with regulatory regimes.
Commercial cloud allows financial services firms to enable innovation in a secure manner, facilitate compliance through built-in tooling, improve efficiency, and enable innovation. The cloud allows for robust quantitative research, risk simulations, and friction-less regulatory reporting. Firms also can gain business insights through the artificial intelligence and machine learning capabilities made possible through the cloud.
Commercial cloud transforms financial services companies with powerful security, regulatory compliance measures, on-demand scalability and elasticity, and personalized customer platforms.
Security
Protecting data is the top priority for cloud service providers. IA member companies take extensive measures to ensure information is secure, and follow best practices on a global scale. Cloud simplifies companies’ approach to security through tools and resources to block malicious activity, identity vulnerabilities, and evolve with the changing threat landscape. Cloud also enables business resiliency through secure storage practices and stable backups. These ensure continuity during disaster recovery or other risks.
Regulatory Compliance
Member companies provide cloud services designed to meet regulatory standards and compliance requirements. Cloud provides companies with the tools for financial services regulatory compliance at all levels while a business remains competitive in cost and service.
Scalability and Elasticity
Commercial cloud adaptation allows for on-demand scalability and elasticity. Businesses can automatically increase or decrease their computing usage and storage size, all while only paying for what they use. The scalability allows for flexibility in all businesses, especially in financial services.
Personalization
Cloud-based analytics allow companies to process information for personalized experiences and better cater to customer needs. Marketing, products, and services can be tailored to clients with analytics collected directly from commercial cloud services.