{"id":250325,"date":"2023-03-28T08:42:38","date_gmt":"2023-03-28T08:42:38","guid":{"rendered":"https:\/\/imarticus.org\/?p=250325"},"modified":"2024-04-06T20:39:53","modified_gmt":"2024-04-06T20:39:53","slug":"what-are-cloud-driven-financial-services","status":"publish","type":"post","link":"https:\/\/imarticus.org\/blog\/what-are-cloud-driven-financial-services\/","title":{"rendered":"What are Cloud-driven Financial Services?"},"content":{"rendered":"

Cloud Computing <\/span>has significantly gained popularity in the world of IT. However, several sectors such as the banking sector have gleaned the benefits of cloud computing to their advantage as well.<\/span><\/p>\n

Financial institutions have been striving to serve their clients better and offer stellar customer service. Hence, most organisations have deployed new-age technology for optimising customer experiences as well as overall costs. By incorporating cloud-driven services, they have streamlined data collection and processing from multiple sources.<\/span><\/p>\n

The recent Gartner report in 2022 says that <\/span>70%<\/span><\/a> of global financial institutions have adopted cloud-based investment and banking leading to an increase in overall cloud spend. In this article, you will learn in detail about the importance of the cloud in the enhancement of business transformation of banking, how they operate and the prospects it holds.<\/span><\/p>\n

How Cloud Computing is Applied in Banking<\/strong><\/h2>\n

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Cloud computing<\/a><\/strong> is a well-sought-after service that offers access to resources, storage or applications shared via the Internet. It enables banking institutions to store and process data in remote servers instead of local systems. <\/span>Cloud computing<\/span> offers various benefits to banking institutions including enhanced security, processing speeds, and optimised costs.\u00a0<\/span><\/p>\n

While the financial industry has been slow to adopt new technology due to concerns related to data privacy and regulatory compliance, it has quite steadily warmed up to the idea of implementing <\/span>cloud computing<\/span> to optimise performance and meet business objectives.\u00a0\u00a0<\/span><\/p>\n

How Banks Use Cloud Computing<\/strong><\/h2>\n

Financial institutions tend to avail of services provided by external providers to manage and maintain their clouds and outsource products. However, Gartner\u2019s <\/span>2021 survey<\/span><\/a> has indicated that more and more banks are investing in internal IT teams to keep cloud activities strictly within the company. For instance, many institutions have established private clouds where they host computing resources on a network that only one organisation uses and can be accessed within their own data centre.<\/span><\/p>\n

Cloud computing is used in banks for a variety of purposes, including:<\/strong><\/h3>\n