Could computing tightens securityīanks have a legal responsibility to keep the extremely sensitive customer data they house safe. Cloud computing reduces costs for financial servicesĬloud computing enables financial institutions to reduce their data storage costs with a pay-as-you-go pricing model, as opposed to paying significant upfront costs to deploy and maintain large on-premise systems.Ĭloud providers manage the administration and maintenance of data storage services, reducing your organization’s equipment and IT infrastructure costs as well as your IT staffing needs. This helps them detect potentially suspicious or dangerous activity and address it before it causes damage. Learn more about the benefits of cloud computing in financial services:įraud in the financial industry can include identify theft, applying for a loan under a false name, direct theft of funds, creating a fake bank account, money laundering, attempted tax evasion, and speculatory trading.īanks and other financial institutions leverage the cloud for fraud detection by analyzing massive amounts of data from diverse sources. 6 Benefits of Cloud Computing in Banking & Financial Servicesįinancial institutions can realize impactful benefits from adopting cloud computing, including fraud detection, reduced costs, tightened security, compliance with regulations, better customer relationship management and greater scalability. Instead of maintaining physical data centers and servers, you access storage & computing power as needed from a cloud provider. ![]() What is cloud computing?Ĭloud computing is the on-demand delivery of different computing services over the internet, including databases, software, servers, and analytics. Now more than ever, financial institutions must leverage a strong cloud infrastructure to tighten their data security, optimize operations, deliver improved customer experiences, and reduce costs. The finance industry deals with large volumes of extremely sensitive data, so it’s vital for organizations to be confident in their data storage solution.
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