Cloud technology first captivated the market ten years ago, quickly becoming a mandatory line item and transforming the technological processes of financial institutions (FIs).
Investment in cloud technology is an essential strategy for the digital transformation of FIs. It powers financial agility in service and product delivery in a capacity never before possible- adding secure accessibility, flexible scalability, and personalized adaptability. Here we explain why investing in the cloud is critical to your business outcomes and strategic goals.
Benefits of the cloud
The cloud enables fundamental scalability and flexibility in the digital provision of services and products. The very architecture and functionalities of the cloud network(s) enable a new agility, the ability to instantly and securely replicate and scale data anytime and anywhere. This is why the question of whether or not to invest in the cloud is a nonnegotiable. How else can a financial organization meet the evolving and growing demands of its customers?
This is especially true for financial services, where the average customer is now more tech-savvy, and even more reliant on online services. The new generation of customers not only values security, but also desires quick and easy access from any device and location. This type of financial agility can only be achieved using cloud technology.
Cloud technologies also enable the financial institution to create a well-branded and highly-personalized platform to offer its products and services. Cloud capabilities provide the ability to easily adapt, innovate, and launch market offerings quickly and securely, fomenting more advancements and competition.
New Cloud Offerings
The new XaaS (anything-as-a-service) offerings (PaaS (Platform-as-a-Service), SaaS (Software-as-a-Service), IaaS (Infrastructure-as-a-Service), and more) make investing in cloud technology simpler, and more affordable and flexible than ever before. Financial institutions can now discern on an as-needed-basis what cloud offerings their organization needs, giving them more short-term and long-term control.
And with the rapid innovation of technology and ever-evolving customer demands, more complete cloud solutions are entering the marketplace. For example, BaaS (banking-as-a-service) is now being referred to as the “future of banking” (as an Tech Funnel article put it), for through this all-inclusive offering financial institutions can truly be within the reach of consumers, anytime and anywhere. BaaS is also transforming the financial industry, changing the role of banks, FinTechs, partnerships, APIs, and further pushing the boundaries of how financial offerings can be delivered; shifting cost structures, regulations, and so many other norms.
The past few months and new normal of pandemic living has taught us that financial agility is even more critical to the survival of any business. Therefore, financial institutions must invest in themselves now, to assure their customers of their ongoing promise of customer attention. For at the end of the day, financial customers will choose the financial institution that will provide the most reliable, secure, and personalized digital banking services, no matter the global situation.
Financial technology continues to evolve everyday, and we, at Cobiscorp, are helping to lead the digital transformation of the financial service industry. We work hard everyday to partner with our customers to empower them to reach their business goals, contact us to learn how we can do the same for you! Go to our website to explore our offerings.