Firms that operate within the financial services sector are facing an increasing number of challenges – from rising demand from both customers and shareholders to increasing pressures to reduce cost and meet regulatory requirements. Although these challenges have the means to cause disruptions, many firms within the industry are facing them head on by creating a new business model.
This new business model focuses on the use of the growing technology that helps to integrate the customer focused model with a product focused model – this digital centric model enables firms to become more connected whilst increasing cost efficiencies and optimising the customer experience. The digital transformation that occurs with this newly integrated model means that financial service providers are better able to meet the demands of their customers and shareholders whilst building in methods to comply with regulations.
But how does it all work?
It is the power of cloud computing which is a cloud based approach that facilitates a digital workflow which is much more effective and efficient.
- Cloud computing enables financial services providers to the reduce the costs involved in establishing IT infrastructure. Firms can make use of cloud services where needed and focus their efforts on their core business functions without the need to manage and integrate an in-house IT team. For example, hosting via the ‘cloud’ means that transactions are secured via the cloud and the customer experience is much smoother. Hosting also ensures better speed for mobile and app users.
- The use of a cloud infrastructure is highly reliable and by opting for a private cloud model, financial service firms are easily able to secure their data whilst enjoying the speed and flexibility of cloud computing. Even with the use of public clouds, data can still be encrypted and additional layers of security can be added. This means that data remains safe from both internal and external security threats. For example, banks can use cloud services for payments and fund transfers to ensure a high level of security and an optimised customer experience. With cloud computing, these services can be provided instantaneously without the need for an IT team.
- Cloud computing uses a pay-as-you-use invoicing systems which means that firms only pay for the services as and when they use them. This is important to help manage spikes in demand without investing into heavy in-house systems – with cloud, firms can integrate certain cloud services when needed and easily switch from one service to another.
Want to find out more? The Melissa team is happy to speak to you about our cloud services – feel free to contact the team on 020 7718 0070 or via email at firstname.lastname@example.org.
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