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The days are gone when masked intruders used to rob banks with weapons; in the era of digitalization robbing, a bank is just a few clicks away from the tech-savvy cyber-criminals. Hackers need only the loophole in the banking security mechanism- they can steal money as well as critically sensitive customer data which can further be misused in numerous ways.
Having said that, digital transformation is a prerequisite for every financial institution to strive for success in the hyper-competitive banking environment, as digital services abet in enhancing customer experience. There are myriads of services including premium payments, utility bills payment, online purchases and much more offered by financial institutions to its customers. However, the sector is vulnerable to cyber-attacks such as DoS attacks, phishing attacks, malware, hacking, spear-phishing, etc where hackers not only steal money but also vandalize the bank’s reputation. Hence, the best-fitted resolution for banks to be more agile, flexible, and most importantly scalable is an expert software testing service, Cloud computing, or specifically, Cloud!
So first, let’s delve deeper to know what cloud computing is all about!
Simply put, Cloud computing means delivering diverse computing services like processing power, software solutions, and data storage according to requirements, over the internet. In addition to this, the burden of owning complex IT infrastructure is eliminated making financial institutions future- ready. Cloud computing in Banking has acted as a catalyst for banks to embrace digital transformation, a key for their digital success!
Many industries are refined and reshaped by cloud computing, financial services being no exception. However, before IT teams and banking executives initiate the process of migrating to the cloud, one essential question that bank leaders call to be answered: is Cloud computing safe or not?
The answer is: Yes, cloud solutions are safe for banks. To add, with the right tools, expertise, migrating systems, and detection systems in place, cloud computing can offer safe and secure configurations to every bank globally, irrespective of the size. Additionally, when it comes to security in the cloud ecosystem, primarily it’s with cloud security or in simpler terms cybersecurity. After all, keeping confidential data and systems protected is essential for thriving financial institutions.
According to the CAGR report, the cloud security solution will witness 33.1% of growth in the banking sector. Also, a survey conducted by IBM states that 91% of financial institutions are actively using cloud services today or plan to use them in the next six or nine months – double the number four years ago. In fact, in today’s digital landscape banks encounter ever-changing customer’s behavior, innovative workspace dynamics, and the continued augmentation of data. So, cloud computing solutions have been proven in the past helping banks achieve unprecedented success.
Data breach not only leads to huge monetary losses but also significantly sabotage a bank’s reputation. If one such incident happens it may cost a fortune as well as fine to the organization. Unfortunately, the majority of the data breach occurs within the premises systems, debunking the myth that migrating to the cloud is not safe. In short, the innovative, cutting-edge tools and resources offered by the cloud are more secure and flexible than on-premise systems provide. The banking cloud security by the cloud provider is undoubtedly more advanced, flexible, and secure than their in- house hardware and software.
Another astounding benefit of choosing a cloud is eliminating the repetitive tasks that often consume the IT team time. Once the data is secure in the cloud the next best thing any bank would require is saving time for their valuable resources. Furthermore, when banks choose cloud solutions and there is no physical set-up on the premise this ensures the workforce is dedicating more time and energy to the tasks that matter the most for the organization.
Moreover, no matter whatever the size of an organization it’s reported that the mundane tasks often drain more than 50% of the IT team’s time. Therefore, with cloud computing solutions your employees can focus on the value-adding task that will help the bank to strive for growth.
The financial ecosystem is rapidly moving towards digital transformation and migrating to the cloud has become more imperative than ever. With cloud solutions, banks can streamline their complex processes which abet in enhancing customer’s experiences as well as employing cutting-edge technology such as AI, RPA (Robotic Process Automation) and machine learning to further accentuate millennials engagement. Not to mention, cloud-based infrastructure offers great agility to banks to quickly respond to changing market needs without any additional investment.
Probably the most shout out the advantage of cloud computing in contrast to its in-house premise is its easy adaptability to changing organizational requirements. To simply put, when banks need to expand their operations geographically the most daunting task they face is additional infrastructure needs, from whom to buy software and hardware, and hiring new staff to handle the workloads etc. However, with Cloud computing and cyber security, additionally, IT infrastructure and maintenance is not an issue, banks can scale up their operations with ease.
As digitalization is the need of the hour, it’s vital for banks to reap the ultimate advantage of cloud computing and gain a competitive edge. Only cloud solutions have the potent potential to change the banking landscape – helping banks offer at par customer services, ensuring data and information security, and achieving business goals. So, choosing the right cloud service partner and software testing service is essential for banks to take their banking services to the next level!
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