Cloud Technology – Your Banking Solution

1. Cloud Technology – Your Banking Solution Today, with technological advancement, the rise of cloud-based software has become significant. People nowadays use cloud technology on platforms such as Dropbox or Google Drive, to store their data, such as photos, documents, music, etc. Now, in this article, we are going to focus on cloud technology as your banking solution. But first, we have to understand: •What cloud computing is •See three significant benefits of using cloud-based services •Types of cloud computing service models •See some benefits of cloud technology in banking through cloud transformation Keep reading this article to find out more. What is Cloud Computing? We first have to understand the fundamentals- What cloud computing is. Cloud computing, also known as cloud storage, is a technology that stores your data over the internet. Cloud computing is an internet-based technology that offers you services like storage, databases, networking, intelligence, and analytics. You must now be wondering to yourself why you should embrace cloud-based services. Well, here are three main reasons why you should. It is a considerable shift from the traditional method of thinking about IT resources. How so?

2. Firstly, the cost of implementing cloud technology as your banking solution is convenient as it eliminates the need for acquiring new hardware such as servers and also installation costs of software by running an on-site data center. Consider also the electricity being used. Secondly, productivity is a factor you ought to consider. On-site data centers will require a lot of work such as racking and stacking, that is, the hardware setup, software installation, and patching, which will keep the IT team on its toes, therefore, reducing productivity. With cloud computing, there is no need for many such tasks or a big team of employees. Therefore, the IT team can spend their working time doing productive stuff, such as achieving key business goals and objectives to satisfy their customers to build better relationships. Lastly, we cannot ignore security as the most critical factor. Major cloud service providers such as Microsoft Azure, IBM, etc. offer sets of advanced technology and policies that enforce security on your data. Cloud security control employed by these cloud service providers helps in evaluating and implementing security on your data in the cloud. Cloud Computing Service Models Your banking business needs to adapt and fit in the cloud models for it to achieve its goals without a great struggle. There are three types of cloud service models, one of which your banking needs fit perfectly. 1.SaaS Software as a service or simply SaaS is a software that helps third-party providers host applications over the internet so that customers can use them. SaaS is a software distribution model of the cloud computing service. SaaS can, therefore, be used to house banking software where clients can access their data and records through their devices’ web browsers. Types of software that can be delivered in this fashion are accounting, human resource management, and also service desk management, among others. SaaS does not even need any installations or require any downloads on your existing computer infrastructure. Google Drive is a wonderful example of a SaaS cloud computing platform. 2.IaaS Infrastructure as a Service or simply IaaS provides virtualized resources used for computing over the internet. It is as simple as pay-as-you access services such as storage, networking, etc. from vendors to clients. You must be wondering to yourself what main benefit IaaS has to the banking sector. Well, check this out:

3. Rather than a bankacquiring tools and teams necessary for setting up an on-site data center, IaaS allows you to buy these services fully outsourced, that is, over the internet. IaaS not only saves you money but also helps you save space by minimizing employees and computer hardware required. Microsoft Azure and Amazon Web Services (AWS) are examples of IaaS cloud computing service providers. 3. PaaS Platform as a service or simply PaaS is specially designed to help you test, develop, and organize new software or applications for your business. The reason as to why PaaS is most suitable for banking software development is because it offersflexible pricing depending on your needs. You get to subscribe to what you need. Also, during development, servers, storage spaces, and other services such as networking are manageable by the provider of the platform or by your company. Such cloud-based platforms offering PaaS are Amazon Web Service Elastic Beanstalk and Google App Engine. The main reason why you should consider using PaaS for your banking software development is that it takes minimal development time as service providers offer computing resources such as server-side components, which offers improved focus to the developing team. Also, with PaaS, you can integrate your developing team as you wish as they do not have to work at a central location, such as an office. They can develop software remotely. Cloud Transformation- Your Banking Growth Acceleration Key Currently, many banks are struggling with transformation change; that is, the creation of an organization that rapidly adapts to new technology while still responding to new competitive threats and urgent market needs. Truthfully speaking, that transition is grueling. The reason why cloud transformation proves to be difficult for many organizations is because it takes years to build a new system, and the complexity of the new system is unknown. It takes some time to understand and improve. Also, constant change in regulatory landscapes affects change as leaders become reluctant to invest in programs that may fail to meet new regulatory standards. To make cloud transformation success for growth acceleration, key elements such as agility, which refers to your bank's response to competitive threats by quickly adapting to new technology and applying them to the current market condition is a crucial factor.

4. Also, elements such as innovation cost optimization and hiring the best talent for IT positions will boost your banking through cloud transformation. Top 4 Advantages of Cloud Computing With cloud-based services comes a ton of advantages. Check this out: 1. Reduced costs- Cloud-based services reduce costs because they do not require the acquisition of expensive computer hardware escorted by expensive software installation. You do not need an on-site data center. 2. Scalability- through cloud computing, your business becomes flexible as you can scale up or scale down in both your operations and storage need to fit your situation best. This factor also enables you to free up time for more constructive work. 3. You will receive automatic updates, even though the updates might cost you some money. By accepting automatic updates, your teams and customers will enjoy up-to-date software as well as optimized processing power. 4. Cloud computing is remarkably efficient when it comes to collaboration. Cloud-based services offer your team better communication abilities, and sharing of work is easily carried out remotely. The manager of a bank can select a cloud platform secure and easy to share accounting records. Conclusion Cloud computing is the term used for the delivery of services that have been hosted via the internet. Banking using cloud-based services is the best as teams get to firstly, become more productive, secondly, share information quickly, and lastly, reduces costs. There are three cloud computing models, which have a particular task, but all have been hosted over the internet. Cloud computing has several advantages, including efficiency, scalability, cost reduction, and automatic software updates. Through cloud transformation, your bank will manage to achieve greater heights than it has already done. Think of cloud computing, think of your banking solution!