Leveraging cloud computing is catching on with every business that is serious about their bottom line. Right now, some businesses are embracing it with more commitment than others. Banking, for instance, ever security-conscious, is one area of business that is being cautiously slow about this new technology concept.
But migrating to an infrastructure so virtualized can bear all the scrutiny it takes to finally convince boardrooms that it is here to stay, and offers enough guarantees and opportunities to merit enhanced usage. With a little forethought and preparation the migration to the cloud will meet the highest standards of security for any financial institution.
Here are three important ways that moving to the cloud can enhance financial transactions to the satisfaction of any and every financial institution:
Consolidated costs for IT are a big bonus of cloud-based banking. Banking consultant E. Michael Peterson says: “IT can be one of the biggest outlays for a bank or credit union. One of the reasons for this is the scattershot approach to data and security that IT often has to deal with — going from one platform to another to keep the whole system consistent and updated. Switching to the cloud offers a great consolidation key for IT expenditures. Legacy solutions no longer provide the cutting edge economy that only virtual infrastructure can provide. To stay ahead of the curve in technology, migrating to the cloud is essential.”
Cloud security has already surpassed that of legacy platforms. Installing the proper cloud deployment means that financial institutions can expect a much higher level of security than they can get with legacy solutions. This has been proved categorically. The cloud excels at public key infrastructure sustainability and SSL management technology. The financial industry must get past their ill-founded perception that virtual infrastructure, i.e. the cloud, is somehow still vulnerable to a host of cyber-invasive practices. As it grows in importance and sophistication, it also grows stronger in preventing any major hacking episodes.
Improved mobility is part and parcel of the cloud’s built-in flexibility. With more and more clients and managers demanding mobility upgrades because of its ease and timeliness, no business, and especially not banking, can afford to ignore where mobile technology is taking communications and transactions. More people now shop online from mobile devices than from their laptops or home computers. Millennials and younger demographics expect to conduct their daily banking on a mobile device, and this can best be achieved through the cloud. Guarding things like passwords, pin numbers, and personal information with the cloud while on a mobile device has never been more convenient and easier to maintain.
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