• Get IT Done: How Cloud Solutions Help Financial Services Firms

    Why Financial Companies Need to Migrate to Cloud Computing
    01/08/2017 | Ron Maor

    Cloud computing has changed the business landscape and the way organisations operate. Many industries are adopting cloud-based platforms to not only reduce costs but improve efficiency.

    Amazon Web Services, a popular cloud service, is currently in its 11-year run as a reliable, scalable, and inexpensive cloud computing service. According to zdnet, AWS is expected to reach annual sales of $10bn while in April, it was reported that it had attained a 43% year-over-year growth.

    Since its launch in 2006, it has over 30 availability zones in 12 regions worldwide. Forbes reported that 57% of respondents currently run applications in AWS. Financial firms already using this technology include Singapore DBS Bank, Bankinter and eFront.

    Gilad Somjen, CEO of Cloud With Me, believes there is a "gap between the old hosting companies and AWS". Cloud With Me is an innovative technology that makes setting up and managing AWS servers easier with their add-ons and simplified processes. In fact, Gilad Somjen's revolutionary technology has encouraged Amazon to make them an official partner.

    Other than Google and Microsoft, there are very few companies that can replace Amazon as a leader in cloud computing. Gilad Somjen's company, CWM has already helped refer a total of 2,800 new accounts to AWS. This technology is believed to be the biggest advancement for enterprise computing since the invention of the PC.

    Companies operating in the competitive and fast-paced financial industry constantly require new technology. By embracing cloud computing solutions, they can increase productivity and efficiency in their operations. Some firms are hesitant in using cloud due to regulatory compliances, security and control. Nevertheless, the benefits of this technology certainly outweigh any concerns financial companies may have.

    Security

    Cyber-attacks against financial services reportedly cost consumers £8bn in 2016. These companies deal with the financial information of customers such as debit and credit card details. It is also one of the most regulated industries in the world. For this reason, they must be well-protected from security incidents.

    Cloud solutions actually offer stronger security than legacy systems. Handling this technology alone or relying on in-house security systems are not as secure as the level of service cloud computing provides. As long as financial organizations choose a reputable service provider, their sensitive information is guaranteed security and privacy.
    Convenient and Cost-Effective

    Maintaining a financial services company requires modern and updated hardware and software. As a company grows, so does its IT infrastructure needs. Financial services can highly benefit from cloud solutions as they reduce the infrastructure stored onsite and the stress of managing IT resources. Not only will this reduce costs for a financial firm, but it will also guarantee them liability with a certified technology partner.

    Companies no longer have to purchase expensive servers. Money spent on in-house storage including the space and utilities required to support that infrastructure will be saved. Cloud solutions manage and maintain systems, taking that weight off of your shoulders.

    Flexibility

    Financial companies often launch new applications to meet their ever-changing business needs. They must provide timely insight for their customers and always earn their trust. Cloud computing offers agility, scalability and flexibility. Financial businesses can introduce their new applications and develop and test them quickly using cloud solutions.

    This technology also provides mobile productivity. Users aren't required to sit at their desks when managing applications and data. The financial sector must always keep up with the constantly changing landscape and this way, users can access data from anywhere at any time, using their mobile devices. This adds flexibility and efficiency to company operations.

    Tips When Adopting the Cloud:
    1. Communication - Employees should be in the loop and informed on updates, which can increase adoption rate.
    2. Organization - Consolidate and remove unnecessary data that's no longer needed.
    3. Backup - Create an on-site copy of your data on a network-attached storage device to prevent losses.
    Here's an example of AWS' cost-effective pricing list (Amazon EC2 Pricing):

    For AWS's full price list, please check their website.
    By migrating to cloud, financial services firms can help their organisations grow, transform and succeed. It's time to drop traditional IT methods and start enjoying secure and reliable data sharing, email and essential IT processes so your financial company can ultimately increase operational efficiency and flexibility.

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