Cloud: Transitioning To New Age Banking
What Is Cloud Banking?
Key Challenges Faced by Banks
Customer acquisition and retention : Gaining new customers and keeping your current customers satisfied, ensuring that your customers seek and avail all the services being offered by the Bank, and providing them with stellar service to keep them from switching to a competitor.
Deploying services fast to market : New services and offers keep coming out regularly; keeping up with these offers and ensuring all your collaterals are updated in time requires a solution that allows you to quickly and easily deploy to market.
Agile innovation : The need to meet your consumers where they are and to consistently reinvent your offerings to appeal to the current market situation forces banks to be on their feet and reinvent themselves constantly. This requires an agile model that can quickly be rebuilt.
Regulatory compliance : Keeping updated with all regulatory mandates and ensuring that everyone follows the latest policies.
Key Benefits of moving To Cloud
Improved Speed and Agility : Launching a new landing page on a legacy system would be expensive and would take a bank far longer than it does with cloud technology. Cloud technology has made banks far more agile and quicker than they used to be! This enables banks to deploy new services to customers easily and quickly. Overall, this model assists banks in shortening their product deployment cycle and simplifies the process of product testing. Cloud banks can innovate and quickly launch beta versions of their products, replacing them with newer versions; they can also manage failures by quickly scaling back or reversing moves. Cloud allows banks to evaluate their products in a real-time scenario.
Lower Operational and Ownership Costs : With cloud technology, banks no longer need to invest in building a new infrastructure for each service they need to provide. Instead, they can leverage pre-existing apps with the help of APIs to roll out financial services quicker and with lesser operational and overhead costs. This allows banks to scale horizontally and vertically with ease; it also gives them the flexibility to choose services they fit as essential and unsubscribe to services that are no longer of value. Banks get the time to focus on their core competencies.
Enhance Customer Experience : Banks can now use third-party applications and services to enhance customer experience. From providing solutions straight to WhatsApp to providing customers with instant solutions on their phones, banking as a service will become highly customised with this digital revolution. Cloud enables banks to build an enhanced marketplace for customers, one where they can leverage modern technology services and data to build a more wholesome experience for simplifying and enhancing each financial transaction.
Provide Higher Security : Initially, people would think of clouds and immediately worry about security threats and hacks. One of the most significant weaknesses of cloud technology has now upturned to one of its greatest strengths. Public cloud servers belong to some of the biggest brands in the world. Amazon alone invests over a billion dollars in security for cloud servers. This is way more than any bank could individually support, making Cloud a way more secure and compliant alternative to handling data.
Cloud offers an opportunity as no other system does; with cloud operators providing a range of cloud services, the banking industry will only accelerate the switch in their infrastructure, and the future of banking will be growing in an automated route.
How can Profinch help Banks in enabling their architecture on Cloud?
Profinch, a trusted partner for Oracle, has enabled many banks and Financial institutions to move their current architecture to the Cloud, thereby solving their issues/pain points.
Do reach out to us to know more about the successful Cloud implementations done for banks worldwide.