The Cloud: Is Banking Ready?

on "June 09, 2021 2:42 pm"

Cloud-based technologies are moving to the forefront of the financial services industry. With consumer expectations for on-demand digital technologies constantly changing, it’s time for the financial services industry to embrace the agility that can be gained through the cloud.

Today, agility is built in the cloud and it’s leveling the playing field. 

Cloud-based technologies are moving to the forefront of the financial services industry. If there was any doubt that the future is in the cloud, the world’s response to COVID-19 has provided compelling evidence. As we’ve adjusted to social distancing and precautionary shutdowns, capabilities like virtual meetings, distance learning, contactless shopping, telehealth and supply chain advancements have enabled us to stay safe, remain productive and maintain some sense of “normal.” There’s been an unprecedented surge in the use of these tools. And they all have something in common – they’re enabled by the cloud. Facing consumer expectations for on-demand, digital first services, emerging technologies and alternative business models, it’s probably time for FIs to embrace the agility that can be gained through the cloud. Are you ready for the cloud?   

Cloud is more than a technology; it is a destination to store data and access advanced software applications using the internet. Typically, cloud providers offer a number of innovative ‘products-as-a-service’ that can be accessed on their platform to help users implement business and operating models to improve revenue generation, increase customer insights, reduce costs and deliver market-relevant products quickly and efficiently. The cloud also offers a huge opportunity to synchronize data; to break down data silos across operations, IT, finance, regulatory, customer support and more. Once massive data sets are combined in one place, the organization can apply advanced analytics for integrated insights. It is understandable, however, that FIs may also dismiss the cloud as not secure enough for the data with which they are entrusted. In reality, data stored in the cloud can be as secure as or even more secure than it is in an on-premise model.

Today, agility is built in the cloud and it’s leveling the playing field, giving financial institutions of every size the ability to maximize the consumer experience, while at the same time, reaching new levels of operational efficiency. It’s time for banking to boldly go into this cloud frontier…but, how do you know if the cloud is right for you? And if you think the cloud will increase efficiencies and streamline operations, where should you start? Should you manage these cloud-based applications or outsource to a trusted partner? Or, are you already using cloud-based technologies and didn’t even know it?       

In the webinar below,  Diebold Nixdorf and Microsoft will discuss:

  • The benefits of cloud-based technology and statistics on cloud migration in the financial services industry
  • The gradual shift in consumption models (SaaS, on-premise and MS) and what is the real difference between SaaS and on-premise
  • Best practices to consider when creating your cloud-based strategy, as well as how to choose a trusted partner that will guide you into the next frontier
  • How DN and Microsoft can help you overcome obstacles, such as security and compliance, while leveraging the cloud to become more agile in expanding banking operations.