Financial Institutions are one of the pillars of the economy. Their infrastructural development plays a leading role in deciding the path and the growth that lies ahead of the economy and consequently the country. Learning from history, especially from the economic crisis of 1991, one can imply that the efficient use of the financial sector can withdraw a country even from a long period of recession. However, what’s required are the amendments according to time and technology.
In the current scenario, the financial sector, especially the banks, produce and process exponentially large amounts of data regularly. By reducing the friction in the engagement with the modern infrastructure, these sectors can be an efficient wheel in the economy’s acceleration.
Banking Sector Plus Covid is Equal to Migration to Cloud Environment
Why is Banking Sector Migrating To Cloud Environment?
Keeping up with the pace of technology and consumer demand is essential. Thus, the Banking sector is swiftly moving its data management to Cloud to fuel its efficiency in providing services. Companies like Dcirrus are making the process cost-friendly and flexible, which is why the migration of the fintech sector to cloud computing is already underway. With the pandemic last year, the shift to digitalization was even faster. The banking sector especially had to conduct all its services online to provide quality services without getting out of their homes. It means that the data has to transfer online and the protection of confidential data. Since the initial phase of cloud computing, the sector used it for particular functions but left the core functions to its traditional methods. However, covid and the gradual (but successful) movement of fintech players to the Cloud compelled the sector to take a look and bend its methods and approaches.
As of now, the shift to Cloud for the banks have been paying off. According to the reports of The Forbes Advisor, “Many banking CEOs believe that the early phase of 2020 would have been a lot easier had there been a shift of more workload on the public Cloud.”
How Cloud Computing is a Secure way for Banking Operations?
Naturally, Shift to any modern technology is difficult for any business, and it becomes more challenging when the enterprise holds a large amount of confidential data from thousands of people.
Here, Cloud Security becomes an absolute necessity.
Cloud Security comprises strategies for the protection of consumer’s data on the host. It reduces the risk of data getting hacked or corrupted. But what does Cloud Security include?
Data get encrypted in Cloud, i.e. converted into symbols that are not understandable to anyone who doesn’t have a decryption key. The information is encrypted at three levels: in use, in transit and at rest. Data encryption at rest is necessary so that there is no room for the hacker to interpret it. Similarly, data encryption during transit ensures the safe transfer of data from Cloud to client or Cloud to Cloud.
Identify and Access Management(IAM)
IAM is responsible for giving the client control over its data. It tracks the activity of the user and authorizes them to access the document. It reduces the risk of security by determining the privileges, the grants and the denials to access various information stored.
A Cloud firewall is an additional layer of security that acts as a shield for data stored and protect them against any malicious activities. It does so by forming a virtual barrier around the cloud infrastructure that hinders the entrance of any foreign user or code or any suspicious activity.
Considering the necessity to migrate and the security risks it bears, IBM, in collaboration with the Bank Of America, introduced the first public Cloud to meet the needs of the financial sector. Broadridge Financial Solutions also collaborated to introduce cloud-based solutions for their clients and customers and address their concerns in the industry.
The IBM Institute of Business Value survey suggests that banks with a competitive edge over their competitors are 88% more likely to use hybrid cloud computing. Thus, cloud computing has undeniably brought the beads of competitive advantage and focus on the core principle of quality service in the same thread.
Cloud Computing Companies like Dcirrus, Securedox and OpenNebula ensure information security and efficacy in work dynamics.
Cloud Computing Benefits
Technology has always been the best support of people. Adopting these developments will help a firm retain its employees by giving them better services and attracting a better and broader customer base. According to the reports of Skyhigh Networks that surveyed about 3.7 million people, an average financial enterprise uses about 1000 cloud services or even more.
Cloud computing has several benefits, especially for the banking sector.
Cloud computing reduces the cost of management of data and administration significantly. The technology doesn’t require a firm to hold a separate room full of documents and doesn’t need to hire a person to maintain them.
The technology helps the enterprise adopt the changes and saves on the CAPEX and OPEX.
The technology offers the users to access their data anytime and from anywhere.
The streamlined and organized data helps the users access the data without any difficulties and delays.
Many cloud service providers like Dcirrus allow the users to gain the resources as per their needs and pay accordingly. The feature also helps in the optimum utilization of the resources with the company.
Dcirrus provides easy set up of the virtual data rooms and includes pay as you require facility.
•Better service, More customers
Cloud computing not only helps the banking institutions in meeting the demands of their customers but also in giving them better insights. The better the services, the more the customers.
•Improved Productivity Through Collaboration
Streamlining the back end processes that significantly impact the customer experience is mostly a challenge for organizations in the financial sector. However, with cloud computing, working on multiple data can be done together, and the same can be streamlined in an organized manner.
Cyber attacks are no more limited to a few organizations, and the financial sector, including banks and other financial institutions, is even more vulnerable to these risks. Security has been one of the prime reasons why the shift to the Cloud has had a slow pace. In an environment whereas simple as clicking on a simple link can get the full bank account vacant and clicking on an email can get the whole network down, it is not easy for organizations to divert from their trusted traditional approaches.
The service providers consider that all the legal acts are considered and complied with to make sure the journey of Cloud for their clients is a smooth one.
Dcirrus: The One Stop Solution
Dcirrus, a cloud computing service provider, is your one-stop solution to easy set up at a nominal price and get the best of the features.
Along with uncompromisable security using encryption, multi-level authentication, user-friendly interface, discussion forum in the data room Dcirrus provides
• Management Tools like drag and drop to upload and intelligent search tools
• Three-level encryption: in transit, in use, at rest
• 256-Bit encryption
• 24*7 customer service
• Unlimited storage
• 2-factor authentication
• User activity monitoring to ensure there are no malicious activities and the security is not compromised.
• Auto-sync and Auto Backup – Easy retrieval of data if/ when lost
Why do you need Dcirrus?
The technological world is constantly changing. The companies in each sector need to level up their strategies related to marketing, handling their big data and delivering services. With Dcirrus’ cloud computing services, virtual data rooms, data migration becomes easier, cost-effective, and profitable.
With better data protection, disaster recovery, accessibility of data, and better ability to respond to changing market trends, banks elevate the consumer experience of their regularcustomers and clients and attract more of them. Hence, shifting to Cloud is an easy way to plan the long- term success.