Reinventing financial sector services with the use of the cloud

Increased competition, growing customer demands and increased regulations are forcing financial institutions to transform into more agile, secure and innovative organizations. A change that requires the implementation of technologies that provide greater efficiency, facilitate rapid information management and at the same time allow rapid adaptation to market changes. One of those solutions is, without a doubt, cloud platforms. With cloud platforms, the financial industry accesses a scalable and flexible infrastructure that allows applications to be deployed, data stored, and online services run efficiently and without worrying about managing physical servers and other IT resources. Despite its many advantages, cloud implementation among financial service providers is slower compared to other sectors.

This is due to the greater regulatory

Requirements that they are forced to comply with, as well as the great economic risks posed.  By failures or interruptions in operations. For example, in Mexico and other countries, financial services must receive authorization from government agencies (National Banking and Securities Commission) to use cloud platforms abroad. In addition, they are required to have data residency, that is, that all the information Canada Mobile Number Database stored and processed remains within their own infrastructure in the national territory. Despite these bureaucratic procedures, leaders of financial organizations are convinced that cloud adoption is essential to grow globally , strengthen data security and provide a greater experience for their users. In fact, a study by Snowflake, a cloud computing company, showed that in the last year financial companies are increasing.

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The urgency to adopt Reinventing financial sector the cloud due

To these three factors: strengthening cybersecurity (50.5%), the detection of fraud (38.6%) and claims management (33.8%). The same study also highlighted that 37% of financial companies are choosing.  To adopt a multi-cloud strategy compared to those that adopt hybrid (34%).  Single (14%) or private (14%) cloud. Benefits that the cloud brings.  To financial services Financial services are using the cloud to change Georgia Phone Number the way.  They operate and at the same time the way they respond to changes. Although each organization has specific needs and adopts technology.  According to its business strategies, cloud platforms can provide the following benefits. Greater flexibility and scalability. Financial services can scale their resources quickly and efficiently when using cloud platforms.