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Wednesday03 March 2021

Advantages of Cloud Computing in Finance



Nowadays when customer expectations and demands are growing very fast a number of banks as well as other financial institutions are looking for a quicker and more cost-efficient solution especially when it comes to application development, deployment, management or maintenance. 

Although it’s still rather unconventional and very recent concept, Cloud Computing is THE solution that can provide greater scalability, agility and faster adoption to the current pace of technology changes. According to Gartner Cloud Computing is going to grow by 23.4 % over the period of 2010-2016 with an aggregate $302.4 Billion. 

While some are still testing and hesitating, a survey of 186 banks conducted by Bank Systems & Technology and InformationWeek Analytics showed that at least 73 percent of banks expressed their interest in cloud computing, highlighting that the agility and opportunity to meet customer demands quickly as some of the main features of interest.

Michael Harte, CIO of Commonwealth Bank of Australia once said: "We will never buy another data center. We will never buy another rack or server or storage device or network device again. I will never let any organization that I work for get locked into proprietary hardware or software again. I'll never tell my teams in the business that it will be weeks to get them hardware provision. I'll never pay up front for any infrastructure and certainly would never pay for any, or rent any, infrastructure that I would never use."CloudFin2

So what are main benefits of Cloud Computing for banking & finance?

   1.Cost reduction – cloud computing does not require large upfront investment and as the matter of fact allows to lower the ongoing expenses

   2.Accessibility – with cloud computing one can easily access all the required information anywhere, anytime and from any device

   3.Agility – cloud computing enables organizations to run current, create new products and provide services faster

   4.Scalability – with cloud computing you no longer need to wait for weeks if not months to get the required equipment for new employees up and running, the integration process in cloud will only take you few minutes

   5.High availability– cloud computing provides high availability of servers

Would you like to try and experience all the benefits of cloud computing? TRY NODE and keep pace with modern technologies and your customer expectations. 

References: Market Info Group (2011): Invitation to Take a Look Into the Future of Computing, Premium Market & Technology Forecast

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