Technology is so great that is has benefited almost every sector of industries. From manufacturing, utilities, financial, retailers, distributors, and the list goes on. I was just looking, and I realized how even banking services are also dependent on technology. Impact of regulations, Market understanding, customers, competitions and so on. But this doesn’t mean that it is only restricted to gathering data but much more than that.
Technology ensures that our data remains secure and our privacy is maintained despite giving customers a personalized experience the data is been fully protected. This is where cloud technology comes into the picture. There are various cloud based services such as infrastructure-as-a-service, platform-as-a-service, software-as-a-service, and so on.
Banks do have their own IT infrastructure and software platforms to keep their services up to date and if so, then there should be a proper maintenance and support service to be taken care of. Technology is changing faster than the seasons so it is required to have road-plan to meet customer’s expectations.
And to be the part of this changing season, banks must look out for cloud service provider to provide them the core infrastructure, software and platforms to the entire IT things. These cloud service providers have the ability to anticipate the technology so efficiently in less of time with fewer efforts. This would really help banks to focus more on other parts where technology will be playing its role. It is easy with Cloud Service providers to offer their services as they do to various industries with a variety of customers as per global regulations and requirements.
Adapting cloud service will require banks to give up the blueprint or road-plan for their technical needs and the security concerns they require rest all of the things would be the part for the cloud service providers, starting from implementation to maintenance all these would be taken care by cloud service providers.
Banks would only need to concentrate more on improving their core services and customer experiences. They do not need to worry about their protection of data or any technology competency as all the things are been taken care by the cloud service provider.
As when it comes about bank we really need to look into what exactly the security concerns are by the cloud service providers. As they should be heavily responsible for the security of data. Keeping this in mind, cloud service providers comply with global certifications like ISO 27001, SOC2, and regulatory requirements like FFEIC. With the addition to these certifications banks can also recommend for additional security control to their cloud service provider and by making third-party to verify and report compliance.
Cloud service providers also tackle cyber attacks, data analytics, multifactor authentication, cloud security, and so on. While the banks can focus on core banking services and look about better they can offer services. All this thing make a strong impression about cloud service providers and how actually they are helpful to banks. Overall the most important sector for finance that is banks should also adapt these cloud services.