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Cloud-Based Software in Banking & Finance

about 3 years ago by Luigi Muscat Filletti
Cloud representing a software in Banking and Finance

Banks and financial institutions today are dealing with huge amounts of data on a daily basis - with the introduction of Artificial Intelligence in Banking and Finance as well as the adoption of Blockchain technology, new and emerging sectors of Fintech are set to root themselves in the market by providing additional financial solutions to customers.

The digital age is seeing a transformational shift in traditional banks as they move towards online platforms. Keeping the user engaged has become a top priority, almost as much as safeguarding their financial assets. Due to this, the search for best talent in the areas of Tech and Finance is on a steady rise, and in today’s competitive job market, professionals in tech are being recruited to fulfil various new job opportunities in Banking and Finance.

Disruptive Innovation

Cloud Computing was perhaps the first and most forceful wave of technology which hit the financial sectors of the world. Disrupting the way traditional banks and financial institutions operated, this technology generated automation of various financial practices which shocked finance companies worldwide. By reducing human error, saving time, money and resources and increasing speed and accuracy, cloud computing improved business agility, providing scalability and flexibility.

Initially perceived as a factor which would kill off particular roles within an organisation, it was true that the introduction of cloud computing did indeed replace certain roles within financial organisations such as bookkeeping and manual entry, however also demanded experienced individuals in Finance to interpret and generate strategies from the automated data. The changing role of the accountant in today’s day and age is but an example of such a shift in responsibilities brought about through digital innovation - professionals in Accounting, Auditing and Compliance must now adopt a more technological edge to provide greater insight from already processed data in the aim to assist customers, clients and lead their company forward. As the sectors of Finance and Technology continue to merge, professionals from an array of fields in these two sectors will be consistently working alongside each other to plan and execute strategies and campaigns.

Necessity for Strategic Success

Today, Cloud Computing infrastructures are dominant forces in a business’ operations as they allow an organisation to manage data seamlessly and generate detailed analytics. Career opportunities in software development are becoming plentiful, as the demand for talent in Tech is starting to become evidently high as organisations look to move towards digital platforms and enhance their cybersecurity to protect their customers’ data as well as their own. Fintech companies are looking for skilled software developers who specialise in various areas to contribute to a company’s overall operations, from customer data collection to data implementation, to enhanced service offerings and CRM.

It is therefore easy to notice how recruitment opportunities for developers have multiplied thanks to the utilisation of Cloud-based softwares in Banking and Finance.  It is predicted that by 2020, Cloud Computing will become of vital strategic importance in financial sectors, and organisations who would have not embraced Cloud-based applications would be significantly missing out from the vast benefits such a technology will present.

The growth of technology has seen users shift their attention to mobile platforms to carry out financial tasks, and this has firmly incentivised the adoption of Cloud-Based Software in banks and financial institutions in order to efficiently collect, process and analyse user data to enhance services. Cloud Computing operates on the acquisition of Big Data, which is the content through which Cloud Computing functions. From customer databases to marketing analytics, Cloud Computing processes Big Data in real time to achieve more detailed findings to be used strategically.

Embracing the Change

Cloud-based software in Banking and Finance will eventually become a no-brainer, however, banks and financial firms should embrace this technology with open arms, since the benefits such digital innovation will bring forward are quite significant. Cloud Computing is cost-effective as it allows banks to save huge volumes of data without the need for any hardware, saving costs and doing away with potential loss of data. Performance will also be improved through greater scalability and flexibility, simplifying data processes and allowing faster engagement with the user on demand.  According to the needs of the company, Cloud-based software can be scaled to consist of more analytical features, for instance. Accessibility is also never an issue, since data can be accessed easily from suitable and approved devices. Data protection is also enhanced with data stored in a centralised location on the Cloud, bolstered by cybersecurity specialists.

With such benefits and more, banks and financial institutions should be prioritising in setting up Cloud-based software for their internal operations. After all, such a change in direction will generate a more produced efficient means of working, allowing banks to focus on delivering customer-centric services, a true key to success in our time.