The move is happening as we speak.
As competition continues to rise, more financial players are moving to cloud computing to attract more clients and bounce back from the current economic situation. The
The need for transformation from legacy systems has grown exponentially in 2020 and shows no signs of slowing down. To add to the complexities that come with updating technology, COVID-19 has thrown a wrench in the mix and serves as a lesson for many businesses.
Outdated legacy technology has created a messy experience and roadblock for many financial services to stay current and grow. Since the coronavirus, the public has been taking on more digital services. To accommodate these needs, the move to cloud technology has accelerated. Audiences now expect technology to be fast, responsive, and safe. Depending, the unique needs of an organization, many consider either a multi-cloud or hybrid-cloud strategy to meet these needs.
As more financial services move forward with cloud computing, others are gaining the confidence to proceed strategically.
Moving to Cloud
Moving an IT infrastructure to the cloud is now necessary to stay ahead of the increasing competition. According to Gartner, the public cloud market will grow up to $331.2 billion by 2022 and will continue to rise. In 2019, the cloud market grew to $227.8 billion. The impact of cloud computing is recognized for its modernization initiatives, to list a few - safe storage, clean analytics, increasing operational workloads, and customer-facing programs that are cost-effective while addressing regulatory compliance and security.
Cloud technology is consistently improving to meet the custom demands of organizations within Finance. As more financial services capitalize on cloud technology, other organizations are scrambling to figure out the best approach to their digital transformation. Estimates claim that in 2021, cloud data centers will process 94% of workloads.
If an organization has yet to adopt some form of cloud computing in 2020, it is almost a guarantee that they are missing out on opportunities to gain more revenue. An IT managed service has been the key for many that lack the resources and knowledge to transform their organization into a competitive machine.
Each unique complexity that comes with a digital infrastructure is accounted for when partnering with an IT managed service. This relationship helps many organizations create a digital foundation from a custom strategy that simplifies complex needs within IT. The transformation to cloud technology will lead the way to cost-effective, client-facing programs, and workflows.
Security and Compliance
Meeting security and compliance needs are some of the leading concerns when transitioning to the cloud. The task may seem daunting, but change is necessary, and more key players understand the value of increased security measures. Cybercrime could cost financial institutions roughly $30 billion within the next five years. Multi-layered security measures need to be in place to protect sensitive data from any breach.
As budgets for IT rise within organizations, working with IT managed partners has helped financial groups become proactive instead of reactive toward any breach attempts. The stress from IT-related issues is real, and if there is no handle on it, time and money will be lost.
Clients want to feel safe when their money or information gets handled. Security builds trust with clients, and if a security breach were to happen to your organization, would you be prepared to lose that trust?Attracting More Clients
Cloud computing can create new digital experiences with client-facing programs, helping build trust that leads to attracting more clients. Trust is attractive, and word of mouth travels farther than one thinks. Once an organization attains cloud technology, they are one step closer to reaching public expectations. With clean analytics from cloud computing, businesses have been able to pinpoint and capitalize on the unique Key Performance Indicators (KPIs) that help attract and retain more clients.
Working within the cloud also strengthens the non-core aspects of many businesses like customer relationship management (CRM), human resources, product development, and channel optimization, to name a few. Customer experience is vital to stay competitive, and there is now an expectation for technology to be safe, responsive, and reliable when facing the public.
Meeting client expectations and providing value through technology is the recipe for success. Customer intelligence and artificial intelligence will be some of the most important aspects of revenue growth once a cloud strategy gets implemented.
Steps toward a digital transformation can start within minutes after reading this. To sum everything up, moving to a multi-cloud or hybrid-cloud infrastructure is inevitable. As we head into 2021, legacy systems will become obsolete, and those that are still using outdated tech will become left in the dust.
The financial industry is moving to the cloud. As organizations start to understand their audience in-depth, more opportunities for higher revenue will unfold. Cloud computing creates a path toward the future for businesses. As cloud technology continues to advance, so should an organization’s ability to grow with its audience.
As a leader in technology solutions, Tekscape continues to help financial companies increase revenue with cost-efficient IT transformations. We equip businesses with a strategy and foundation, helping provide the tools to gain actionable data and scale through managed services, cybersecurity, workforce productivity, and IT transformations.
Get more information on cost-effective cloud solutions.
Set up a free consultation today.