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The advent of Cloud-based services over the last decade offered businesses a wide range of benefits.

Significant cost savings and the ability to focus on running their core operations instead of a data center are two of the major gains derived through the Cloud. When combined with mobile technology, employees are able access company resources on a 24/7 basis no matter their location.  Financial institutions tend to be more conservative than other industry sectors within the business world. Now, they also are embracing the Cloud like never before. Let’s take a closer look at some of the reasons why.

A Hybrid Cloud Solution to better serve the Banking World

Cybersecurity concerns have long been an issue forestalling the adoption of Cloud infrastructures in the financial industry. Increasingly, banks and financial service organizations are implementing hybrid Cloud solutions that combine both public and private Cloud-based services. Aité Group analyst David Albertazzi commented on this growing trend.

“I think the new solutions are much better in terms of technology … and therefore they are being viewed as less risky,” said Albertazzi. A study of financial industry organizations by his company noted over 50 percent are now using private or hybrid cloud-services.

This trend over the past few years was also highlighted by a PriceWaterhouseCoopers LLP survey that noted the percentage of financial companies investing more in Cloud-based tech increased by 18 to 71 percent over the years 2012 and 2013. The facts are unassailable – the financial world is moving to the Cloud.

Reducing Costs while improving Agility

Removing the data center from the expense load of any financial company offers significant cost savings. In addition, these organizations also benefit from the reduction of complexity surrounding their business operations. This enhanced agility allows banks and other financial institutions to compete better in a dynamic and worldwide industry.

Improved Customer Service

In many cases, implementing Cloud-based services lets financial organizations serve their customers better. One bank is leveraging IBM’s Cloud systems to provide customers a more secure and flexible service. “Benefits are expected to be reduced waiting times for customers, a greater choice of banking channels and services, and extending services to the nation’s unbanked and underbanked citizens,” said IBM.

With numerous benefits – most notably cost savings and improved service offerings – it comes as no surprise the financial industry is finally embracing the Cloud.

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