Cloud adoption by financial institutions has been on the rise. According to PwC, by 2020 core financial services like credit scoring, statements management, payments, and billing will use the cloud for processing and computing. From retail banking to asset management and investment banking, the cloud provides many use cases to bring scalability, cost savings, and improved service delivery for financial institutions.
The popularity of cloud computing is growing among almost all industry verticals. Organizations are beginning to realize that cloud computing doesn’t just improve their IT functions, it provides cost savings and numerous other benefits, too. They now view cloud computing as a major gateway to success in more competitive marketplaces where the cloud can completely change the operations of the business. Here’s a look at how some industries are adopting cloud computing:
One of the aspects of a business that plays an essential role in its ultimate success or failure is its telecommunications systems. Without a solid telecommunications setup, communications internally between employees and externally with clients may become cumbersome and challenging. The old say of communication is key is never more important that in business. Poor communications systems can negatively impacting the performance as well as the profitability of a business.
Over the last few years, there has been a radical transformation in business processes and functions as businesses have increasingly transitioned to using cloud-based services and turned away from their use of traditional physical infrastructures.
Financial institutions are quickly learning that the future of banking is in the cloud. To stay competitive, improve security, and provide more diverse service offerings for end users, financial institutions will look to the cloud for solutions. Banks have traditionally been slow to move to the cloud due to security and compliance concerns but as of recent, have begun to fully understand the full potential and benefits of the cloud. Confidence in the cloud has skyrocketed as of recent thanks to improved levels of security and compliance associated with cloud strategy.
If you’re a small business owner, chances are you have your hand in almost every part of your business. You probably wear many hats, like key decision maker, employee, stakeholder, investors, risk manager, etc. Above all, you realize there is little to no margin for error when it comes to your business.
Over the past several years, there has been a significant increase in cloud adoption. As more businesses see the benefits of the cloud such as cost savings, easy scalability, and improved performance, they have shifted away from traditional physical data centers and network infrastructure. In 2017, the global public cloud market was $146 billion; this figure is expected to rise to $178 billion in 2018. In addition, the global public cloud market is expected to grow at a compound annual growth rate (CAGR) of 22 percent.
Regulations, technology and customer engagement are 3 huge issues concerning businesses in the insurance industry in 2018 and into the future. Insurance agencies, now more than ever, need to be leveraging the cloud in order to quickly adapt to changing customer expectations, emerge into new markets, and ensure data compliance, among many other reasons. According to a study done by Novarica, 70% of insurers are now using cloud computing in some shape or form. With the cloud computing market exploding, insurance agencies will continue to demand these services. Here are some of the following areas where insurance agencies can benefit from the cloud:
The use of the cloud is rapidly becoming the gold standard for data storage and management by businesses. There has been an exponential increase in the number of companies that have migrated their data to the cloud over the past few years. At present, at least 96 percent of all organizations use the cloud in one form or another.