Tech race
Over the past few years, the face of the finance industry has changed beyond recognition, partly due to changing customer behaviours and expectations and partly due to a realisation that new tech offers so many productivity and cost-cutting advantages. There is a fully-fledged digital transformation race underway in the sector.
Traditional banking companies are facing stiff competition from new arrivals on the scene as the basic business models change and adapt to the new paradigm. New technologies lie at the heart of these movements, in particular the innovations offered by the capabilities of the cloud.
Is your business ready?
Cloud hosting has won acceptance after an initial period of doubt from banks and other major players due to the inescapable fact that its benefits are plain to see. Fast deployment of innovations to market, reduction in cost outlays, and levels of both transparency and security that were not available before are only some of the most obvious advantages.
It is certain that in the next five years, the financial services sector will be transformed as cloud adoption becomes an essential part of providing the services needed to compete successfully against rival businesses.
Regulatory pressures
Data safety is increasingly becoming entangled with data residency, and the rules and regulations governing different jurisdictions are becoming more complex. For a large international organisation, this might be manageable, but for many smaller businesses, it is nigh on impossible to keep track of compliance requirements.
Once again, cloud hosting providers are raising the bar when it comes to offering services that take care of these aspects on your behalf. If you are thinking about migrating to the cloud and are still unsure of the way that a finance industry business will benefit, simply get in touch today and we can give you all the information you need.