When financial services and insurance (FSI) companies consider moving to the cloud, a great deal of attention is given to security and compliance issues, however, if they want to benefit from the full effect of cloud-enabled solutions, they need to consider a number of other important areas.
By addressing these issues with a well-managed cloud strategy, they can set themselves on a path, that not only allows them to be secure and compliant but improves their business processes, allowing them to make better data-driven decisions and deliver real innovation to their customers.
Here are the four key areas they should consider.
1. Security and compliance
FSI companies need to have the right systems in place to protect their sensitive data from internal and external threats. Well-managed cloud solutions deliver:
Full control over IT infrastructures, with an ability to manage across all applications and workloads, provides a deep understanding of what’s going on across core systems.
Enhanced security provides complete awareness of where data resides and close oversight, so malicious activity can be addressed with an ability to continually analyse data flows to detect and resolve issues quickly.
Ongoing reporting and monitoring of activities is provided with a well-managed system that backs up continuously, by replicating data and storage across locations for high-speed recovery.
2. Operational efficiency
Cost pressures driven by agile fintech and insurtech players, along with demanding regulatory timelines, means FSI companies need to find ways to be more cost efficient. Well-managed cloud solutions deliver:
Enhanced IT utilisation using a pay-per-use model and on-demand resources removes the need to spend huge sums on purchasing, updating and maintaining onsite IT infrastructure and reduces the costs of managing and running the overall IT organisation. It also significantly reduces regulatory reporting timelines.
Greater visibility of costs can be achieved by tracking spending and historical trends using a unified platform. Resource costs can be attributed to specific departments, projects or applications, which aids with budgeting.
Greater efficiency means employees can focus more time on value-adding tasks instead of administrative ones and the quality of their work improves. Automation tools available with the cloud can further enhance worker productivity.
3. Data-driven decision making
Knowing how best to gather, retain and use new sources of data, in a way that can inform more accurate and timely decision making, is a key challenge for FSI companies. Well-managed cloud solutions deliver:
An ability to connect to data from any location or any device and use this data from more than one location allows employees to gain deeper insights and make quicker decisions.
Extensive interactive reports provide insights into performance and an ability to make them user-friendly transforms data into results that are understandable across the entire organisation.
Through a secure and reliable dedicated private internet connection, there is an ability to run performance-heavy applications with large volumes of data and take advantage of high-performance connections between cloud environments.
4. Innovation and disruption
Cloud-enabled technologies allow companies to optimise new and existing applications and respond to new, agile players in the market and the need to be more customer-centric. Well-managed cloud solutions deliver:
The cloud can boost the performance of existing applications and counter perceptions in the market that legacy applications are outdated while protecting the brand-equity of established solutions.
Applications can be brought to market faster by speeding up the development process. This enhances customer satisfaction as clients are getting faster and more frequent applications and allows developers to spend more time on innovation projects.
Cloud-native apps benefit from the scalability of the cloud, making them faster, more reliable and more cost-efficient. It ensures the organisation is well placed to compete in the long term and disrupt the market.
Senior Field Engineer with 10 years of experience in IT operations and IT consulting services. Working hands-on with entire Microsoft suite, focusing on building, setting up, and managing identity services, SQL Server and Exchange Server. Recognized for expert-level architecting, designing, and ongoing consulting of customer solutions into Azure IaaS, Office 365 services, and Azure PaaS/SaaS services.
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