Cloud technology holds the potential to redefine the bond between financial entities and corporate technology departments. The rapid growth and high availability of cloud enabled services provided over the internet provides significant growth curves for both computing hosts and users alike. For potential users, cloud entertains a number of benefits including operational inefficiencies, cost-effectiveness, fast accessibility, and flexibility in deployment, automated backup services and more responsive upgrade functionalities.

 

Major IT service providers, foresee the looming business opportunities offered by cloud services, whereas potential users have cost efficiencies, business flexibility  and reliability type implications with cloud technology. In aggregation, it is an ideal solution for a great number of industry verticals.

Cloud computing services have increased dramatically since the last few years. It has been surveyed that, there is a continuous significant migration from “hard” IT platforms to internet based services as a prolific solution for hardware, infrastructure and software needs alike.

The Rise of Financial Cloud

The economic plunge in 2008, often quoted as a catalyst for greater adoption of cloud enabled services in the financial standards, that put cloud computing and its applicability in the industry glare. And while the downturn likely did build massive cloud adopters that were desperately looking for cost efficiency in the bleak marketplace, the long-term adoption has already taken place for several years between hedge funds and private equity funds. These ongoing adopters in the alternative investment had independent business entity that provisioned greater agility to bring new technology and improve their resource efficiency accordingly.  

                                                          

Fact- As the enterprises ramp up cloud adoption, the vital elements such as online storage, back up, SLA play a major role in ensuring enterprise grade performance.


Cloud is remolding how banks are trying to turn their vast investment in IT and put action in close regulatory scrutiny of their on-premise computers to their advantage in the young and sterling wave of financial services disrupters. On this vigilant landscape, there are many UK based banks that already offering retail banking service to their customers to store copies of their indispensable documents like passport, driving licenses on a cloud drive.

On a large canvas, the research points to three primary impacts of online cloud storage are as follows:


The importance of ease of collaboration- It is a newly emerging way of sharing the computer files and rich media content through the use of cloud, whereby documents are uploaded to a central cloud storage and can be accessed by end users across the globe simultaneously.   

The radical shift from product to services- The second long term impact of cloud encompasses the radical shift from IT based product to business-centric services. With this aspect, businesses need not to invest upon the maintenance of physical drives and other IT equipment; instead they focus on their core competencies by availing the on-demand cloud service that is fully automated.

Impeccable customer experience- The cloud will intensify the importance of delivering IT based services- the quality of the customer experience. Companies are leveraging their performance level by adopting a 24/7 focus on quality, security and availability.  

In a nutshell, it is being considered that cloud as a business service and an IT delivery model drives innovation in the organization.