As the financial industry continues to evolve, the technology behind the market is also changing to keep up with new demands and tech-savvy consumers. Financial institutions must find a way to keep up with these changes and simultaneously deliver the digital banking solutions that customers want: reliable access to their financial resources whenever and wherever they need them.
Cloud computing technology has revolutionized the world of digital tools and software. Financial institutions are turning to the cloud in an attempt to reduce costs, upgrade their infrastructures, and make it easier for their employees to access the information they need to make quick decisions in a mobile environment.
What Can Oracle Flexcube Do for Financial Services and Banks?
Oracle Flexcube is a fully integrated platform that allows financial organizations to design, build, deploy, and run their own cloud without sacrificing speed, flexibility, security, and control.
The cloud is an enabler for banks and other financial institutions to achieve their growth, agility, and cost-reduction goals. And with Flexcube, they can build their own cloud and completely control the data center environment.
The Oracle digital banking experience is a highly scalable, flexible, and secure platform that enables financial institutions to get the most out of their existing Oracle software investments. Banks can now benefit from a low-risk, low-cost migration to the cloud by easily accommodating future growth and change.
Why does the financial sector use cloud computing?
Cloud computing essentially acts as a utility designed to provide businesses with applications, software, and storage in a flexible, cost-efficient manner. The cloud is an excellent solution for managing the enormous loads of data, backups, and other logistical operations that are necessary for a business to run smoothly.
Financial institutions use cloud computing to help them meet customer demands and ensure customer satisfaction. Cloud computing lets users access and stores their data from anywhere. The cloud also provides a convenient, secure, and cost-effective way to store customer data.
When customers want to do their banking from home, the cloud and remote access help them access accounts and make financial transactions from any location with an Internet connection.
Cloud Benefits for the Financial Services Industry
- Enhanced security: This is the top cloud benefit in the financial services industry. Data is backed up multiple times on multiple servers, and data backups can be accessed from any location. A financial services company can have multiple servers stored in different locations, which can help prevent outages due to natural disasters and other problems.
Since the cloud allows for the creation of backup copies, logs, and notifications, it helps to protect against data loss and data theft.
Cloud solutions come with a high level of security that is often difficult for financial institutions to achieve on their own. Loss prevention is also enhanced through greater control over access to data, security provisions, and monitoring.
- Agile Innovation: Cloud computing offers a more rapid, flexible, and cost-effective way of delivering the technology that consumers and businesses require. New technologies can be introduced more quickly to respond to and serve to change consumer demands.
This is one of the top cloud benefits for the financial services industry. The cloud allows financial institutions to access the information they need at the time they need it. It is helpful in the context of strategic planning and becomes useful when information on business performance is sought in a timely manner.
- Risk mitigation: By moving to the cloud, the financial services industry can improve risk management. The ability to monitor and manage access to data effectively can help to ensure that only authorized personnel has access to sensitive information.
Cloud security solutions are generally more reliable and robust than traditional security solutions, such as firewalls and antivirus software. The cloud allows financial institutions to monitor risks, as well as review employee access to sensitive information in real-time.
- Cost benefits: This is one of the top cloud benefits for the financial services industry. Cloud computing is a reliable, cost-effective way to deliver scalable IT infrastructure at a reduced cost for IT and business operations.
Cloud computing allows financial institutions to cut costs by outsourcing IT operations and management. It also improves the bottom line by making it easy to scale up or down at short notice. It enables financial institutions to avoid expensive hardware and software upgrades, as new upgrades are delivered automatically.
- Storage and Big Data: The cloud can help financial institutions process and analyze big data while meeting increasing storage needs. The cloud enables financial institutions to store data in a more cost-effective way.
It also allows the financial services industry to scale up the storage capacity required to process large amounts of data quickly. By analyzing the data more quickly, the banks can improve the customer experience while also maintaining a competitive edge.
- Personalising Customer Experiences: By personalizing customer experiences, financial institutions can retain loyal customers and reduce churn. Cloud computing helps financial institutions provide customer-centric services.
In the cloud, financial institutions can use analytics tools to track customers’ behavior, preferences, and spending patterns and offer them more customized services. This strategy helps financial institutions retain customers and increase customer lifetime value.
- Developing New Products: In the cloud, financial institutions can easily develop and deploy new products. These new products can be tested in a live environment before being launched globally. Cloud services help reduce the time and cost of internal software development.
Also, cloud computing can help financial institutions use a range of applications from a single interface. For example, a bank can use the same user interface for all of its banking services.
Cloud computing is a wide field with different needs and requirements for each customer and every industry. Oracle gives a flexible way for every customer to choose different the OBDX to build their own cloud environment tailored to their specific needs.