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Financial companies have been using cloud technologies more or less for a long time. They reduce the operating costs of companies by 10-20%, and the time to market a product – by 30-50%.

The advent of COVID-19 has made the scalability, resilience, flexibility and availability of public clouds much more important than ever before. The public cloud has shown unusually good results. For example, it became possible to create huge virtual call centers in a matter of hours.

As the experience ofLaanius, a Danish loan comparison company, has shown, the opportunities that will emerge as a result of using cloud technologies will be revolutionary for the entire financial sector. According to the representative of the company, with the introduction of cloud technologies, they managed to increase the efficiency of processing data on new credit companies by 30%, which made it possible to add 6 new criteria for assessing the creditor’s reliability. That all, undoubtedly, made the value of the company’s research higher.

There are more and more supporters of the introduction of cloud services. This explains why investment in the cloud field has grown by about 130% in recent years. The growth rate is expected to decline to 17.5% per annum by 2025, but this will still be about 3 times faster than the growth in technology spending as a whole.

The Main Benefits Of Using Cloud Services

First of all, cloud services change the methods of managing technological and information resources, the ways of providing them to business. This leads to a number of advantages over the classic scenarios of using office servers:

1. Efficiency

Cloud resources are independent of computing systems and their geographic location, which does not need to be taken into account when working with them. This provides significant savings by easily scaling resources according to needs and at the same time loading them easily.

2. Safety

Resources are not only protected with a firewall and perimeter encryption. Protection is also provided at the local level by introducing certain rules into virtual containers, which is especially relevant for the most important information.

3. Reliability

A sufficient level of redundancy is implemented in the cloud, while the necessary resources are allocated to create a backup and restore on demand. The task of creating backup configurations in the office is eliminated.

4. Automation

On the example of Geldlenen-Spoed, a Dutch company that specializes in comparing consummer loans, it can be highlighted that cloud resource management software simplified the entire work of the company. Namely, the processing of all applications became faster and the company’s services became better. This results in fewer daily activities of corporate staff and more accurate resource requests.

5. Ease of access

There are many more apps, information, resources, and business services available to employees, organizations and processes than before. Typically, access is via a regular browser.

6. Optimization

The cloud is managed as a single system, so any user gets the opportunity to significantly optimize the resources used through the best combination of their capabilities, performance and cost.

How To Choose A Cloud Service?

Financial companies looking to migrate to the cloud have three options:

• Public cloud. It allows companies to significantly save money: they only pay for the services that they need. In addition, public clouds offer almost unlimited scalability.
• Hybrid cloud. This cloud combines the on-premises infrastructure of financial companies with the public cloud and provides more control over the cloud transition. In addition, the transition becomes smoother in this case.
• Private cloud. It provides maximum flexibility – companies can customize their cloud environment according to specific business needs. They can also provide the maximum level of control and performance, since the resources of the cloud are used by only one client.

Conclusion

Cloud computing is revolutionizing the way we use technology resources. Compared to a corporate server, the advantage of the cloud is that any user receives services on-demand, while adjusting their volumes independently. All resources of the cloud are available from anywhere in the world at any time of the day. The only condition is Internet access.

However, not all companies are ready for the technologies of the future. One of the common reasons for not using cloud services is their rejection. For example, staff sometimes perceive the move to the cloud as a threat to their own credibility and potential loss of their jobs. Some companies consider the cost of migrating their data to the cloud to be quite high. However, all cloud services are provided on a monthly rental basis, which significantly reduces the overall cost of using them.

According to statistics, 82% of companies have already used cloud infrastructure. More than 78% intend to scale its use in the next 3 years. This helps them save on software and hardware.