Cloud in Financial Services: Conquering the Industry's Challenges

The finance industry faces many challenges, from costs, to competition and from customer service to Covid. How can utilising Cloud services conquer these issues?

The key challenges for finance companies:

The finance industry is quite unique, and therefore so are its issues. Financers are currently trying to navigate through the issues brought about not only by Covid, but Brexit, the move to remote working and the complex geopolitical situation.

So, what are the main key challenges they face?

The need to meet ever more demanding customer requirements

Customers are looking for finance partners that deliver immediate responses to queries and instance access to services and support. Manual processes are outdated and the companies still relying on these may be considered less effective or accurate.

The adoption of digital technology

The use of digital technology is key for the finance industry. Staying relevant, responsive and being fully reactive to client needs will be dramatically improved with the implementation of effective digital technology.

When the right team and technology is in place to address these challenges, along with well-defined and managed cyber security solutions, it’s much easier for the financial sector to ensure compliance and regulatory commitments.

Regulatory requirements

Changes to legislations and policies are complicating the finance industry, and with the added pressure of stricter compliance regulations, the industry is under further pressure. Effective Cloud solutions devised to effectively manage data and data access provide better solutions to ensure compliance.

Cost-effectiveness

Costs are reduced immediately with Cloud solutions: with no physical equipment to power, maintain, upgrade or house, your business benefits from a simple, payment structure. You can also benefit by scaling your Cloud services up and down in line with your business requirements. Your Cloud processes will be fully optimised, which will again save time and resources.

The Cloud is the way forward for almost every business: it’s effective, cost efficient and available 24/7. With the correct security in place, and the most impactful, well-defined strategy and solution stacks, all designed with the complex needs of a specific vertical in mind, it makes business computing ideal. When those Cloud solutions are further tailored to the needs of each specific client, they become especially powerful.

Extenuating External Issues

Covid brought about no end of difficulties for the finance industry, especially around security with the move to remote working. Brexit was a game changer for all businesses in the EU: the new legislations and inhibitors to trade have caused many problems to many sectors, specifically the Finance sector.

Over the years, BCN has migrated many businesses in many verticals to effective cloud computing solutions, becoming versed on the IT needs and nuances of the Finance industry.

It’s with this knowledge and understand that we’ve developed TheBigCloud, a simplified service delivering a secure, reliable simple online workplace, that we optimise to your exacting needs with our ongoing expertise. TheBigCloud provides your finance business with opportunities for growth, cost consolidation and hardware virtualisation.

Combined with our extensive finance sector and software experience, TheBigCloud ensures that our financial clients have the solutions and systems to deliver their needs. Effective Cloud services also provide the foundation for the technical future of your business. By utilising complex time saving programmes, you will be ensured of efficient working in a fast and demanding industry.

If you’re looking to utilise effective, strategic, and powerful Cloud services for your financial business, we can help. We’re proven, award-winning and highly proficient in all our IT services.

We’d love to hear from you if you’d like to know more, or perhaps you’d prefer to book a Cloud Consultation with our technical team? We can help get you started on your Cloud journey, to efficiency, compliance, and customer satisfaction.