The entire global financial sector has taken a huge hit in the aftermath of the Covid-19 pandemic. The banking sector was no exception to this rule. Interestingly, the demand for smart and agile banking operations became even higher during the pandemic.
However, before the pandemic, most banking institutions were using legacy systems for their core operations. Due to the sensitive personal and financial information banks have, data security and privacy have typically remained the major concerns for banks.
In the days to come, little is expected to change on this front. However, banking institutions are rapidly moving towards cloud solutions when it comes to customer facing services and operations. During the pandemic, even in-branch banking customers have gone online.
This means the demand for customer facing banking operations has skyrocketed during the pandemic. Most legacy infrastructures of banks just could not cope with this immense demand. This is an area where the instant scalability of cloud solutions has delivered.
Another very important element that has fuelled the demand for cloud solutions in banking is the need to deliver personalized customer experiences. In the banking industry, this means designing and offering financial products to customers based on individual needs.
To gather, store and analyze the unique preferences of millions of banking customers, banking institutions are increasingly leveraging the storage, compute and analytical muscle of leading Cloud Service Providers like dinCloud.
Data security and privacy related concerns were alleviated because leading cloud providers like dinCloud have data centers that are independently certified for some of the best international standards for security and privacy of sensitive data.
With every passing day, there is an emerging need in the banking sector to craft personalized financial products and services for millions of people that are out there. The Cloud is acting as a key enabler for banking institutions to achieve this goal.
Most experts in the banking and finance sector believe that a cloud first approach is the way forward for banking institutions. Choosing the right Cloud Service Provider (CSP) like dinCloud still remains an important consideration when moving over to the Cloud.
