What are the cloud financial services?

Cloud computing is widely spread and present in all parts of our life. We use it all the time even without noticing it. For example, we easily synchronize our phones with our laptops without any cables. We can pay with Google Pay or Apple pay without a card, we can unlock the phone with face ID and it will automatically unlock our computer. All these great things are possible because of cloud computing.

At first, what is the cloud computing at all? In simple words, this is a way to deliver computing resources to the end-users via the cloud platform. Cloud computing services can be implemented almost in any area. There is a stereotype that cloud computing is used only in the IT area but the scope of cloud computing application is quite wide. It can be implemented for any business that interacts with the customers online.

Why is cloud computing useful for the financial area?

Cloud computing is a really beneficial idea for the business. It allows to increase profit and make current investments in the product more efficient. Talking about the financial department, a very important feature is safety and security. 

Unlike the on-prem hardware, cloud computing provides seamless access to the data, which is extremely important when we talk about banking transactions. Both cloud and on-prem hardware can shut down but in the cloud infrastructure, your data will automatically migrate to another server while the shut down one restarts. As you can understand, the next feature is speed. Cloud computing uses scaling and if you need more capacity at the moment, you receive it immediately. On-prem hardware, unfortunately, can’t do the same.

Let’s go back to security. There is a lot of fears around the data in the cloud. But you should know that the cloud is safer for the data that the on-prem hardware. Unfortunately, there is a lot of legacy hardware for banking, while cloud infrastructure is always developing. It also allows you to use different rules for encrypting your own system.

How cloud computing is using for financial services?

The practical implementation from the user’s side is quite understandable. Cloud financial services allow making all online transactions. When you buy a new pair of shoes in an E-commerce shop, you use cloud financial services. When you send remittance to your parents via the mobile application, you use financial cloud services. When you use your online banking, you definitely use financial cloud services. So, almost all interactions with online payments are possible because of financial cloud services.

How can business use financial cloud services?

Well, if you are a bank owner, the question is more complicated and you need to consider some government requirements and other additional points. If you are a business owner who wants to integrate some financial services to the software, for example, it is quite easier to accomplish.

Let’s imagine, you have a brick-and-mortar furniture store with a 1-page website and want to integrate some online payment systems into it. What should you do? You need to hire experienced engineers who can provide the integration of all the payment gateways into your system. You can hire them in-house or hire the whole dedicated team at once.

The second way is more preferable because it is more cost-efficient. The work of the dedicated team will need fewer investments than hiring the in-house team. Your outsourcing team should be reliable and have a wide experience with different projects to implement the best practices in your project.

To find such a team, look for worldwide ratings like Clutch and other reliable sources. Considering the finance and cloud, don’t be afraid of it. It is not the far future, it is the nowadays reality that surrounds us every day.