Financial Services on Cloud
The transition of financial services on cloud is rapidly accelerating. Accordingly, financial services including banks, wealth management companies, and insurance enterprises are transitioning to either a 100% cloud presence or at the minimum to a hybrid architecture.
The shift to the cloud has some clear advantages. For example, it is driven by green IT and furthermore, it offers enhanced customer management through innovative solutions, added security, and better market focus.
Financial Services on Cloud – BANKING
Cloud banking gives banks a low-cost solution to quickly scale up or down in a highly competitive environment. Not to mention, an environment where customer needs are constantly changing and one where expensive hardware has an increasingly shorter lifespan. Some key benefits of cloud computing for banks include:
- Reduced Costs: Operating in the cloud means you don’t need to invest in expensive hardware, software, and manpower. Therefore, updating IT architecture becomes quicker and cheaper.
- Flexible and Scalable: Cloud banking allows banks to respond faster to a change in consumer needs, as well as changes in the market and technology. Hence, it’s easier and cheaper to scale up or down depending on requirements.
- Continued Innovation: A cloud-based system makes it easier for banks to develop and launch bundled products and services.
Financial Services on cloud – MORTGAGE AND LENDING
There are several benefits of switching your mortgage company’s systems to cloud computing. More so, in today’s dynamic and highly competitive environment. The shift to a cloud-based system is a win-win situation for both the mortgage company and its clients.
- Eliminate on-site hardware and software: With cloud computing, you can eliminate the costly network servers and software as well as the IT support and maintenance that goes with it.
- Better Security: Mortage companies store more customer financial data on their servers than most banks. This data is prone to breaches and hacking, and the cost of staying ahead of the breachers is prohibitively high. Cloud computing gives you 100% security of your data.
- Customer Satisfaction: Faster loan processing increases customer satisfaction, and a lower cost per loan makes the mortgage lender more competitive. Thereby a win-win for both parties.
Use cloud computing to make smarter and faster client decisions.
Strengthen your client relationships by delivering financial advice in real-time. Cloud computing gives wealth management companies a 360-degree view of goals, accounts, and investments.
Increase client engagement with cloud computing.
Cloud computing gives you better visibility into your client’s net worth. Hence you can analyze the ratio of managed to held-away assets, thereby allowing you to identify clients who can invest more with you.
Blaze new trails in wealth management.
The best wealth management firms don’t follow the status quo. They lead, innovate, and inspire their clients, thereby giving clients the confidence to invest more with the firm.
Unlock a wealth of new client opportunities.
Our integrated dashboards and AI capabilities work in tandem to uncover actionable insights on clients as well as their valuable business networks. Learn how Renesent can help you expand your client portfolio with cloud computing.
Unify insurance experiences.
Insurance companies can benefit greatly from cloud computing because the cloud will give them access to applications that help in developing and launching cost-effective solutions.
- Improve speed to market: Cloud computing gives you better agility in IT and hence reduces the time taken to develop a new product or project.
- Accelerate business growth: Not only does the cloud allow you to develop products quicker, but it also increases your social listening capability. It keeps you in touch with the customer needs and allows you to communicate more efficiently with your customers.
- Reduce operational costs: Cloud-based solutions are cheaper than those developed in-house on backend servers.