Financial service organizations include banks, insurance companies and securities firms. These organizations are constantly dealing with extremely sensitive and confidential information. They need to balance strong security and data protection with addressing customer needs and adapting to a rapidly changing business environment. With cloud computing, they can find this balance.

Cloud provides secure IT resources and meets industry regulations while providing a multitude of benefits that are invaluable to the financial sector.

Security Concerns

Security of sensitive financial information is the biggest concern for the industry. Financial businesses need to maintain the highest level of security, while also ensuring all employees can access important information 24×7. In addition, in the case of a natural disaster, businesses with on-premises data centers are in jeopardy of losing sensitive financial information, risking security and huge financial loss.

Security Concerns

The banking industry is experiencing increased regulatory pressure in order to uphold the integrity of the financial system. Complying with a growing number of complex new rules requires high financial and human commitment from businesses. Compliance requirements have also put pressure on the industry to recognize infrastructure as an important part of a functional business model, increasing the need for sound IT functions.

Growing Competition

The rise of the digital consumer has resulted in new competitors that offer financial services conveniently online or through smartphones. Companies like Square, PayPal, and Apple are drawing the attention of new customers, resulting in a decreasing sense of customer loyalty to financial businesses. Customers are becoming better informed and more technologically savvy, pushing aside the demand for retail and corporate banks.

Product Innovation Pressure

In order to keep up with the increasing customer demands for product innovation, financial businesses are forced to make improvements to the services they offer. High equipment costs and limited IT resources can prevent banks from supporting the newest services that match their competitors’ offerings.

CloudCompliance meets most compliance requirements in the financial industry, including SOX, FACTA, and GLB. CloudCompliance features a user-friendly Web based portal software solution that offers businesses an easy, affordable way to prove they are in compliance with the latest standards and industry regulations, saving you time and a huge financial headache.

CloudFinancial allows businesses to expand quickly into new markets, acquire new services and applications, and adapt business processes to new business opportunities in an efficient manner. Companies also have the freedom to scale up and down as needed without spending big dollars. CloudFinancial allows businesses to virtualize IT infrastructure, operating systems, and software applications as they see fit.

Many applications in the financial industry have been in use for many years, and cannot support the growing need for additional capabilities. The cloud allows your company to support newer, better apps that can accommodate the growing demands for mobility, business intelligence, and other new service capabilities. With the cloud, the possibilities for what your business can achieve are endless.

CloudFinancial allows partners across every sector of your business to communicate and access information securely on any device, anywhere. The cloud also meets the ever-growing consumer demand for easily accessible services, allowing you to communicate with customers and provide the financial services they want wherever they are.

CloudApps Integration

CloudApps simplifies application purchasing and license management for your business. We offers some of the most commonly used business apps, and also allow you to integrate your existing applications into the cloud. We can support 97% of business applications on the market, including:

  • Apex
  • Canopus EpaySuite
  • Intuit ProSeries
  • CCH Tax
  • QuickBooks
  • Microsoft Dynamics

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