Until recently, the idea of ​​migrating to the cloud left managers of companies in the financial sector apprehensive. Even the most 'radical' and technological organizations in this great sector were suspicious of the services provided by cloud computing providers. But after dominating the corporate universe and becoming discussed by a large part of the world's workforce, the cloud is gaining attention in the financial market.

Many financial institutions, traditionally known for being slow to adopt new technologies, are leaving behind obsolete infrastructures and applications and starting to use cloud computing services. This is happening mainly because of regulatory requirements and competitive pressures imposed by the market.

In today's post, we'll talk about the changes the financial sector is going through because of the rise of cloud computing in the corporate world. Check out:

Why are financial companies moving to the cloud?

There are three reasons organizations, both new and old, are moving to the cloud in recent years:

1. Regulatory bodies are demanding new technologies

The bodies that regulate the financial sector know that the use of obsolete technologies can put both the company and the data of its customers at risk. That's why they are demanding the use of newer technologies for storing data and running systems. Companies that use hardware and software from 10 or 20 years ago end up being fined by regulatory bodies.

2. Customers are wanting more ease

Thanks to the cloud, today consumers are 'mobile', that is, they can access any application anywhere in the world, from any device. And because of all this ease, they are now demanding financial institutions to provide them with simple services and operations that can be carried out anywhere in the world. And to meet this requirement, organizations are having to turn to the cloud.

3. Competitive pressures are increasing

A number of companies have entered the financial market in recent years. And this is inevitably increasing competitiveness in the industry and making even century-old organizations 'sound' louder to attract customers. Anyone who wants to gain a larger share of the market will have to provide the ease mentioned above and adhere to cloud computing in order to be able to cut costs and be more agile.

What barriers still need to be overcome?

Moving to the cloud is not a 'big leap' as some managers at financial services companies think. Many companies are certainly already using applications hosted in the cloud without even realizing it. What leaders need to understand is that the cloud is rapidly maturing and evolving. And, in the future, only those who use this technology will survive in the market.

Even governments and regulatory bodies are removing some legal barriers and encouraging the use of cloud computing in markets. With careful planning, a clear strategy and help from an experienced and trusted provider, there is no reason for an organization in the financial market to fear the cloud and reap the benefits it provides.

Did you just see how many changes the financial sector is going through due to the cloud? If you want your company to be part of this change, learn how to migrate to cloud computing .[:]

Written by

Sky.One Team

This content was produced by SkyOne's team of cloud and digital transformation experts.