According to the Wall Street Journal, Amazon recently launched cloud services for banks. There is a great effort by the company to sign contracts with other large companies, which need to anticipate and adopt secure solutions, especially for storing and sharing information. What happens is that many financial institutions have already adopted AWS cloud computing solutions from Amazon and other companies in the same segment. Despite using test or secret versions, banks are looking for efficient applications that meet their demands.

Among the difficulties faced by financial institutions are finding a tool that represents a cost reduction with technological infrastructure, without losing operational efficiency, without impairing the quality of services or compromising the security of customers. Cloud architecture is pointed out as one of the advances for different segments, being able to streamline processes and transform the relationship between company and customer.

Although there are still obstacles that hinder the use of cloud solutions by financial institutions, the benefits related to efficiency and profitability should trigger more bets on Software-as-a-Service models, the SaaS. A study conducted by the consultancy Ovum shows that 42% of banks and 36% of insurance companies have already adopted some type of SaaS in different lines of business.

Advantages of the Cloud for Banks

It has become clear that cloud technology reduces barriers and gives support to banks to have an advantage over competitors, since the applications of architectures intended for banking institutions have a high cost and are not very scalable. So far, non-cloud-based solutions have an adequate architecture to operate financial systems, however, they do not have the capacity to deliver the same functions as a cloud-based infrastructure.

A cloud platform allows not only banks, but any enterprise to have more agility to build applications suited to their operations and needs, bringing them closer to their customers. In addition, it is possible to adopt more efficient analysis resources and data models, initiated at the financial institution itself and that allow trading its products more effectively, reducing risks and helping customers to make the most of their resources.

The speed with which cloud applications such as Sky in One are implemented also proved to be a big advantage. While a conventional platform takes up to nine months or more to be ready for use, cloud solutions can be implemented in a few days, depending on usability.

AWS in secret

Many institutions have already adopted cloud solutions and keep it a secret so as not to scare their customers, who may not look favorably on cloud solutions because they find them insecure. One of the largest banks in the United States, for example, already has applications running on AWS, but it is not ready to go public and talk about the operations. As mentioned, the reason is the fear that this can cause in customers and investors.

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Written by

Sky.One Team

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