Cloud Storage: Solving the Growing Problems Faced by Financial Services

The cloud adoption rate across all industries is increasing rapidly. There are no surprises for the financial services industry either as more and more data is shaping up the world. Outdated security concerns are left in the background. The experts in financial services realize the importance of cloud backup and disaster recovery in the cloud.

Financial institutions have to keep pace with the modern technology that is taking the industry by storm. Slow-moving financial institutions that fail to meet these expectations are losing business to better-equipped competitors. There is a dire need for adopting intact cloud backup solutions to ensure that financial institutions always remain relevant in the dynamic world.

Five Major Concerns for Financial Services that Harm Business

  • Greater Costs: Building, developing and operating banks is expensive. New datacenters and servers have to be constructed and staff has to be recruited and trained to operate them. Data storage requires extreme dedication of hardware and software and manpower to maintain them.
  • Limitations to Flexibility and Scalability: The ever-changing market developments and customer demands on a global scale have created needs for quick and reliable backup solutions. To remain relevant in the competition, banks have to act swiftly to the growing demands of the customers.
  • Lack of Efficiency: With the world developing into an integrated web of services, financial institutions have spread across multiple markets with numerous target demographics. Banks need an ability to quickly interpret and analyze rich market data to avoid any setbacks.
  • Increased Customer Database: Customer requirements are increasing every day. Financial services have to look into speedy ways to cope up with the increased requirements.
  • Lack of Proximity with Customers: Banks need to have stronger bonds with their customers to ensure that they remain loyal. One-to-one relations with customers have to be maintained.

Cloud Storage: Solutions for Financial Services of the Modern Age

  • Cut Costs: Backup to the cloud allows banks to store data with ease without spending huge amounts on building the datacenters. Cloud storage as a service can be deployed with the partnership of the likes of StoneFly and Microsoft Azure storage. Financial institutions will not bear the costs of hiring and training the staff for the maintenance of data center.
  • Improved Flexibility and Scalability: With WAN acceleration provided by the likes of StoneFly and Veeam (using the Veeam Cloud Connect), banks can remain relevant to the increasing needs of customers with ease. Data transfer is safe with end-to-end encryption and is at lightning fast speed.
  • Increased Efficiency: Cloud backup allows banks to store the ever increasing rich market data with ease. Management and retrieval is very quick too with centralized management allowing for speedy disaster recovery in the cloud.
  • Serve Customers Faster: The partnerships between solution providers such as StoneFly with Veeam and Microsoft Azure have made the work easier for customers. Various speedy methods are provided to the customers for the transfer of data which make sure the increasing customer requirements are met with ease.
  • Forge Stronger Customer Relationships: Not only does cloud storage provide well balanced data protection and cloud disaster recovery, it provides solutions to the financial services which will help in reaping greater profits. Banks can have each and every data in regards to each customer at their constant disposal; helping the banks develop deeper relationships with the customers.

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Author: Stonefly inc

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