The Cloud is Here to Stay: The Importance of Cloud Banking for Banks and Credit Unions
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Across the financial sector, cloud-based banking solutions are transforming business operations, and this trend isn't expected to slow any time soon. Cloud deployments are a necessity for banks and credit unions to stand out in today's competitive environment and to ensure their solutions remain flexible and nimble in a quickly changing world. As banks and credit unions look to revitalize aging architecture and employ the latest solutions, hosted deployments offer tremendous opportunity for innovation and scalability – allowing for a reduction of costs and the ability to quickly deploy new customer and member-facing services.
Both traditional institutions and newer market entrants have responded to changing landscapes with hosted solutions as the key to digital transformation efforts and as the catalyst for how they will operate in the future. By leveraging a secure, hosted environment, traditional institutions can more efficiently pursue modernization initiatives, meet internal compliance requirements, remain competitive and innovative, and make banking more convenient and user-friendly for customers and members.
The cloud is here to stay, and it is quickly becoming an important factor in a bank’s or credit union’s ability to grow and innovate.
Achieve On-Demand Scalability
The ever-changing trends and players in the financial sector require banks and credit unions to develop go-to-market products and services rapidly – just to remain competitive and top-of-mind with their account holders. Cloud deployments accelerate time-to-market by enabling agility and innovation through centralized systems and are typically built to scale, enabling you to quickly respond to on-demand scalability, including users, locations, and volumes as business needs arise.
Security and Peace of Mind
Financial institutions are under pressure to increase service-speed and availability without compromising security. Relying on legacy systems often presents difficulties that can be addressed with the cloud - specifically around bandwidth, capacity, resiliency, security, and redundancy. A hosted environment provides a secure and redundant infrastructure, allowing financial institutions to concentrate on serving their customers and members rather than infrastructure and software updates and security.
Deliver Fast-to-Market Banking Software and Services
Remaining current on software versions and deploying the latest features is a must for banks and credit unions to remain competitive. By leveraging the cloud, banks and credit unions gain access to the most current capabilities and without concern for hardware or software installations, or licensing, like with on-premise solutions. Go-to-market fast and in a more efficient manner, and begin introducing new products to your account holders sooner.
Maximize Cost Savings and ROI
For banks and credit unions, the initial cost of the technology and the ongoing cost of specialized technical staff can be challenging. Most cloud solutions allow institutions to scale accordingly, resulting in greater flexibility, agility, and budget consistency. Financial institutions save money, improve efficiency, and improve services with the cloud by understanding what is expected every month, and scaling as needed to support business growth. In addition to cost savings, banks and credit unions benefit from built-in redundancy and disaster recovery, value-adds often realized only in larger environments.
The cloud is here to stay, with tangible benefits for a bank or credit union, including a savings in overhead, always-current offerings, budget consistency, managed services and planned maintenance obligations, to name a few. As the banking market continues to grow more competitive with traditional players and new entrants, banks and credit unions must not delay moving to the cloud.
Proven and deployable with any Alogent solution, Alogent Cloud gives banks or credit unions an efficient, flexible option for going-live across all lines of business, quickly. Scalable to grow with you, Alogent Cloud is ideal for high-growth environments by flexing exponentially to accommodate added users, locations and volumes.
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