It has been one of the most important technological trends of the year and everything suggests that it will continue to be so throughout 2023. We are speaking of cloud technology which, thanks to its benefits for financial institutions, is driving their competitiveness and digital transformation.
Latinia, a leading developer of real-time decision and communication software products for banking, has launched a survey for its Linkedin community to find out what is most attractive about cloud computing for professionals in the sector.
Benefits of the cloud can be adapted to different needs
The advantages of adopting a cloud platform for banks are scalability, lower costs, the ability to manage big data in real time, and increased levels of security thanks to its flexibility and ease of upgradeability. Among these benefits of the cloud, the majority of survey participants considered the most attractive advantage for migrating to a cloud platform to be its flexibility and capacity for growth, with 71% of respondents, followed by greater management efficiency and cost reduction, at 14%.
“Cloud services offer multiple benefits that can be tailored to the unique needs of each bank. Its flexibility is one of the most significant advantages, as it saves time and energy when it comes to updating the digital infrastructure of each bank, and boosting customer development and satisfaction. The cloud reduces costs, and is therefore an efficient technology,” affirms Marc Alcón, CEO of Latinia.
Which cloud infrastructure is best suited to banking?
There are three infrastructures on which to install a cloud platform, and banks should choose the one that best suits their needs at the time of migration:
- Private cloud: this infrastructure belongs to a single organisation and hosts its own data centre. Its management allows for greater control of data, and better security and server management.
- Public cloud: allows the provider to be in charge of managing system updates and data security. With this public infrastructure, you only pay for the functionalities you use. It is a flexible option that allows banks to access resources on demand, depending on individual and business objectives.
- Hybrid cloud: the combination of both private and public infrastructures allows banks to leverage the two, maintaining functionalities with respect to their needs and costs, and providing access to greater flexibility.
Participants in the survey clearly favoured hybrid infrastructure as the most suitable for banking, with 66% voting for hybrid infrastructure, compared to 20% for private, followed by public infrastructure at 14%.
“When a bank opts for cloud adoption, there is no one right infrastructure, they all work. Each bank must consider the framework that best suits their current and future needs, as well as those of their customers. At Latinia, we are ready to offer advice to those banks that are interested in tackling this process,” explains the CEO.
Cloud computing, much more than a trend
The potential of this technology to increase the efficiency of organisations is indisputable, and its capacity for on-demand use of those services that are required according to the needs of the moment is particularly attractive, according to 57% of the professionals surveyed.
In addition, the benefits of the cloud also impact the bank-customer relationship. This technology helps banks to easily audit processes and customer information, providing greater control to be more accessible. In fact, the accessibility factor was ranked highest by the community, with 44% of votes, followed by increased security with 33% of results, and better technological performance at 22%.
“At Latinia we are clearly committed to the cloud as the spearhead of banking’s digital transformation, and we are already working with our clients to provide them with more elastic models that are already adapted to the standards of this technology,” concludes Marc Alcón