Discussions around whether or not your financial services firm should make the move to the Cloud are not new in an ever-evolving world of technology with the competitive nature of financial services thrown in.
This is why in our latest blog article, we will take you through 8 definitive benefits for financial services firms in wealth management, insurance and private equity to make the move to the Cloud.
1) Save time and maintenance costs
One of the main core benefits of having a Cloud-based infrastructure in place is the fact that it eliminates the high costs associated with retaining and maintaining an on-premises IT solution. For a cloud-based solution you can pay on a subscription basis meaning that you can straight away eliminate maintenance overheads and reallocate your IT team to other more valuable projects for the business. Nowadays, having a strong and secure IT platform is standard practice for a business therefore using cloud computing gives you the most affordable way of having the best technology infrastructure in the market.
2) Complying with the latest changes in regulations
As you probably already know, there are a number of regulations in the sector which requires financial services firms to reply quickly and effectively. This means that your business needs to have the capability to adapt and move quickly when it comes to showing compliance with regulation changes. You will be able to make system changes fast through the use of Cloud computing.
3) Protect your customers from competitors
With new entrants coming into the sector that already use Cloud technology to provide engaging services are a significant threat to your business. You will have to look to keep your customers that they may be looking to attract. By having the capabilities to access the latest tools and applications within the Microsoft cloud will mean that your business is constantly innovating which means that you will be able to improve the overall customer experience further. Furthermore, you will be able to create, test and launch new and improved services much quicker than before to your customer base.
4) Better data insights and analytics
Through the use of the Cloud, you are able to collate all your customer data in one place with greater accuracy. Take advantage of this along with external data to enable your business to easily predict trends as well as investments for individuals. In addition to this, inbuilt Microsoft analytics and reporting dashboards give your business that extra intelligence that can help you to not only anticipate demand but to also personalise your customer experiences. If you wish to take this one step further, you can integrate Power BI as well which provides even more meaningful intelligence for your financial services firm.
5) Adapt your business to increasing customer expectations
Being able to response quickly and fast are vital in the financial services sector in order to keep customers happy and retain their business. This is where the Microsoft Cloud platform can come in as it enables your business to quickly adapt and evolve in order to meet this growing demand. Furthermore, it supports omni-channel, personalised campaigns, communications as well as self-service portals across any device. Added to this, through the use of integrated data and real-time visibility you have a complete perspective on all of your clients' activities which makes it easier for you to tailor your client management to align with the needs and expectations of the customer.
6) Quicker complaints and claims processing
By using Cloud computing, you have the ability to improve processes and make the latest customer data available at the click of a button. Speed up the decision-making process through the use of automation and the seamless integration of specialist systems and applications.
7) Futureproof your business
To keep your sensitive customer and financial data safe, you need to have leading IT systems in place. Some of the biggest cloud computing services on the market such as Azure have a comprehensive network of secure data centres equipped with leading hardware to run them. So what does this mean for me? It means that you have a quick performance across multiple sites so you have enough power, storage and bandwidth under the hood for all your employees who need to use it on a regular basis. Furthermore, outages and downtimes are almost nonexistent with regular backups taken and stored in the Microsoft data centre.
8) World-class cyber-security protection
By using Microsoft, you will find that their cloud data centres are monitored 24 hours a day, 7 days a week by a comprehensive team of over 3,500 cybersecurity experts that immediately stop any security breaches from happening. Added to which, Microsoft heavily invests in keeping these data centres secure, meaning that all your data and transactions are safeguarded by only the best in protocols and software.
If you are a financial services firm and are looking to the make the move to our tailored Microsoft Dynamics for Financial Services solution hosted in the ever-reliable Microsoft Azure cloud then please get in touch with one of our experts today to discuss your specific needs.
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