3 Benefits of Cloud Migration for Banks and Credit Unions
Financial institutions revolve around trust. Whether you’re a small community bank, a credit union, or a Fortune 500, the goal is to create an efficient, secure, and user-friendly space for customers.
Since modern finance is more mobile, it’s important to leverage technology to meet people where they are. Banks are turning to cloud tools to tackle challenges and optimize resources related to operations, security, and service delivery.
1. Streamlined Operations
Fully jumping into the cloud can seem daunting, so the migration process is designed for baby steps. Start by modernizing legacy systems with a platform like Microsoft Azure. Using the automation and productivity tools, your bank can manage applications from anywhere, on any device.
As banks continue to adopt technology, new products and services emerge to simplify their operations. So, you may discover resources in the cloud that you’ve never even thought about. An IT expert can help you implement the best solutions for your business needs.
2. Enhanced Security
Finance is highly regulated, so cloud for banks is designed with compliance in mind. Choosing a cloud provider that is FedRAMP certified (like Azure) guarantees that your IT meets the highest security standards.
Start by offloading data protection and disaster recovery responsibilities to a third-party team that handles the back-end security. You should also enable multi-factor authentication for both staff and customers, to further safeguard transactions.
3. Customer Service Excellence
Most people use a smartphone to handle their finances today. We expect speed and simplicity to check account balances, receive alerts, transfer money, pay bills, etc. Using the cloud, your bank can manage and support customer-facing applications and improve the user experience.
Start by optimizing your customer support to include web-based login portals, chatbots, and other mobile-focused functions. Data captured on the cloud platform can then be used to make strategic decisions about future offerings. Consistency builds trust.
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