The Benefits of Cloud Transition for the Financial Industry

FrogViews are Leapfrog’s top takeaways from the most informative articles on IT trends.

What could your financial institution gain by transitioning to the cloud? Most banks are moving to a digital-first model for more reasons than saving money.

Hybrid models that keep some data on-premises and leverage the capabilities of private and public clouds can gain multiple significant benefits. Increased cloud adoption can:

  • Decrease cost of technology infrastructure and hardware
  • Make financial businesses more resilient, efficient, and less vulnerable to failure
  • Provide faster and easier data storage, retrieval, backups, and recovery
  • Allow companies to manage and monitor data more effectively, using the most innovative applications and services
  • Improve data accessibility and scalability
  • Provide connectivity from anywhere, which is essential for organizations that offer remote or hybrid work options

While a cloud-first model has plenty of benefits, banks and other financial services companies may have some concerns, especially around security breaches, interoperability, and the concentration of major players that dominate the cloud market.

Financial businesses should consider:

  • The sensitivity of the data they plan to host in the cloud
  • The ease of scalability to the cloud
  • Whether their architecture is cloud-ready
  • Performance factors
  • And more. . .

This article explains the benefits of transitioning to the cloud, as well as factors to consider when making the transition.

Leapfrog has over 20 years of IT service and cloud management expertise, and we’re here to guide you through every step of your business’s cloud service selection, adoption, and migration process. We have seen that modernizing your IT environment to leverage the cloud in support of your business strategy enables you to capitalize on today’s innovations and on tomorrow’s, too.