{"id":16050,"date":"2021-09-28T08:44:07","date_gmt":"2021-09-28T08:44:07","guid":{"rendered":"https:\/\/www.orangemantra.com\/blog\/?p=16050"},"modified":"2025-04-21T12:06:57","modified_gmt":"2025-04-21T12:06:57","slug":"cloud-computing-in-finance-another-buzzword-or-a-tech-revolution","status":"publish","type":"post","link":"https:\/\/www.orangemantra.com\/blog\/cloud-computing-in-finance-another-buzzword-or-a-tech-revolution","title":{"rendered":"Cloud Computing in Finance: Another Buzzword or a Tech Revolution?"},"content":{"rendered":"<p><span data-contrast=\"none\">Over the recent years, cloud computing has played a vital role in innovation and service development. It has allowed industries to tap into new service models, utilizing advanced technologies. Ultimately, catering new and more reliable services\/products to their customers, improvise productivity, cost-efficiency, and flexibility in performing in-house business workflow.\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559738&quot;:240,&quot;335559739&quot;:240,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">More recently, the <a href=\"https:\/\/www.latestly.com\/socially\/world\/breaking-new-genetic-evidence-shows-covid-19-pandemic-may-have-started-with-raccoon-dogs-latest-tweet-by-bno-feed-4956552.html\" target=\"_blank\" rel=\"nofollow noopener\">COVID-19 pandemic<\/a> has intensified the need for financial firms to get more agile and compliant.\u00a0A number of\u00a0financial services companies, for example, have implemented cloud technology in the KYC verification process. Besides, most banks and financial institutions today rely on cloud-based digital infrastructure for their day-to-day operations.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">In this blog, we will analyze the trends that transformed the finance sector. Keep reading to understand how the cloud has revolutionized financial services while offering an array of technological advantages.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_74 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.orangemantra.com\/blog\/cloud-computing-in-finance-another-buzzword-or-a-tech-revolution\/#The_New_Face_of_Financial_Sector_with_Cloud\" >The New Face of Financial Sector with Cloud\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.orangemantra.com\/blog\/cloud-computing-in-finance-another-buzzword-or-a-tech-revolution\/#How_banking_leaders_can_leverage_the_cloud_for_business_frontiers\" >How banking leaders can leverage the cloud for business frontiers\u00a0<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.orangemantra.com\/blog\/cloud-computing-in-finance-another-buzzword-or-a-tech-revolution\/#Final_Thought\" >Final Thought<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.orangemantra.com\/blog\/cloud-computing-in-finance-another-buzzword-or-a-tech-revolution\/#FAQs\" >FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"The_New_Face_of_Financial_Sector_with_Cloud\"><\/span><span class=\"TextRun SCXW30244525 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW30244525 BCX0\">The New Face of Financial Sector with Cloud<\/span><\/span><span class=\"EOP SCXW30244525 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"none\">With a drastic change in consumer expectations, emerging technologies, and alternative business models, banks are compelled to put their strategies in place and get future-ready. The leading cloud service providers offer an array of innovative product-as-a-service accessed by various platforms. It helps banks implement business and its operating models to:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Enhance revenue generation<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">Increase customer insights<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Reduce business cost<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Deliver products as per customer\u2019s requirement<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"3\" aria-setsize=\"-1\" data-aria-posinset=\"4\" data-aria-level=\"1\"><span data-contrast=\"none\">Monetize enterprise data assets.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p><span data-contrast=\"none\">Above all, <a href=\"https:\/\/www.orangemantra.com\/services\/cloud-computing-solutions\/\">Cloud\u00a0computing offers<\/a> grand opportunities for financial firms to synchronize their data to break down data silos across risk, regulatory, customer support and more. Once the entire enterprise\u2019s data\u00a0is\u00a0collected in one place, it can easily\u00a0be\u00a0analyzed for integrated data insights.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"How_banking_leaders_can_leverage_the_cloud_for_business_frontiers\"><\/span><span class=\"TextRun SCXW61626383 BCX0\" lang=\"EN-US\" xml:lang=\"EN-US\" data-contrast=\"none\"><span class=\"NormalTextRun SCXW61626383 BCX0\">How banking leaders can leverage the cloud for business frontiers<\/span><\/span><span class=\"EOP SCXW61626383 BCX0\" data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"none\">Fundamentally, the cloud has changed the way we know business technologies in the past. Technology, today, is not just referred to as a cheaper means for work functions, but it has freed financial firms from daunting administrative tasks. As a result, the finance sector has now won time from mundane tasks and implements strategies to create more <a href=\"https:\/\/www.orangemantra.com\/services\/digital-transformation\/\">digital transformation<\/a> opportunities.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">The significant move from in-house servers to cloud solutions is not any random technical upgrade. It is a revolution that will redefine and transform the world of finance.\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<p><span data-contrast=\"none\">For business leaders, cloud computing is a clear opportunity to ensure that it will accelerate their digital transformation journey. Here are the benefits of implementing <a href=\"https:\/\/www.orangemantra.com\/services\/cloud-solutions\/\">cloud solutions<\/a> for financial firms:<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Reduced IT cost and workloads<\/h3>\n<p><span data-contrast=\"none\">A recent survey states that \u201cmore than 90% of an IT budget gets spent on maintenance.\u201d It means, only 10% of the total budget drives\u00a0innovation and business process improvement. Moving the entire server to the cloud enables the industry to reduce its IT expense. It focuses on\u00a0adopting new financial initiatives such as revenue recognition and optimizing business work operations.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Remote Access<\/h3>\n<p><span data-contrast=\"none\">Due to the pandemic,\u00a0an increasing number of\u00a0financial firms has\u00a0shifted to remote work culture, which has given a substantial boost to cloud adaptation. By implementing all the correct safety protocols and a good internet connection, one can access the data and systems, irrespective of their location. Thus, it accelerates the decision-making process, enabling flexibility and agility with more cost-effective solutions.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Reduced IT cost and workloads<\/h3>\n<p><span data-contrast=\"none\">A recent survey states that \u201cmore than 90% of an IT budget gets spent on maintenance.\u201d It means, only 10% of the total budget\u00a0is allocated\u00a0to drive innovation and business process improvement. Moving the entire server to the cloud enables the industry to reduce its IT expense. It focuses on adopting new financial initiatives such as revenue recognition and optimizing business work operations.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Remote Accessibility<\/h3>\n<p><span data-contrast=\"none\">Due to the pandemic,\u00a0many\u00a0financial firms have shifted to remote work culture, which has given a substantial boost to cloud adaptation. By implementing all the correct safety protocols and a good internet connection, one can access the data and systems, irrespective of their location. Thus, it accelerates the decision-making process, enabling flexibility and agility with more cost-effective solutions.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Speed &amp; Accuracy<\/h3>\n<p><span data-contrast=\"none\">Moving your entire finance operations on the cloud can speed up routine tasks and process more data than ever. Also, vital process automation helps prevent duplication and human errors, thus saving time, effort, and money. For updated and accurate financial records, the cloud streamlines the entire data for effective functioning and analysis.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Improved Collaboration<\/h3>\n<p><span data-contrast=\"none\">According to a survey, 64% of the bank leaders admitted that cloud-based collaboration tools have helped their organization drive more efficiency and execute plans faster than ever. While\u00a0handling\u00a0the clients, suppliers, and finance team, cloud-based solutions help the team access documents at any location. It means the cloud-based tools update your data in real-time with enhanced visibility.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3>Effective Automation<\/h3>\n<p><span data-contrast=\"none\">Cloud-based tools are real-time savers. For instance, the core tasks such as data input and financial reporting get achieved in\u00a0a short period. The repetitive tasks get automated, unlocking valuable resources to empower leaders to focus on the areas with\u00a0real business\u00a0value.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"Final_Thought\"><\/span>Final Thought<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-contrast=\"none\">In the post-pandemic market, the finance sector still has\u00a0many\u00a0challenges to conquer. But the good news is, they also have tremendous business opportunities to transform. While navigating\u00a0new approaches, cloud-based tools and technology will help them deliver strategic objectives. Also, it will save costs wherever possible to balance business continuity and financial resilience. Embracing\u00a0new technology\u00a0is crucial for the finance sector to increase efficiency, drive decision-making, and support overall growth. Bank leaders need to ensure that the finance function doesn\u2019t go back to the \u201ctraditionalist\u201d way rather than the modern way.\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"FAQs\"><\/span>FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<h3><b><span data-contrast=\"none\">What is Cloud Computing?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">In simple words, Cloud computing is\u00a0a new technology\u00a0for storing data over the internet. It\u2019s a hybrid technology where you can compute servers, software, networking, storage, databases, analytics, and more on the internet.\u202f<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3><b><span data-contrast=\"none\">How to find the best cloud service provider?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h3>\n<p><span data-contrast=\"none\">OrangeMantra offers world-class cloud computing solutions customized as per the customer\u2019s business requirements. From creating custom cloud-based applications to confirming seamless migration to Google Cloud, we take care of the entire IT demands of an organization. Our seasoned Google cloud developers implement customized Cloud solutions designed to meet the usage and process workflows of the client\u2019s business. To learn more about our cloud services and programs, <a href=\"https:\/\/www.orangemantra.com\/services\/hire-cloud-developer\/\"><strong>hire cloud developers<\/strong><\/a> or\u00a0 visit our website <\/span><a href=\"https:\/\/www.orangemantra.com\/services\/google-cloud-platform-solution\/\"><span data-contrast=\"none\">https:\/\/www.orangemantra.com\/services\/google-cloud-platform-solution\/<\/span><\/a><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/p>\n<h3><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><b><span data-contrast=\"none\">What are the advantages of moving to the cloud?<\/span><\/b><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/h3>\n<ul>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\"><span data-contrast=\"none\">Flexibility to increase or decrease the business power<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"2\" data-aria-level=\"1\"><span data-contrast=\"none\">It\u2019s a \u201cpay as you go\u201d service. You need not worry about replacing the servers ever again<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Hybrid feature \u2013 Both\u00a0on-premises\u00a0and cloud environments work together<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">24&#215;7 availability and customer support<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"4\" aria-setsize=\"-1\" data-aria-posinset=\"3\" data-aria-level=\"1\"><span data-contrast=\"none\">Enterprise-level security; Big or small, every company will receive the same level of data security.<\/span><span data-ccp-props=\"{&quot;201341983&quot;:0,&quot;335559739&quot;:200,&quot;335559740&quot;:240}\">\u00a0<\/span><\/li>\n<\/ul>\n<p>&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the recent years, cloud computing has played a vital role in innovation and service development. It has allowed industries to tap into new service models, utilizing advanced technologies. Ultimately, catering new and more reliable services\/products to their customers, improvise productivity, cost-efficiency, and flexibility in performing in-house business workflow.\u202f\u00a0 More recently, the COVID-19 pandemic has [&hellip;]<\/p>\n","protected":false},"author":18,"featured_media":16053,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[950,804,809],"tags":[],"class_list":["post-16050","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cloud-computing","category-new-tech","category-technologies"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.6 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The New Face of Finance with Cloud Computing<\/title>\n<meta name=\"description\" content=\"From creating custom cloud computing-based applications to confirming seamless migration to 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