Banking Cloud is a newly-developed suite of next-generation cloud-based, SaaS solutions for finance and risk functions. These services are designed to integrate the advantages of existing cloud-based technology with Moody’s highly successful established financial analytics and risk management software. In addition, banking cloud applications are designed to be easily deployed across an enterprise even if there is a lack of infrastructure in a specific location. In this way, companies that may not have the appropriate IT resources can access banking cloud applications and make use of these applications in accordance with their needs and requirements. This is why banking cloud applications are being implemented by many banks around the world.
In comparison to traditional software application development models, the adoption of banking Cloud architecture has shown to be a more cost-effective option. The benefits derived from Cloud-based applications are cost-effective because of the lower capital expenditure involved, as well as the absence of licensing costs. Also, banks are able to provide greater access to the global market without incurring additional operational or IT costs. Furthermore, these benefits are not only available to large banks, but also to small banks that are looking to adopt software applications.
With the rapid expansion of the Internet, many banks are adopting online banking. Although this is a relatively new concept, it has quickly gained popularity among users due to its appealing features. Banking Cloud services enable banks to effectively execute online transactions such as bill payment, credit card payments, and online loan processing. Banks can utilize their own in-house network infrastructure to allow for secure, fast, convenient and environmentally friendly computing environment. Cloud services offer many new benefits to banks such as:
Software applications are being used widely within the banking industry. However, few firms realize the benefits that cloud adoption can bring to the table. Banks can save a significant amount on capital expenses by using software that is not shared or hosted by the end users. It is also possible to control costs by using custom software that banks have developed themselves. Also, banks can gain access to the latest security and privacy considerations by using servers operated by third parties.
Migration from traditional on-premise hosting to Cloud-based infrastructure is not complicated at all. In fact, the process is so easy that users can perform the migration without technical knowledge or any assistance from personnel in the finance department. There are three ways to accomplish this: through private cloud computing, public cloud computing, and hybrid private/public hosting.
Private Cloud-based IaaS is designed for small, medium, and larger businesses that require a flexible and scalable solution for managing and storing enterprise data. Public Cloud-based IaaS offers companies and organizations the ability to implement and utilize various software applications without investing in their own infrastructure.