The world of finance is at a crossroads right now. The reason we say this is because they have to abide by the traditional banking functionalities, like pooling and investing funds with minimum risk. However, the methods applied to fulfil these core functionalities cannot be done the traditional way anymore.
There are screams of huge technological innovations sweeping the finance industry, particularly with cloud computing insight. According to a renowned research firm, Markets and Markets, the finance cloud market is currently witnessing a CAGR of 24.4%. As a result of such a rate of increase in cloud adoption, it is estimated that the value of the finance cloud market will stand at $29.47 billion.
Role of Azure in Financial Institutions
It is safe to assume that the face of the banking and financial sector will see a radical shift in the next decade. The banks of 2030 will not be the banks of 2020 as there will be definite changes from both the customer expectation side and internal functionalities of the banks to meet those changing demands. This is where the role of cloud computing comes into play.
Mobile devices have become the new banks with apps being designed to handle much of the routine financial activity. Today, payments are initiated across nations with just a single tap. Now, with these facilities, we are just exploring the power of financial digitization at the surface level. We believe that the real potential is still to be unleashed.
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As financial institutions have woken to the indispensable nature of tech integration to finance services for personalized customer experience, they have migrated to cloud-based solutions for the fast delivery of service and agile decision making.
Let’s see the role of cloud platforms, like Azure in the financial world at a glance.
- Simplifying the process of data storage and management
- Using of analytics tools on stored data to curate actionable plans
- Complying with changing financial regulations
- Using AI to predict trends, and being prepared beforehand
- Reducing costs and saving time by automating processes and reducing human intervention
Three Reasons Why We Feel Azure is Key for Financial Giants
1. Modern Approach to Data Management Process
The traditional approach to handle the ETL (Extract, Transform, and Load) pipeline is outdated and calls for a modern approach for the storage of data. Not only should data storing solutions be forward-facing, the security aspect for the same also has to be top-notch. Reliability and security of data is something that financial institutions cannot compromise on.
Azure addresses the modern challenges of storing data with the enterprise standards SSD storage facility. It acts swiftly when it comes to the storage of huge loads of data. The same can be retrieved at any point in time in case of future analysis. Azure cloud solutions support the integration of some of the popular third-party databases, which makes exporting the data and migrating to Azure a breeze.
In a digital-led finance ecosystem, the ingestion of data is huge, and as years pass by, the volume of data stored keeps on piling. Naturally, finding records of financial transactions of a particular data five years ago looked challenging.
But with Azure data bricks solutions, the stored data can be retrieved to that particular minute in the past with minimum hassle.
2. Tapping into the Potential of Analytics
Once you have the data management process simplified, passing them through analytics tools and gaining effective inputs becomes a routine process. The primary goal and asset of finance management businesses are to make profits with minimum risk.
Now, the changing business dynamics mean that no one-fit-solution guarantees a stable return. However, the key to attaining a stable growth maps from number-crunching to crucial decision making-in moments when it matters the most.
Azure-embedded analytics tool provides an efficient way to interact with the data and integrate the structure in relevant decision-making processes. The upside of lean data and uncluttered form noise can be gauged in the way the analysis reports shape up and are transferred across departments to fine-tune the business application logic.
3. Security Compliance
In the previous points, we have touched upon the security aspects in fragments. So, it is time to take a deep dive into the security aspect of Azure. In the natural course of life, people are hesitant to share their financial information. However, with the digitization of the recording process, individuals trust the brand of the concerned financial institution and provide the necessary information.
In this competitive ecosystem, where the clients have the option to switch service providers at will, a slight security lag, and insecurity will cause the client to switch. Other financial services will swoop in and take away your lunch. This calls for an advanced security governance mechanism that can cover the 360-view of data security. Azure cloud solutions do exactly the same.
With Azure cloud solution, you can keep a track of every action performed on a particular data, like who viewed it, with whom it was shared, etc. Azure also takes care of compliance audits by updating the finance record regularly.
There is no denying the fact that technology is going to shape the future of the finance world. Brainvire understands this aspect and is ready to swing with the tide of tech innovations seeping into the finance sector.
We have started our efforts to help financial services leverage the power of technology, and optimize the business process. We have worked with various types of financing companies, from online trading platforms to standard fintech companies.
- Brainvire has worked with Finocart to develop a vendor and cash flow management system. The requirement was to enable .NET Core web app development to facilitate the exchange of data from any system.
- Brainvire has also worked with IIFL to develop a responsive apt to fetch real-time data and at the same time, ensure transaction security.
Want to know more about this intuitive technology and how it can shape your business outcomes; connect with Brainvire specialists and we will embark on the Azure journey.