How Cloud Helps Financial Institutions
Financial institutions are highly innovative when it comes to their financial products and service offerings. They are heavily relying on the use of technology to improve their revenues and profits. At the same time, they are extremely conservative in their business practices and will not introduce a new service before they are convinced all service aspects have been considered.
They control each and every aspect of their IT infrastructures and applications. They build, comply with, enforce & audit processes in each and every aspect of their organization. In short, financial institutions are highly sophisticated, automated and most demanding Information Technologies (IT) organizations. Their top concern includes security, service availability & performance, meeting regulation compliance and low latency trading.
Let’s have a closer look at these requirements:
Performance is essential for clients who are using the banking application over the internet for getting information and generating a transaction. Performance is also important for clients approaching the teller in their bank branch since they must be served as quickly as possible.
Last but not least, performance is also important for the banks organization to ensure the productivity of their tellers enabling them to serve more clients and shorten the waiting time in the branch office.
Security must be at the highest level, ensuring that money is not stolen from the bank or from someone’s account, and ensuring the clients’ financial information is kept private.
They also have to ensure that the bank portals are not compromised.
Security is crucial since financial institutions:
(1) are highly automated to allow smooth 24/7 operations;
(2) can be accessed through the internet;
(3) can be hacked by criminals to infiltrate the financial institution’s applications causing significant harm.
- Service Availability
A transaction which is not executed promptly may cause loss of interest, impact the financial institution’s reputation and create manual work to handle business transactions. Service which is not given at a branch office can cause loss of productivity and brand damage.
- Regulation Compliance
Since financial institutions could impact economic stability and customer privacy, these institutions are highly regulated; typically by the central bank, governmental agencies and large financial services partners (i.e. credit card institutions). They have the legal obligation to meet their regulations.
- Low Latency Trading
In the old days, brokers had to shout out loud to ensure that their sell/buy was heard and executed promptly. Nowadays, online trading is the norm and a delayed transaction may have a significant impact on profit. Therefore, ensuring that trading transaction arrive immediately at its destination is a financial institution’s priority.
How can financial institutions such as banks handle all those challenges? With Cloud Access Optimization, which is a highly effective and comprehensive solution to significantly enhance financial institutions operation efficiency.
Allot’s Cloud Access Optimization ensures the performance and productivity of financials clients and employees, and avoids service level fluctuations while using financial applications.
For the financial institution’s IT staff, Cloud Access Optimization provides the required tools to control the use of infrastructure and resource allocation tailored to the business needs. It provides in-depth information to resolve service degradation both proactively and reactively and in real time. It allows planning ahead and justifying applications and infrastructure upgrades. With its Cloud Access Optimization Allot helps to secure internet access from malicious Denial of Service attacks and provides them with in-depth information per transaction for auditing purpose.
In short, Cloud Access Optimization delivers business differentiation for financial institutions.