Cloud Technology: The New Key to Financial Services Success
Sep 08, 2016
The adoption of cloud technology has been a slow process throughout the financial services industry, largely due to the numerous and complex regulatory requirements that govern the industry. Nevertheless, cloud providers have worked tirelessly to overcome these barriers. Improved auditing and data protection controls have played an essential role in driving increased cloud adoption within the financial sector. With regulatory agencies now recognizing and championing cloud services, public and private financial service companies are becoming more confident in taking advantage of the cloud.
Reducing Regulatory Risk with the Cloud
Stringent regulatory requirements stemming from the financial crash of 2007 are pushing the need for financial companies to improve their technology infrastructure. For instance, recent regulations are requiring those involved in equity trading to not only record their mobile calls, but also to keep those calls archived for a five-year period. Such requirements demand efficient and secure call archiving and recording — a task that can be achieved through secure cloud technology.
The financial industry once rejected cloud technology for a myriad of reasons, but now it has the potential to reduce regulatory risk while ensuring compliance with the latest regulations. In addition, the technology holds the promise of improved efficiency and accountability.
How Financial Companies Are Using Cloud Technology
A growing number of financial services organizations are realizing the value offered by cloud technology. From fast archived call search and retrieval to secure archival in encrypted environments, todays cloud telephony solutions offer companies complete compliance with the latest industry regulations. Businesses that operate in this new cloud-based environment can rest easy knowing that theyre able to handle upcoming compliance regulations—and deal with existing ones.
Cloud Adoption Improves Cost Effectiveness
The use of cloud technology can help businesses in the financial sector streamline their operations and reduce communications costs in the process. The cost difference becomes even more apparent when comparing cloud technology solutions to their on-premises hardware-based counterparts, especially in light of approaching regulatory changes.
Its also becoming faster and more cost effective for businesses to expand their cloud technology rather than deal with older hardware and legacy systems, especially when comparing integrated cloud call archiving software to the typical on-premises solution. Its simply more effective to expand required technology in the cloud.
Cloud technology is giving financial services companies a new way to protect and retain data without sacrificing data security. To learn more about how a secure cloud environment can help your business, contact us at QOS Networks and speak to one of our experts today.