Different industries have been adopting cloud technology over the years. As a result of that, over 80% of organizations across the globe are using cloud computing technology for its enhanced operational speed and data security. Cloud vendors provide cost-saving computing plans for organizations with limitless storage spaces. It also offers quality control over data, mobility, the flexibility of data across users, prevention of data loss, and disaster recovery.
While other industries have been utilizing cloud services for their operational needs, banking and financial institutions are taking their time to get an overview to adopt cloud services. Banks are cautiously adopting the cloud as they look out for security and privacy angles, to avoid any consequences.
Equitable Bank, Canada’s challenger bank will be the first cloud-only bank. The Equitable bank has announced a 3-year strategic plan with Microsoft Azure as its preferred cloud vendor.
What are the benefits of cloud computing for banks?
With banks and financial institutions taking their steady and cautious steps toward cloud services, it’s essential to highlight some of the benefits cloud computing could bring if fully integrated:
Better operation efficiency
Bringing banking institutions on cloud platforms increases banking efficiencies in numerous ways. As cloud services allow quality control of users and data transfer. It makes safer and more secure channels for data and information. This also includes the prevention of data loss due to natural or accidental disasters and also recovery of data from cloud servers in case lost.
This way banking institutions can perform efficiently, as all disruptive measures have been taken and risk management has been considered.
More secure
Frequently updating software to enhance security makes cloud computing secure for bank operations. Although cloud services are safe, it’s important to ensure they are compliant and certified. It’s important for cloud services to have next-generation technology inclusion which provides greater performance and reliability. Lastly, they must offer 24/7 service support.
More about Equitable Bank, Canada’s Challenger Bank
Equitable Bank serves hundreds of thousands of Canadians across Canada. They aim to mandate a change in Canadian banking and to enrich people’s life. EQB has been operational for over 50 years in the banking industry and trades on the Toronto Stock Exchange. It provides personal and commercial banking.
As quoted by Equitable bank’s CTO, EQB will be the first cloud-only bank by 2026. Aiming to utilize the latest technology with leading operating business models that will support the EQB vision to enrich the lives of our customers. Partnering with Microsoft, we will bring better banking solutions to those who trusted us.
Final Words
Industries have been leaning towards the digital world for over a decade now. Cloud computing services change the factors and create a better, more secure, and operational computing system that attracts banking institutions for greater efficiency.
Equitable Bank, Canada’s challenger bank promises better customer experience, accessibility, and security of data as taking its measures to become the first cloud-only bank.
