Reduce Long-term Costs
You need to assure reliable and secure maintenance of customer or client records that include personal and confidential information, account numbers, and other sensitive information. If you’re using traditional data storage, you know how expensive that can be. Buying all the necessary hardware and paying for installation will set you back in the short term. Maintaining it and keeping it running smoothly will be an unpredictable long-term cost. With the cloud, all your data and files can be easily stored at a flat recurring subscription fee. You only pay for whatever storage you use, and there are no unpredictable maintenance costs to your financial company.
Improve Accessibility and Collaboration
Remote work in America exploded during the covid-19 pandemic, and remains in place for many businesses, including financial institutions and financial planners. Cloud migration results in increased accessibility, giving you and your staff convenient anywhere, anytime access to customer/client files and other documents crucial to your financial business. Popular collaboration tools like Microsoft Teams work well in the cloud. Any collaboration software makes it so much easier to connect with your internal teams, and in the case of financial planners, your clients.
Your financial institution or financial planning service maintains customer/client files, which you are ethically and legally bound to protect. Any breaches or other loss of this valuable data could result in compliance fines or worse, damage to your reputation that you worked so hard to build. With cloud storage, you won’t need to worry about the safety of your customer/client records and other essential documents. Providers invest a lot of money into cloud security. As a result, the current infrastructure for cloud security is very advanced. According to an article by CNBC, the Cloud Security Alliance (CSA) projects that a quantum computer won’t be able to break the current infrastructure until sometime in 2030.
Cloud migration will give your financial business future flexibility. With no physical storage limitations on your end, you can have as much or as little storage as you need right now. But what about the future? You can project where you will be in the next two to three years, but you never know when a unique opportunity to expand your business will come along. With the ability to easily scale up your storage without the hassle of installing more equipment, you can confidently say yes if the offer is right.
The cloud can serve as a backup of your financial institution’s or financial planning service’s data. If data is erased in your in-house data center, the cloud will be able to help you restore that data. Acting as a safety net, cloud-backed data can save your company from the inconvenience and potential compliance repercussions that losing data could cause, not to mention a hit to your reputation.
For the above reasons, cloud migration is essential for your financial institution or financial planning service if you still store all data in-house. Thinking about adding cloud services to your business? Visit our technology solutions page to get started!