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Today, data is the new asset, and businesses across industries are increasingly finding new ways to turn data into actionable insights, and the banking sector is no exception.
To compete in the new digital economy and enable data-driven decisions making, banks are looking to move to the cloud. One of the advantages of cloud-based solutions is the flexibility and optimal storage allowing efficient management of vast data requirements as well as tremendous computing power.
Data and the hidden information and insights extracted from analyzed data are essential for banks to compete in the new digital business landscape. As a result, many banks are looking for a solution of advanced analytics, with self-service functionality, as well as centralized data governance, and data security to meet compliance requirements.
Yet, developing insights from a vast amount of data can be difficult because banks traditionally store their data in siloed systems and govern these systems through disparate processes. Thus, banks are in the position of having to modernize or risk being left behind in the competition. Operating in legacy environments has many disadvantages such as incompatibility with new technologies and high maintenance costs – this prevents banks to acquire the maximum benefits that data and analytics can bring.
Advantages of the cloud
Operating with a siloed approach can make it difficult for banks to integrate different sources of internal and external data, including unstructured data, to achieve and a complete 360-degree view of businesses as well as customers. As a result, banks can miss out on useful insights and information.
By moving to cloud-based solutions, banks have the potential to easily and quickly integrate various data sources and systems. Many solutions offer user-friendly and easy-to-use interfaces running on web applications, which eliminate the need for custom configurations.
Cloud-based solutions provide one single platform that integrates data management and governance with security and compliance to help banks simplify operations. By having access to advanced analytics products together with a robust cloud foundation, banks will be able to generate insights from the large data sets collected.
With cloud automation and AI capabilities, banks can derive hidden insights as well as business intelligence from their data to drive operational efficiency and enhance business results.
Moreover, the pricing model for cloud-based services is usually usage-based, allowing banks to only pay for what they use and can scale up for the computing power needs of certain analytics activities, and scale down when not in need, achieving significant economic benefits in comparison to the on-premises environment.
Why migrate to the cloud?
Advanced analytics via a cloud-based platform can offer many attractive benefits across businesses.
A chief risk officer, for example, can leverage cloud-based solutions to perform resource-intensive and complex risk calculations, monitor banking transactions, and obtain a better understanding of the money-laundering activity complexities for prevention and compliance with AML.
Furthermore, real-time information on business performance can also be a valuable insight that helps business leaders make decisions – this is a critical advantage that is not easily achieved with on-premises systems.
Banks can also take advantage of open APIs to authenticate and secure digital communications to their customers, which may involve sensitive financial information, at the same time enabling a transition from face-to-face activities to online channels.
Traditional and legacy on-premises data architectures are no longer adequate to handle the wide variety of data or real-time data streams necessary for advanced banking analytics and AI. Modern architecture like the cloud is needed. In addition, a cloud environment enables banks to effectively scale resources up or down to meet demand, which is essential for digital success.
Analytics: from data to actionable insights
With advanced analytics, data from different sources, including structured and unstructured data is captured and ingested to arrive at actionable insights helping banks make fact-based decisions.
In recent years, cloud-based solutions providers have introduced a range of innovative, out-of-the-box, automation tools specifically developed for banking and financial services needs. Leveraging such technologies help free up bank staff time to focus on more important tasks and bring added value instead of spending time configuring tools.
Furthermore, the cloud platform’s capabilities in terms of network monitoring and security access can help banks achieve a high level of data security and meet compliance requirements.
A reliable software development partner
The process of moving to the cloud is complex and may involve many tech challenges. Thus, it is essential to choose a reliable technology partner with the necessary banking domain experience that can assist banks in moving to modern cloud platforms, ensuring a smooth and quick transition.
In the past few years, TPP software has successfully delivered several development projects for leading commercial banks in Vietnam. With industry experience and a strong team of skilled software engineers, we offer technology services using modernized tools and data meeting a wide range of needs by banks.
The potential benefits for moving to the cloud platform as well as the advanced analytics capabilities are huge and can help banks to achieve competitive advantages by quickly innovating themselves – and responding effectively to the increasingly competitive banking landscape. A cloud infrastructure, custom-built for banking, offers a robust surface for accessing the most up-to-date and accurate version of banks’ data.
The many decisions to make along the many layers of corporate structure may deter the process, but a focus on solving key problems using cloud technologies can help business leaders to plan ahead for successful cloud adoption and implementation.
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