In 2017 alone, global cloud service expenditure exceeded $260 billion, an increase of 18.5% from the $219.6 billion recorded in 2016. This massive rise in cloud use have been seen across many industries, with the financial services industry feeling the urge to shift.
Some of the practical ways consumers have felt this?
- New ways of paying bills
- Innovative ways to make investments
- Increased methods of managing finances online
With these new ways to manage finances coming into the fold, banks have felt the pressure to keep up. Banks and financial lending institutions must be flexible and efficient to stay attuned with customer demands. One example is a business loan – one financial start up boasts an approval rate of only seven minutes, compared with the average 20 day waiting period from a traditional bank.
Moving to cloud allows for banks and financial institutions to stay nimble enough to launch new products to meet customer demand and behavior, all while staying compliant with new regulations. By comparison, some non-cloud-based applications can take 1.5 years to develop, compared to three months for cloud-based equivalents.
Make the move with the right cloud migration partner to ensure success. UDT (UDT) has been a trusted migration partner of many organizations across different industries.
Complete for the form below to learn more about cloud scalability in the financial services industry. If you’re ready to begin, our cloud experts are only a phone call away at 1-833-438-8383!