The IT industry is coming up with new technologies and methodologies every day. Among the innovations, cloud computing technology is foreshadowing a bright future with several advancements in business processes. The businesses that can gain from these cloud technologies are more in number as almost everything will be simplified if people can involve in online activities. The processes of data transmission, storage, and recovery will become simplified and efficient with the cloud. Hence, the impact of cloud technologies has reached the financial sector at present. Some banks around the world are turning to banking cloud technology to make their processes with their customers easier. A simple example will be the online payment gateways allowing people to pay from wherever they are. Likewise, there are several ways these technologies can simplify banking operations. The following are three such scenarios where the cloud will help the banking industry.
Scenario 1: protecting customers from scams
Let us assume that a company is about to send some amount to a third-party supplier. However, some hacker has interrupted the transaction with his hacking skills and make the transaction diverted to his account. Both the sender and the receiver will have no idea about this scam. As the transaction system is simple enough and lacking solid verification processes, these scams will happen frequently. However, if the system is slightly fine-tuned to implement a severe verification process to make the transaction happen, the number of online scams will get reduced. The bankers, senders, and receivers can use cloud solutions to authenticate the transaction process. By doing so, no hacker can divert the transactions at ease. Likewise, cloud technology can prevent the loss of large amounts of money.
Scenario 2: analyzing the customer behavior
Similar to all other businesses, the banking sector is also a customer-oriented business sector. So, the bankers will be looking for ways to understand the behavior of their customers to take necessary actions to retain them. These bankers can do these analytical and monitoring activities using cloud technology with some data science tools. So, these technologies are being helpful in customer retention and attraction also. Hence, the banking industry can develop using the cloud in this way.
Scenario 3: Automating the manual processes
Similar to all sectors, the banking sector will also have several operations being done manually. It will take so much time and effort for these processes. So, the cloud’s automation capabilities can help them.