Hybrid Cloud: Key Benefits for Banks

Hybrid cloud banking has garnered a lot of traction recently and rightly so! After all, this cloud computing model allows banks to reap the benefits of public and private clouds, including scalability, flexibility, security, and control.

As such, a mix of private and public solutions allows banking organizations to leverage the best of both worlds. While acting as both a Fort Knox for sensitive data with powerful computing capacity to offer robust services for multiple clients. Like this, a hybrid cloud solution can address the two core essential needs of any financial organization - a robust service and increased security.

Here is a closer look at the benefits of hybrid cloud banking:

1. Quicker time to market: Time is a key factor for success and growth in any sector and this holds especially true for a sector as cut-throat market as banking where timing can make all the difference. Hybrid clouds, then, empower banks to deploy new digital services and apps in the market at an accelerated pace. While public cloud platforms offer the benefit of a global array of resources, such as storage and servers, private clouds bring benefits such as on-premises infrastructure. Together, the two forms of cloud computing enable the requisite speeds to bring banks’ offerings to the market ASAP.
2. Better scalability: For banks, scalability is one of the foundations of not only seamless operations but also success. To that end, hybrid cloud computing help banks by enabling the movement of apps between public and private cloud platforms sans the need to rewrite them. As a result, banks gain the agility to tap into new opportunities without any delays and scale their operations in accordance to the market’s demands and requirements.
3. Enhanced control: Yet another compelling benefit that hybrid cloud computing offers to banks is control which happens to be key for financial institutions on account of the nature of sensitive data and information with which they deal. Since in hybrid cloud computing data resides in a unified environment instead of being distributed over different systems, banks are able to exercise much greater control over their data. Furthermore, hybrid cloud computing is also conducive to ensuring compliance with regulations.
4. Cost reduction: Costs are also a critical consideration for any business and that includes banks as well. So, how does hybrid cloud help in the context of costs and budget? You see, hybrid cloud computing is well known to be a highly cost-effective option due to the fact that banks are required to pay only for the specific resources they use for their operations. It must also be noted that this can also provide control over their billing cycles. Oh and let us not forget that hybrid cloud computing also frees up banks from the duty to maintain and manage their own IT infrastructure.

There you have it ladies and gentlemen, some of the primary ways in which the hybrid cloud strategy has proven to be ideal for the banking and finance sector. However, one must practice some caution while seeking to adopt this cloud strategy for their banking operations. How? Well, first and foremost, it is imperative to set up a governance model in order to make sure that you have absolute control over all the apps as well as all the data generated and gathered by all systems within your ecosystem. Another crucial point to keep in mind is a robust disaster recovery strategy to help you quickly and effectively deal with disaster scenarios without breaking a sweat. In addition to such best practices, banks must also ensure that they engage the services of a trusted vendor for their transition to hybrid cloud. All these tips and pointers will go a long way in helping you realize the many, many benefits of cloud computing in banking.