Google has transitioned into the financial industry through cloud computing software that offers greater data, analytics and security for finance brands. Offering finance brands access to new products and risk management systems cloud computing software could benefit many finance brands. In fact, 74% of experts say it will be a major addition to the finance sector by the end of 2021.
However, the transition to cloud-based computing may seem like a scary one with the feeling that your finance brand may be at risk of jeopardising business operations and heightening internal struggles. Yet, Google Cloud and other cloud-based computing softwares like AWS can help to improve agility and security within the financial sector. With large finance brands like PayPal and HSBC already on-board, here we’ll explain why cloud-based computing software might be the right fit for your finance brand.
What cloud computing software can offer your finance brand
From capital markets to the insurance sector, cloud-based computing software can be an asset to many finance brands. Google Cloud and other cloud software providers like OMI can help reduce costs, manage risk and compliance issues, and improve revenue, depending on how they’re implemented.
With a desire for greater access to data for both consumers and employees, cloud computing software offers an easy, reliable, and secure method of sharing information. This can help develop an open banking system, provide greater access to market data and offer a data sharing platform enabling your finance brand to monetise historical and real time market information. While these issues can be achieved via other means, cloud-based computing software is easy-to-use and collates all services into one simple platform. These capabilities can help empower your finance brand to better understand your audience and enable you to tailor content to specific market segments, improving your content marketing strategy.
Other than just the improved accessibility to data sharing, cloud-based computing software offers a number of other benefits to consumers. These include:
- User-friendly machine learning and AI
- Greater cyber security
- Better customer support services
- Big data analytics
- Risk and compliance management
While cloud-based computing software is the future, with nearly 90% of financial services in favour of including cloud-based services as part of new infrastructure, it’s not the be all and end all of the entire finance industry. Finance brands can pick and choose what aspects of cloud computing software is useful for them, helping to make the transition and risks easier to manage.
Finance brands utilising Google Cloud
“ 93% of exchange, trading systems and data providers offer cloud-based data and services and 100% plan to offer more services via Google Cloud. ”
While some financial institutions have been slow to adopt cloud computing software, the capital markets sector has been quick to adapt, implementing it in their front, middle and back end systems. In fact, 68% of sell-side and buy-side users believe it’s important for market data providers to offer public cloud-based data services. Additionally, 93% of exchange, trading systems and data providers offer cloud-based data and services and 100% plan to offer more services via Google Cloud.
Large financial organisations have been quick to adopt Google Cloud into their own systems for a number of reasons. Many enjoy Google Cloud’s high-level of security as well as its ability to offer cloud-based infrastructure that can provide better customer support, machine learning, and handle high traffic levels.
To support their customer’s evolving needs and significant uptick in payments during the pandemic, PayPal implemented Google Cloud to manage surges in financial transactions. Currently, 20% of PayPal’s core infrastructure is on Google Cloud with this set to increase in future years. According to PayPal’s CTO Shri Shivananda “Google Cloud allows us to innovate and serve our customers at the speed we require. We can bring as much data as we want to the platform and manage it in a secure, cost-effective way.”
HSBC have utilised Google Cloud software to better support their customer service sector and ensure consumer enquiries are handled quickly and efficiently. Employing Google Cloud Dialogflow a core component of Google’s Cloud Contact Centre AI, has helped empower HSBC to build a conversational platform that addresses users needs at scale. This has strengthened their chatbot servers and ensured customer support is a satisfying experience for consumers. In this instance, Google Cloud has ensured HSBC can create strong and authentic relationships through better customer support.
What you should consider when it comes to cloud computing
Google Cloud and other cloud-based software are a part of the financial sector’s future. However, it can be a daunting process to consider implementing wide-scale internal and external operational change. While it may be seen as an internal risk, cloud-based computing software can operate on a private or public cloud, offering greater safety and security.
A great aspect of cloud-based computing software is that your finance brand can be committed to transitioning to the cloud without being 100% on it. You can mix and match and identify areas that you want to use cloud-based computing and still reap great rewards without needing to move all operations onto it.
Identifying what you want to gain from cloud-based computing software is key to implementing a successful transition. Whether it’s to improve your customer service or how your finance brand handles big data, you can pick and choose which areas you want to use Google Cloud and other cloud-based systems for.
Overall, cloud-based software can empower your finance brand to remain agile in the face of large-scale change without incurring high costs. Google Cloud and other cloud-based computing software can give your finance brand scalability, speed, innovation and security to help enhance your customer relationships, improve your brand image, and tackle difficult systems operations.