What are the Benefits of Cloud Technology for Financial Firms?

Cloud technology is utilized in so many different aspects of our lives. Cloud technology is the reason social media platforms work so seamlessly; Cloud technology enables your phone and computer to communication efficiently; even the most popular apps and services (such as Google Workspace and Microsoft 365) rely on Cloud services. 

We spoke TechQuarters, who provide Managed IT Support Solutions to many different companies who are based in London. They have been in business for more than a decade, and have always worked with the Cloud – they are Cloud Solution Providers, partnered with Microsoft. They specialize in providing IT Support that is tailored to different businesses and their unique needs, including Financial Firms, and highlighted the following benefits as being the most important for this kind of business.

Better Security

There are a number of ways in which security is enhanced with the implementation of Cloud technology. To start with, it means company data can be managed across all endpoints through the Cloud – mobile devices are often sources of data leaks, but with Cloud technology, mobile device management can be made water-tight. Additionally, things like backup services and disaster recovery are all made easier with Cloud services – it can enable a business to automate their backup process, so they can be sure they always have an up-to-date backup stored away. These are all things that Financial firms need to consider, because of the data regulations in place.

 

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Minimize infrastructure

In the earlier days of the internet and office technology, servers and datacenters were important to offices. But these days, most infrastructure hardware can be virtualized and migrated to the Cloud. If you partner with a provider of IT support services in London that specializes in the Cloud, this may be one of the first things they help you with. Alternatively, there is the option to build a native Cloud infrastructure that is more scalable and flexible – this will take a bit more time and energy than simply virtualizing an existing hardware infrastructure, but it will be more beneficial in the long run.

 

Growth and scalability

The best thing about Cloud services is that it is incredibly flexible, and therefore it is easy for a business to scale their Cloud usage up or down depending on whether their business is downsizing or expanding. Hopefully, your business is expanding, in which case it is easy to scale up a Cloud-based infrastructure – if you’re hiring more personnel, you’ll easily be able to onboard them to all of your apps and services via the Cloud. Say you’re a small startup based in London; if you partnered with a London IT services provider that helped you get set up with Cloud services, then you won’t need to think about changing providers for a very long time – the scalability of Cloud services means that as your business grows, you can easily expand your Cloud computing usage.

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