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Cloud Computing and Financial Services: Which side of the coin for you?

According to ITProPortal, a 2015 study by NaviSite found 50 percent of financial services based businesses in the UK have migrated between 25-50% of IT Infrastructure to the cloud.

Behind the move to the cloud for financial services businesses is the introduction of better encryption and security processes behind cloud technology.

Cloud Financial Services

Financial Services is one of the most heavily regulated industries and despite some initial security concerns over the cloud, the benefits are being realised and adoption rates are rising. Being reliant on a number of mission critical systems some of which are likely to be legacy systems, it is vital to find the right balance between cloud and on premise for your business.

Reasons for moving applications to the cloud

  • The high cost – maintaining applications can take up a huge chunk of IT budgets especially when they require different environments to run the applications in
  • Accessibility and availability – businesses need applications to be accessible from anywhere and anytime
  • Internal support – it is becoming increasingly difficult for staff to support applications
  • Flexibility and scalability – businesses need to be able to adapt quickly to keep up with customer demands which will ultimately impact its business growth
  • Agility, reach and deployment – Transactions in the financial sector are time sensitive and, if delayed, can mean the difference between monetary gain and monetary loss. Agility, reach and time to deployment are therefore key motivators for the adoption of cloud services.

While not all applications and business processes are likely to be moved the cloud it is about finding which solutions can better serve your business via the cloud and which  are better being kept under your control on premise.

At Oakley Cloud we tend to find we also see around a 50/50 split between financial services businesses opting to use our Private Cloud for us to host their Sage Accounting Software and CRM systems and those that opt for us to install their systems on their own servers.

Being a Strategic Sage Business Partner we are geared up to provide the freedom and flexibility from an implementation perspective to our accounting software solutions and as such our commitment remains the same whichever route you decide to take. Find out more about our Private Cloud for Sage 200, Sage 300 and Sage CRM here.

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