Why Is Cloud Computing Important for Your Business?

Dec 05, 2019

As one of the most advanced technologies, the cloud promises to meet challenges faced by the financial sector. Given its volume, variety, and speed, it is the perfect place to store and process data. In addition, cloud transformation offers scalability and cost reduction of cloud computing for business, and many other benefits.

Given today’s proliferation of data, the benefits of the cloud are widely recognized by many banking, insurance, and financial institutions, and related industries. In our experience, cloud scalability and cloud computation are two of the most in-demand capabilities. There are public, private, hybrid, or on-premises types of cloud, as well as AWS, Azure, and other leading cloud platforms. All these solutions make cloud data storage, computation, and security the new normal.

Another important benefit of the cloud is the reduction in time to market from months to weeks or even days, depending on the size of your business. Moreover, this time can even be predicted. And less time to market means a faster time to revenue.

Cloud Adoption Special Report 2019
Cloud Adoption Special Report 2019
Check out CompatibL’s Cloud Adoption and Risk Report for a detailed overview of cloud adoption trends in financial services, AWS and Azure cloud adoption strategies, and barriers in migrating risk software to the cloud.
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Cost-Effectiveness and Compliance: Why and How

Since the cloud can unlock cost-effective solutions, the financial sector is eager to embrace faster reporting, more granular analytics, and deeper insights. At CompatibL we have seen increasing demand for highly customizable scenarios and new hedging cost scenario definitions to examine pre- and post-trade counterparty risk, enhanced capability to run “what-if” analysis, and test sensitivities, including benchmark risk, either per trade or in parallel using serverless cloud computing.

The cloud also means there is no need to hire specialist teams: CompatibL offers advanced cloud solutions comprising cloud computing for business, cloud application development, system integration, and consultancy with a strong emphasis on counterparty risk. Our teams have extensive experience and our solutions comply with regulatory frameworks (FRTB, SA-CCR, Basel III, ISDA SIMM, and IRRBB).

Micro Does Not Mean Minor

With additional microservices based on our data-centric and flexible platform, we offer individual service deployment. Services are communicated through REST API and via the data store and allow you to seamlessly combine microservices within an integrated workflow. In addition, they include user-implemented extension modules, allowing you to extend microservices or add new ones in any language. And this is just a brief outline. The list of cloud-fueled services is long.

Many Challenges, One Solution

Your cloud needs may differ depending on your current business type, size, and geography. Its infinite capacity makes the cloud a complete and highly sought-after solution. Many platform providers have invested heavily to meet the most sophisticated needs of their customers: back-up planning, data security, improved collaboration including remote access, and increased efficiency and productivity of cloud computing for business.

Advantages of cloud computing for your business

Although the cloud adds an additional layer of sophistication and faces challenges such as regulatory compliance, security controls, loss of control due to automation of some processes (and even conflicting team, individual, and managerial goals as well as responsibilities while collaborating in the cloud),  when applied securely it is a powerful basis for profitable growth. The growing significance of the cloud and cloud computing for business is obvious and compelling.

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