What is the benefit of financial institutions having their business up in the cloud?

CloudComputing is undeniably one of the most effective technologies to develop their open banking or Banking as a Service (BaaS) application. They use it for high flexibility, rapid deployment, and scalability to keep up with global financial changes and establish a financial technology ecosystem.

Plus, according to global management consulting firm McKinsey, cloud computing can benefit their application with:

1. 29% increase in infrastructure cost-efficiency

2. 57% reduction in migrated applications’ downtime

3. 38% increase in the efficiency of migrated application development

4. Safer data storage and better security overall

It is not hard to see why many financial institutions are willing to adopt cloud solutions over old infrastructure models to build a more accessible financial application.

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