{"id":2556,"date":"2023-02-09T17:15:46","date_gmt":"2023-02-09T09:15:46","guid":{"rendered":"https:\/\/www.layerstack.com\/blog\/?p=2556"},"modified":"2023-10-17T16:53:36","modified_gmt":"2023-10-17T08:53:36","slug":"what-is-the-benefit-of-financial-institutions-having-their-business-up-in-the-cloud","status":"publish","type":"post","link":"https:\/\/www.layerstack.com\/blog\/what-is-the-benefit-of-financial-institutions-having-their-business-up-in-the-cloud\/","title":{"rendered":"What is the benefit of financial institutions having their business up in the cloud?"},"content":{"rendered":"\n<figure class=\"wp-block-image size-full\"><img loading=\"lazy\" decoding=\"async\" width=\"900\" height=\"450\" src=\"https:\/\/www.layerstack.com\/blog\/wp-content\/uploads\/2023\/02\/BAAS.jpg\" alt=\"\" class=\"wp-image-2559\" srcset=\"https:\/\/www.layerstack.com\/blog\/wp-content\/uploads\/2023\/02\/BAAS.jpg 900w, https:\/\/www.layerstack.com\/blog\/wp-content\/uploads\/2023\/02\/BAAS-300x150.jpg 300w, https:\/\/www.layerstack.com\/blog\/wp-content\/uploads\/2023\/02\/BAAS-768x384.jpg 768w\" sizes=\"auto, (max-width: 900px) 100vw, 900px\" \/><\/figure>\n\n\n\n<p>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.<\/p>\n\n\n\n<p>Plus, according to global management consulting firm McKinsey, cloud computing can benefit <a><\/a>their application with:<\/p>\n\n\n\n<p>1. 29% increase in infrastructure cost-efficiency<\/p>\n\n\n\n<p>2. 57% reduction in migrated applications\u2019 downtime<\/p>\n\n\n\n<p>3. 38% increase in the efficiency of migrated application development<\/p>\n\n\n\n<p>4. Safer data storage and better security overall<\/p>\n\n\n\n<p>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.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>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<\/p>\n","protected":false},"author":1,"featured_media":2559,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-2556","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-market-intelligence"],"_links":{"self":[{"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/posts\/2556","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/comments?post=2556"}],"version-history":[{"count":4,"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/posts\/2556\/revisions"}],"predecessor-version":[{"id":2564,"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/posts\/2556\/revisions\/2564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/media\/2559"}],"wp:attachment":[{"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/media?parent=2556"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/categories?post=2556"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.layerstack.com\/blog\/wp-json\/wp\/v2\/tags?post=2556"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}