Why cloud is more beneficial than legacy systems for financial institutions?
In a rapidly changing world, financial institutions are faced with the need to evolve.
Traditional legacy systems, once reliable, can now feel restricted and out of touch with the demands of today's customers. That's where cloud systems come in—a game-changer approach that's reshaping the way SME financial institutions work.
Leading this transformation are cloud-native providers like Bankingly. Tailored for financial institutions like banks, cooperatives, MFIs, and credit unions, these solutions offer a dynamic, efficient alternative to entrenched legacy systems. With over 3.5 million users spanning 20 countries, Bankingly's platform stands as a testament to the impact of cloud-powered solutions.
Cloud computing, be it software, infrastructure, or platform delivered as a service, offers several advantages over legacy systems, making it an ideal option for financial institutions.
- Lower costs: Financial institutions can reduce IT costs significantly since they don’t need to invest in expensive infrastructure, licenses, maintaining hardware or software, additional hiring for R&D, or extensive IT teams. It drastically reduces the total cost of ownership (TCO) by eliminating physical data storage as it is all stored securely in the cloud, increasing overall security and accessibility anytime, anywhere. Additionally, cloud computing helps SME Financial Institutions store unlimited amounts of data securely and reliably while reducing storage costs significantly.
- Higher savings: Bankingly’s comprehensive subscription model covers regular upgrades, updates, enhancements, and the continuous development of the platform. It also reduces human error as most tasks are automated, improving accuracy while decreasing manual labor and time spent on mundane tasks.
- Growth-based: Cloud pricing models are based on monthly active users and pay-per-use or usage-based. This means costs are linked to usage, growth, and needs and are not fixed. Such a flexible and variable pricing model reduces upfront investment costs and lets banks, credit unions, MFIs, and coops sync growth with expenses.
- Increased security: Bankingly’s web and mobile services were created with Microsoft Azure App Service, a 100% managed solution for building, deploying, and scaling applications. With data stored in a secure cloud environment, banks and other financial institutions can be sure their data is safe from hackers and other malicious threats.
- Scalability: Bankingly is responsible for creating and maintaining the digital infrastructure of microfinance companies, empowering them to focus their attention on the success of their business. In fact, Bankingly releases updated versions of its Android and iOS platform on a regular basis and offers active monitoring. Also, if demand increases, businesses can quickly scale up their services in seconds without investing additional time and money into expanding their existing infrastructure. This makes it easier for banks and other financial institutions to respond quickly to market changes and take advantage of new opportunities.
- Improved customer experience: Bankingly’s cloud-based solution improves customer experience by providing quick access to information on accounts or transactions without any delays from any device at any time, increasing customer satisfaction levels. Cloud-based services enable banks to access data faster than ever before. This allows them to serve their customers more efficiently and effectively.
Bankingly's Cloud System: Elevating Financial Institutions
Bankingly's cloud solutions are a good choice for financial institutions that are looking to improve their efficiency, security, and compliance. They offer a comprehensive set of features and a flexible pricing model that can meet the needs of any financial institution.
Here are some advantages of Bankingly's cloud solutions:
- Compliance and security: Bankingly's cloud system ensures high security and compliance with ISO 27001 and ISO/IEC 27018 standards, including strict SLAs and NDAs. This means that your data is safe and secure, and that you are compliant with all relevant regulations.
- Customization: The cloud system is customizable to include your brand identity, ad banners, and products. This means that you can tailor the system to your specific needs and requirements.
- Cost savings: Bankingly's cloud solutions can help you save money on IT costs, as you do not need to invest in expensive hardware or software. You also benefit from a pay-as-you-go pricing model, which means that you only pay for the services that you use.
- Access to other services: Beyond its core banking functionality, Bankingly's cloud system can be integrated with additional services such as fraud prevention, digital onboarding, and loan origination. This means that you can have a complete end-to-end solution for your financial institution.
Most legacy systems can be upgraded or migrated to Bankingly’s cloud solutions. We can work on a faster go-to-market, and new features all at minimal cost and maximum efficiency.
It’s no surprise that cloud computing is the preferred choice for SME financial services in emerging markets due to its numerous benefits. As such, it should be an essential part of any organization’s digital transformation.
Thanks to Bankingly, several microfinance institutions have reduced branch service costs, optimized the response time for queries, and streamlined the application process for new loans. All with the benefit of having access to information 24 hours a day, all year!