# The Advantages of Cloud Computing for Financial Organisations
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2022-09-12
Category: NEWS
Category URL: https://financedigest.com/category/news
Meta Title: Financial Benefits of Embracing Cloud Computing for Remote
Meta Description: Discover how financial organisations can benefit financially and support employees effectively through cloud computing for remote and hybrid working.
URL: https://financedigest.com/the-advantages-of-cloud-computing-for-financial-organisationshtml

![undefined](https://prod.superblogcdn.com/site_cuid_cm5qst7v3003gwirgwqtxn8i8/images/istock-1373029024-1736815235403-compressed.jpg)

_By_ **_Gordon Davey_** **_,_** _general manager of Azure Cloud Services, SoftwareONE’s_

As a result of the COVID-19 lockdowns, organisations have had to adapt how they operate. One significant change that organisations have had to adapt to is the increase in remote/hybrid workers.

[84% of workers who had to work from home during the pandemic](https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/ishybridworkingheretostay/2022-05-23) plan to continue to work from home either in a hybrid or remote capacity. Alongside this, there has been a [12% increase between April 2021 and February 2022](https://www.ons.gov.uk/employmentandlabourmarket/peopleinwork/employmentandemployeetypes/articles/ishybridworkingheretostay/2022-05-23)  in workers planning to work mostly from home.

The increase in remote/hybrid workers has led financial organisations to embrace technologies that will enable employees to work seamlessly to the best of their abilities as though they were in the office.

Should financial organisations embrace [cloud computing](https://www.financedigest.com/how-hybrid-cloud-computing-offers-the-best-of-all-worlds.html "How hybrid cloud computing offers the best of all worlds"), it could greatly help both employers and employees work from home effectively and efficiently. But does it financially [benefit organisations to move their computing to the cloud](https://www.financedigest.com/the-benefits-of-adopting-cloud-technology-in-the-finance-industry.html "The benefits of adopting cloud technology in the finance industry")?

**Financially it’s beneficial**

In recent years, organisations have been [hit by financial](https://www.financedigest.com/uk-consumer-mood-hits-one-year-high-but-financial-gloom-persists.html "UK consumer mood hits one-year high, but financial gloom persists") struggles, no matter the sector. In the first three months of this year alone, there has been a [19% rise in businesses in critical financial distress](https://www.bbc.co.uk/news/business-61258362). In comparison to the start of 2021. With today’s economic climate, organisations can no longer be wasting money. Doing so could result in financial [organisations](https://www.financedigest.com/can-financial-services-organisations-harness-data-and-bi-to-catch-up-in-the-digitalisation-race.html "Can financial services organisations harness data and BI to catch up in the digitalisation race?  ") becoming financially vulnerable.

However, should financial organisations shift to [cloud computing](https://www.financedigest.com/the-value-of-cloud-computing.html "The Value of Cloud Computing"), it minimises the physical hardware equipment that they’d need to buy. There will no longer be a need for on-site [data centres](https://www.financedigest.com/keysource-awarded-major-contract-to-design-nationwide-network-of-data-centres-throughout-china.html "KEYSOURCE AWARDED MAJOR CONTRACT TO DESIGN  NATIONWIDE NETWORK OF DATA CENTRES THROUGHOUT CHINA") or servers with everything being on the cloud. Alongside this, they will no longer have to [pay for the round-the-clock electricity](https://www.financedigest.com/britain-launches-scheme-to-pay-homes-to-curb-electricity-use.html "Britain launches scheme to pay homes to curb electricity use") that maintains the data centres and servers. This in turn would greatly reduce money spent by organisations.

Even though it may be beneficial financially for financial organisations, does it benefit employees? Especially when they may be working anywhere around the world.

**Whether in the office or at home, employees should have the same capabilities to work.**

Just like in many job sectors, for employees to be able to work to the best of their abilities, accessibility, is needed. Whether that be to key data information or just [access to the internet](https://www.financedigest.com/51-of-brits-support-teresa-may-and-would-grant-access-to-their-personal-communication-and-internet-browsing-history-as-part-of-the-snoopers-charter.html "51%* of Brits support Teresa May and would grant access to their personal communication and internet browsing history as part of the Snooper’s Charter "). It’s no different for employees of financial organisations. In an industry that revolves around figures, having [access to the right data is paramount for employees](https://www.financedigest.com/700000-employees-across-the-uk-have-access-to-fair-finance-will-reach-one-million-employees-in-2017.html "700,000 Employees Across The UK Have Access to Fair Finance, Will Reach One Million Employees in 2017") to be able to work.

In a working [day and age that sees](https://www.financedigest.com/uk-retailers-see-40-jump-in-boxing-day-shoppers-springboard.html "UK retailers see 40% jump in Boxing Day shoppers -Springboard") significant numbers of employees now working either in a hybrid or remote capacity, financial organisations must be able to provide their employees with the means to be able to work anywhere. [34% of UK office workers believe that their company does not prioritise the investment they need for better hybrid working.](https://www.avinteractive.com/news/collaboration/workers-complain-lack-hybrid-office-technology-16-09-2021/)  Via the use of cloud computing, financial organisations will be able to greatly support employees. Wherever they are working.

One of the major benefits of [cloud computing services is the cloud technology’s](https://www.financedigest.com/7-ways-cloud-technology-can-transform-business-finances.html "7 ways cloud technology can transform business finances") ability to scale elastically. This is possible as a result of the cloud delivering the right amount of resources for employees. No matter where they are based. Whether this is more storage, bandwidth or the relevant [data needed](https://www.financedigest.com/why-finance-teams-need-to-go-beyond-numbers-to-an-active-relationship-with-data.html "Why finance teams need to go beyond numbers to an active relationship with data ").

Nevertheless, with the importance of the data and the importance of the work that they do, is cloud computing reliable and [secure enough for financial](https://www.financedigest.com/5-steps-to-strengthening-your-online-financial-security.html "5 Steps to Strengthening Your Online Financial Security") organisations to invest in it?

**Reliability and Security, even from home**

[Financial organisations in general have access to a lot of information](https://www.financedigest.com/overcoming-information-overload-in-the-financial-sector.html "OVERCOMING INFORMATION OVERLOAD IN THE FINANCIAL SECTOR") and data. Whether that be the [organisation’s data](https://www.financedigest.com/auditing-in-cyber-how-organisations-can-keep-track-of-their-data.html "AUDITING IN CYBER: HOW ORGANISATIONS CAN KEEP TRACK OF THEIR DATA") or their clients. Some of the information that they have access to is very sensitive as well.

[An overview from IT Governance discovered 1,243 security incidents in 2021, this represented an 11% increase in security incidents from 2020 to 2021.](https://www.itgovernance.co.uk/blog/data-breaches-and-cyber-attacks-in-2021-5-1-billion-breached-records#:~:text=to%20data%20breaches.-,Overview,compared%20to%202020%20(1%2C120).) With this trend looking to continue, financial organisations need to have a computing system in place that protects the data no matter where people are trying to access it.

[Cloud computing](https://www.financedigest.com/embracing-cloud-computing-how-and-why-organisations-are-set-to-invest-more-in-cloud-computing-in-2023.html "Embracing Cloud Computing: How and why organisations are set to invest more in cloud computing in 2023") and its security technologies, and controls strengthen organisations’ security overall. [Protecting key data and organisational](https://www.financedigest.com/protect-your-organisation-from-fraud.html "Protect your organisation from fraud") applications. This is done via the cloud firewalls providing a layer of protection around cloud assets by blocking malicious and harmful web traffic.

Increasingly data is [needed to be accessed](https://www.financedigest.com/what-needs-to-happen-to-improve-the-landscape-for-smes-trying-to-access-finance-options-in-the-uk.html "What needs to happen to improve the landscape for SMEs trying to access finance options in the UK") anywhere at different times. This leaves sensitive data vulnerable. Whilst at the same time increasing the need for [organisations to implement technologies that will allow employees to work](https://www.financedigest.com/how-collaboration-technologies-are-helping-organisations-to-embrace-a-hybrid-working-model.html "How collaboration technologies are helping organisations to embrace a hybrid working model") the same way anywhere.

Yet still, the question [must be asked](https://www.financedigest.com/10-questions-cfos-must-ask-themselves-about-privacy.html "10 questions CFOs must ask themselves about privacy"), can financial organisations operate effectively without implementing cloud computing?

**[Cloud Computing](https://www.financedigest.com/tomorrows-world-how-cloud-computing-will-impact-the-financial-services-sector-in-2016.html "TOMORROW’S WORLD: HOW CLOUD COMPUTING WILL IMPACT THE FINANCIAL SERVICES SECTOR IN 2016") just makes things easier**

How organisations and employees work has changed. Now with the advancements in technology, people can work at anytime, anywhere at any place. Because of this change in working style, there’s a greater need for on-demand delivery of IT resources.

If [financial organisations fail to find the appropriate technology](https://www.financedigest.com/shakedown-on-horizon-for-financial-technology-world.html "Shakedown on horizon for financial technology world") to help support their employees in this new era of work, then they will be putting their organisations in danger of falling behind. Not only in terms of [supporting their employees](https://www.financedigest.com/how-to-manage-burnout-and-how-leaders-should-support-employee-wellbeing-tom-keya.html "How to manage burnout and how leaders should support employee wellbeing | Tom Keya") but also in cost and security efficiency.

[Already 70% of banking institutions that took part in Gartner’s survey are expected to increase their cloud spending in 2022.](https://stefanini.com/en/trends/news/need-for-cloud-computing-in-banking-financial-services) So maybe financial organisations have realised the importance of cloud computing and how its capabilities can substantially help the way organisations run. But those financial organisations that have not, risk putting the organisation at risk in the future.


---
This blog is powered by Superblog. Visit https://superblog.ai to know more.
---