If you are yet to adopt a cloud-based core banking system, you’re in danger of being left behind.
There’s a lot of pressure to adopt the cloud. The regulators are pushing for it, many of your competitors are already embracing it, and the limits of physical server infrastructure are making the case clearer.
It’s easy to be wary of the cloud, especially due to its perceived complexity and the risk of interruptions to your business during the implementation process.
But the cloud is secure, fast, and flexible, and hesitating on adopting a cloud-based core banking system means you’re missing out on the kind of growth your competitors are already seeing.
Four reasons to embrace a cloud-based system
A cloud-based core banking system like Oradian’s is excellent value for money. It can produce enormous efficiency savings as it automates manual processes and enables the sharing of data and information across platforms and among your staff. So, what makes the cloud such a good investment?
1. Faster time to market
The flexibility of the cloud makes it extremely easy to test, develop, and deploy new products. By creating separate instances on your servers, you can test new products without interfering with the rest of your operations, then releasing it to all your clients and across all your platforms swiftly and easily. This makes it possible to deliver new, more advanced financial products to your clients.
2. Scalability
Physical server infrastructure will eventually hit a ceiling, requiring extra expenditure on upgrades or additional servers. The cloud can be made infinitely scalable– in fact, since Oradian looks after the servers itself, this can be achieved without large costs on your part. This means your business can keep growing, on-boarding new clients, and launching new products without worrying about running out of capacity.
3. Data sharing
The cloud enhances your operations by making data input and sharing more efficient. You can gather data from clients, enter it into your system, then instantly share it across your platforms and among your staff, allowing them to quickly access the important information that allows them to target products, assess risk, and perform credit checks.
4. Security and stability
The cloud can also improve security, stability, and compliance. We manage three datacentres, across which all our systems are backed-up. Automatic security procedures, frequent testing, and strong regulatory compliance ensures a robust level of security, and the locations in which the servers are kept have been chosen to minimise any environmental risk, ensuring you and your clients can access your core banking system with minimal disruption, even if you have been affected by a natural disaster or weather event.
Don’t fear the knowledge gap
We know one of the major barriers to adopting a cloud-based core banking system is the knowledge gap. If you’re used to adopting tech platforms piecemeal, a wholesale switch to a product like Oradian’s core banking system can be a major project that risks an interruption to your business.
However, Oradian’s team are specialists in helping financial institutions successfully migrate and get the most out of a cloud-native banking system. Each of our customers had a different level of knowledge and experience before implementing the Oradian system, so we needed to tailor the onboarding process for each one, addressing their challenges, problems and knowledge gaps to ensure they knew how to use their new system from day one.
This is part of what we call our ‘full-service implementation’. We help our customers through the entire process; as much as anything else, it’s designed to assuage the fears and concerns our customers have around the cloud.
Keep up with the competition
Many of your peers and competitors are already shifting over to the cloud, if not already using it. Having a cloud-based core banking system is giving them a serious advantage over their competitors who are yet to catch up.
With more efficient processes, better data sharing, and more scalability, they can serve more clients and launch products more rapidly, allowing them unhindered growth.
If you’re worried about the challenges of migrating to the cloud, don’t be – the benefits far outweigh the risks, and Oradian’s full-service implementation means you’ll always have a hand to help you through the digitalisation process.
If you want to learn more, download our white paper about how the cloud is transforming core banking, or use the form below to get in touch with us about how we can help you go further in the cloud.
