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Banks looking to adopt cloud technologies

Cloud infrastructure is being used increasingly frequently by enterprises because of the plethora of advantages the technology brings. These benefits not only reduce IT costs and modify its economics, but also grant logistical solutions in a constantly evolving business world.

Up to this point, many financial institutions have not yet integrated the technology into their internal systems, though. With so many benefits for those in FIs, why has the tech been so slow to catch on?

The answer is not simple. For one, the emergence of cloud technology coincided with the financial crash that left many institutions clamoring for funds. In addition, many financial institutions are built on legacy systems that are expensive to replace.  More importantly, many financial institutions were worried about a shortage of services. If a FI required more storage or service than allotted, for example, the ramifications could be dire.

Today many banks and financial institutions are adopting cloud technologies as the economy bounces back to a healthy state and cloud hosting services become more cost-efficient. Furthermore, with new hosting companies entering the field and established companies honing their services, FIs are abandoning their nervousness and beginning to use the revolutionary innovations.

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