Learn how top financial institutions leverage cloud-based solutions to enhance cybersecurity, fraud detection capabilities, and claims management, as revealed in a recent study commissioned by Snowflake.
According to a recent study commissioned by Snowflake, the data cloud business, the world’s top financial institutions are speeding up their migration to cloud-based solutions in order to boost cybersecurity, better fraud detection capabilities, and improve claims management.
The increasing frequency of high-profile cyberattacks and financial crimes, as well as increased media and regulatory scrutiny, are the root causes of the growing urgency. The use of cloud technologies is something that IT teams are actively pursuing in order to protect data and uphold strict security and governance standards.
In light of the rising digitalization of banking and payment systems, the research emphasizes the necessity for financial organizations to handle evolving challenges and combat the development of financial crimes.
Businesses may accelerate innovation by allowing real-time fraud and anomaly detection, improving client experiences, and more successfully combating sophisticated criminals with in-depth knowledge of banking operations, controls, and vulnerabilities by utilizing powerful cloud data analytics.
Most advanced data security
The highest levels of data security and governance are essential for creating better customer and commercial outcomes, according to Rinesh Patel, global head of financial services at Snowflake.
“With data demands growing more and more, businesses who continue to use old technologies are paying a growing opportunity cost. In order to combat rising financial crime, increase the likelihood of data insight, and meet the data-rich needs of today’s clients, businesses will need to take use of cloud technology’s benefits.
“Whether it’s banks trying to develop a new suite of sustainable finance solutions, underwriters trying to price risk more accurately, or quant researchers trying to analyze more data to backtest strategies, they’re all going to need to power their workloads on the cloud with flexibility, scale, and performance to deliver business outcomes.”
Insights from 311 worldwide C-suite executives and senior-level IT professionals in the banking, asset management, and insurance industries were gathered for Snowflake’s Financial Services Cloud Pulse Survey. The poll addressed industry problems, decision complexity, enterprise strategies, and business effect while focusing on cloud data proficiency.
A substantial number of financial businesses either have tangible business use cases in place or are planning to do so over the next 12 months, demonstrating a sense of urgency. While almost half of the respondents (48.7%) expect implementing their future data cloud strategies within two to five years, this shows a sense of urgency.
The survey also found that 37% of financial firms choose a multi-cloud strategy, outpacing hybrid (34%), single (14%), and private cloud (14%), strategies. The benefits of having access to the best individual solution providers, negotiating pricing, and utilizing modular flexibility within data platform capabilities are what lead people to embrace multi-cloud.
Adoption of many clouds fits in the overarching goals of improving infrastructure dependability, attaining cost effectiveness, assuring interoperability, and fulfilling legal compliance obligations.
The report’s additional conclusions are as follows:
- Modern cloud data platforms (34% of financial businesses) boost data science, data outcomes, automation, and product development and application competitiveness.
- Data sharing, user collaboration (34%), and cloud-enabled data marketplaces (12%) enable enterprises to employ query-ready data and expand their internal data sets with external sources for improved analysis and insights.
- Financial businesses may spend 40% of their time on data administration, which distracts from company innovation and decision-making. Cloud data management becomes increasingly expensive and time-consuming.
- Technology teams (66.9%) drive cloud expenditures, although the line of business (15.4%) and centralized data office (16.1%) are starting to influence decisions.