While banking in the cloud is a relatively new field, it is one of the most effective ways to take advantage of and implement Cloud technology.
A range of branches around the world are combining digital tools with such technology in order to create better services for their customers. That not only allows them to generate more streamlined systems, but it also enables them to adapt to the rapidly shifting market.
Our world is based in technology. As a result, every company needs to adapt or fall behind.
The adoption of the Cloud is the way banks are keeping up to date. The following sections will explore that technology and go over its numerous benefits.
The Ins and Outs of Banking in the Cloud
Banking in the cloud, as you may guess, is done completely through the Cloud. That means everything, ranging from daily transactions to updates to deposits, exists beyond the physical space.
Unlike traditional branches, Cloud-based banks handle all of their transactions over the web through email, mobile check deposits, or ATMs. There are no physical branches, which limits overheard and can even work to create better interest rates on certain accounts.
A perfect example of that system in practice is Sunbelt Cloud Banking. The company has implemented a system that allows its users to access their funds and services at all times.
It does not matter where someone lives or how often they travel, the Cloud Branch is always open and accessible 24 hours a day, 7 days a week.
Reallocating the Budget and Improved Technology
Cloud-based solutions are being adopted by many different banks as a way to transform and better their organizations. Moving such systems to the Cloud enables financial institutions to move their focus to their customers rather than spending it trying to upkeep antiquated systems.
For example, a single Cloud-based integration system can provide banks with more accurate data collection and help them follow customer trends in real-time.
That then can eliminate unnecessary complexity and make transactions easier for both the company and its customers.
In addition, implementing Cloud technology into modern banking systems helps cut down on maintenance costs and limits several different problems that can arise when dealing with old technology.
That then enables branches banks to take the budget they’ve set aside for upkeep and use it for more important features like growing the business or expanding on innovative new technologies.
Owning and Using a Virtual Card When Banking in the Cloud
Another great option of Cloud Banking is the ability to use a virtual card.
This, as it sounds, is a card that only exists in the virtual space. Though you cannot physically take it to stores, it can be used for all online shopping.
This idea may sound odd, but there are several advantages to having a virtual card. The largest is protection. Though it is easy to trust larger companies like Apple and Amazon when using your normal credit card online, smaller companies or lesser-known sites always come with a certain security risk.
Using a virtual card eliminates such worries. That is because the number on the card is a randomly generated sequence that is merely associated with your real credit card.
Not only that, but you can also set a maximum charge (depending on your issuer) to further protect yourself should the card get stolen. You even have the option to set a time when the number will expire up to a year from when the card is first set up.
Though you may worry that a virtual card does not hold the same weight as a physical one, such fears are unfounded. The card appears exactly like a normal one to any online merchant, and it is worth the same as well. The charges just go on the bill without giving outside sources your true number.
This technology is new, but there are a few banks that offer such options. The Bank of America virtual card offers ShopSafe service to any Visa or Mastercard holder who actively uses their online banking, while the PNC Bank Virtual Wallet helps anyone manage their cards, checking, and savings all from one space.
Mastercard also has an option for their own personal service. However, it is not available through all issuers. If you want to use it, simply ask your branch if it is an option.
Changing the Face and Future of Banking
The Cloud is one of the best features of modern technology.
However, though it is steadily gaining popularity, there is a long way to go before it becomes fully integrated into our day-to-day lives.
Banking is something that everyone uses, and with the Cloud branches are going to become more and more efficient as time goes on. Virtual banks are not here quite yet, but we are well on our way to that future.