BEST CLOUD PROVIDER
The rapid emergence of cloud computing technology is changing the way financial institutions view their clunky IT infrastructures, not least for private banks that are looking to slash operating costs.
Microsoft’s Azure platform is a cost-effective means to access high-level IT without the associated costs of installing and implementing hardware. Leveraging strategic tie-ups with household private banking core operating providers in the region, Microsoft’s cloud computing service has proven indispensable to private banks that are looking for an innovative data solution that deviates from outdated in-house data centres.
By leveraging Microsoft’s Azure platform, a private bank can scale on-demand data storage and on-demand computing without engaging additional IT resources.
Microsoft is also a first mover in terms of bringing compliance processes to the cloud. The firm rolled out a cloud-based compliance programme that allows Asian banks access to regulation-related data on a shared network as well as access to Microsoft’s security and compliance staff. The compliance programme aims to meet evolving regulatory requirements by updating its network as and when new regulations are enforced, and addresses a pain point for the industry: rising compliance costs.
“At Microsoft, we believe that trust is a competitive advantage and our yearly investment of US$1 billion to enhance cybersecurity in myriad ways, ranging from the development and deployment of best-in-breed software and services to the creation of the highly secure infrastructure that makes up the company’s 100 data centres across some 40 countries,” says Lesly Goh, financial services lead at Microsoft Asia Pacific.
As private banks continue to strip away their legacy systems and switch to less clunky and more cost effective technology solutions, the cloud – in both its public, private and hybrid forms – will become an integral part of the conversation going forward.
Microsoft is Asian Private Banker’s Best Cloud Provider for 2016.