Cloud-based Core Banking software, as the name suggests, is hosted on the cloud.
The biggest benefits of cloud-based banking software are:
Reduced Costs
When the switch is made to a cloud solution, it negates the need for expensive on-site development of infrastructure, as well as costly maintenance, storage and security updates.
Flexibility
Being supported by micro services architecture provides a significant advantage to those who use cloud solutions. That’s because it permits the load to be smoothly distributed on services, a geo-distributed architecture to be developed, and the distribution of service resources to be tightly controlled.
Improved Level of Disaster Recovery & Data Security
Providers of cloud services are continuously & thoroughly reviewing and analyzing their products to identify any indication of security vulnerability, with updates being delivered when required.
Increased Speed of Operation
A number of elements, such as storage, data capture and interpretation processes, can be centralized using cloud technology. It’s also able to bring down the costs associated with these vital processes and result in much more precise, richer and more rapid data-led insights that can be used to boost performance by financial institutions.