Financial IT Challenges | Parallels Provides a Solution

IT Banking Trends

When it comes to deploying the latest technology, there is a noticeable delay concerning the banking industry. The main reason is that when migrating to a newer technology, there is no room for even the slightest mistake. So instead of catching up with technology, financial institutions prefer to stay back and feel secure. However, in order to stay competitive and efficient—and to deliver a better customer experience—the financial services industry will look closer at cloud computing and mobile services. Keep reading to learn how Parallels can assist with your financial IT challenges.

Common Financial IT Challenges

There are several potential IT challenges in the financial sector:

Planning Ahead for Cyber Crimes

Businesses handle enormous volumes of extremely sensitive client data, making them susceptible to hostile assaults.

An answer to this would be to strengthen security measures by making significant investments in cutting-edge technologies to significantly reduce cyber-attacks and the costs connected with them. Since highly skilled breaches have increased exponentially over the past several years and security is a major issue for businesses, the most recent digital solutions may assist businesses in protecting the data of their consumers.

Keeping Up With New Technological Developments

To increase their efficiency and save expenses related to operational tasks, risk management, and compliance, businesses must continue to invest in software and automation solutions. To benefit from big data solutions including, for example, AI-based customer care agents, businesses must also improve their on-site systems and data repositories. In order to create effective and user-centric experiences across the internet, mobile devices, and physical venues, they also need to take platform integration into account.

Businesses should be prepared to adopt cutting-edge technologies such as artificial intelligence and its subsets, machine learning, deep learning, and natural language processing in order to increase opportunities and overtake competitors in the market.

Staying Compliant

For every company, regulations, compliance, and rules are a hassle. The difficulty of having a completely approved and compliant business is a direct outcome of the regulatory costs that have been steadily rising ever since the global financial crisis of 2007–2008. Numerous rules now require organizations to simplify their operations.

Cloud Computing as a Solution for Mitigating Financial IT Challenges

The advantages of cloud computing in terms of agile innovation, risk mitigation, and cost benefits have removed the taboo of public cloud services in this industry. In fact, according to the British Bankers’ Association (BBA), these are three key drivers for adoption of public cloud-based services.

Agile innovation – Cloud computing can increase banks’ ability to innovate by enhancing business agility, scalability, and workforce productivity.
Risk mitigation – Cloud computing reduces the risks associated with technology capacity, redundancy, and resiliency.
Cost benefits – Cloud computing offers important cost savings by reducing the capital-expenditure requirements for traditional IT infrastructure.

Regulation authorities such as the European Banking Authority (EBA) and the Office of the Comptroller of the Currency haven’t completely cleared the path for full adoption of cloud computing in the baking industry. However, many organizations have already started thinking about migration to the cloud in the near future.

Cloud-based core banking solutions provide an opportunity for integrating various services that Millennials use—and will truly change how the banking sector works.

How Mobile Experience for Customer and Employees can Reduce Financial IT Challenges

Internet connectivity and digital adoption across the world is growing at an unprecedented rate. Banking technology is being upgraded to remove the difficulties in accessing and using mobile technologies. Employees require more flexible access to application and data in order to provide a better customer experience, which means IT managers must find the right solution to balance anywhere-and-anytime access with data security.

Parallels Can Help with Financial IT Challenges

Parallels® Remote Application Server (RAS) empowers financial institutions with an all-inclusive, cloud-ready, secure solution for application and desktop delivery. With Parallels RAS, financial organizations can provide their employees with seamless access to applications and desktops on any device, from anywhere. Moreover, Parallels RAS supports private, hybrid, and public cloud deployments, allowing organizations to migrate to the cloud at their own pace.

Learn more about how Parallels supports financial organizations.

What’s more, you can try out Parallels RAS for free with a 30-day trial!

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