When it comes to providing great service in the financial sector, putting your customers first is an absolute must. Over the years, the industry has come to rely on in-person interactions and face-to-face account management efforts as a way to facilitate relationships with customers even as banks grow. However, with the rise of the pandemic in 2020, cloud finance solutions are rapidly coming to the forefront.
10 Great Cloud Finance Solutions to Help Your Company
If you’re looking for ways to bring your finance business into the modern age without losing touch with your customers, you know the process can be difficult. Here are a few stellar cloud technology solutions for finance experts to utilize for their clients.
1. Cloud Solution for International Finance and Account Access Abroad
Accessing bank accounts and financial information when you’re in a different country isn’t always possible. With the right cloud solutions for international finance in place, clients will be able to access their accounts from all over the globe. This makes it possible for you to stay on top of security and compliance transactions, and keep your clients apprised of everything that’s going on in real-time.
2. Enhanced Financial Compliance Services
Compliance matters, especially when you’re trying to manage communications between different departments and clients at the same time. One of the most groundbreaking business transformations of cloud technology solutions for the finance industry lies in enhanced compliance management. You’ll be able to control and monitor all interactions with ease.
3. Remote Financial Services Access and Management
Though clients need access to their accounts at all times, your staff needs access, too. With the pandemic continuing to spread, many financial institutions are continuing to encourage their workforce to function remotely. The best cloud computing finance solutions will make this both possible and secure. Your team won’t have to sacrifice their ability to do their jobs to keep themselves and your clients healthy.
4. Digital Information Storage For Accounting
Accessing files when you’re away from the office can be challenging at best when you’re working with limited storage space on hard drives or rely on physical documents. One of the best cloud technology solutions for finance professionals is the ability to access information from any device with an internet connection. When you move to the cloud, this makes remote work possible and easy, but more importantly, it helps streamline storage in your office and reduces the need for large, space-eating filing cabinets.
5. Cloud-Based Security Protocols & Services
Data security is essential if you want your finance business to thrive. Even one small hacking incident puts your proprietary information and client information at risk. Implementing more cost-effective and newer cloud security protocols and leveraging the power of cloud-based computing will make it easier for your company to secure sensitive information at all times.
6. Mobile Payment Processing & Accounting
Paying for products and services even within the financial services sector is always easier in-person, but your clients and customers need more flexibility. Unfortunately, unless you’re big in the financial services industry, covering the costs of each transaction and processing those charges can add up quickly. Cloud solutions allow you to access the same payment processing power as larger institutions without forcing you to pay for the equipment, tools, and storage required to process payments on your own.
7. Digital Customer Service and Relationship Regulation
As your business grows and you attain more clients, handling customer service inquiries and keeping track of responses and further inquiries as they happen. By investing in the right cloud-based financial technology solutions for finance companies, managing your customer relationships and inquiries will be easier. You’ll have access to everything at your fingertips and can even search through those responses as needed.
8. Making New Business Possible
Physical goods aren’t the only type of investment anymore. With today’s digital transformation, your clients and customers are actively looking for new ways to invest and grow their money, but following new trends isn’t easy without improved interfaces and new technology. By investing in the right cloud finance solutions, you’ll make those new trades possible.
9. Professional HR Regulation Services
HR and data collection is the backbone of every successful organization. However, managing new talent and keeping track of employee information isn’t easy. Cloud finance solutions allow them to store all relevant information in a single database. It cuts down on the amount of time they have to spend on administrative tasks. Additionally, it frees up their schedule to focus on more vital services.
10. Turn-Key Banking Services
Unless you’re a large financial institution, getting your business off the ground costs a lot of money. You have to pay for systems, tech, and the organizational structure for your growing bank. The best cloud finance solutions give you access to turn-key banking services, saving you time, money, and the frustration that comes with implementing your own systems.
Benefits of Leveraging Modern Technology
Recent surveys around the financial industry have revealed that cloud adoption rates around the world have increased over the past few years — and it surprised some people within the market. Why? Because during the early years of cloud technology, members of the financial services sector were traditionally hesitant in adopting today’s modern technology. For some, it’s because of outdated security concerns and for the rest of them, new tools, as well as new platforms, are just scary.
But now that the rest of the world has evolved alongside it, experts believe that the cloud is detrimental to digital innovation. And with financial services, as well as accounting, being one of the most dynamic sectors in the market, it only makes sense for them to be the first to spearhead migration. If a business is reluctant to the new global standard of using solutions for services such as database management, billing, and more — they’re more likely to lose business against providers with professional tools.
Today’s customers have grown with the internet and digitalization. Providers who are unable to satisfy their needs for a streamlined solution in banking as well as accounting, will not be successful. But aside from opening a consumer’s door to convenience, there are several other benefits in adopting solutions for financial services!
For quite some time, building and operating a bank has been extremely expensive. A business’ database needed to have a physical platform. You need to hire and recruit staff in order for your data management and overall security solution to be a success.
Thankfully, cloud solutions for banking and accounting have cut these costs by leading the transformation of the physical database into its digital counterpart. While it’s true that providers still need to invest in great solutions and services, it offers them more wiggle room for more important things.
Improves Flexibility and Scalability
Now that much of your data is on the cloud, it provides with the ability to rapidly scale up your capabilities whenever you need it! Like we’ve mentioned earlier, more and more consumers are demanding customer-centric banking services and if other firms want to catch up, they need to remain competitive.
Financial solutions will help you scale up your capabilities depending on your customer’s needs and demands. As a matter of fact, a large majority of organisations that have recently undergone migration to a new platform says that scalability is their main reason for doing so. Several other financial services companies have experienced this benefit since moving their infrastructure.
Another detrimental factor to the success of a firm’s financial services is efficiency. When businesses are operating across different markets and targeting numerous demographics, improved efficiency is needed. And with so much data on their hands, they need to be able to interpret and analyse them efficiently.
Thankfully, one of the many strengths of solutions is seamless data management. Providers will be able to optimize all of their operations in multiple markets in no time.
Forge Stronger Relationship With Customers
Thanks to financial solutions’ power of great data management and potentially unlimited accounting as well as banking capabilities, management teams now have better insight into their clients than ever before.
Providers now have the power to develop systems, tools and even a platform customised to the expectations and needs of their consumers. And when providers listen to their people, the stronger their relationship with them becomes. Those who choose to ignore the opportunity of creating personalized banking and accounting solutions might lose crucial customers.
As more and more studies report consistent cloud adoption rates across the world, banking and accounting providers must make sure that they keep up with the trends—or face the consequence of disappearing amongst their competitions.
Lumos believes that solutions have helped both businesses and customers in their transformation towards a digitalized world. And as the industry continues to grow further, the advantages of investing in high-quality data management tools and other platforms will be too important to ignore.
Regardless of how solutions for database management and other accounting tools have become increasingly popular, there are still those who continue to operate traditionally. And while there’s nothing really wrong with doing so, not updating their operations might put them at a disadvantage against their competition.
Because of how new these technologies are, there’s still an existing learning curve. And if you want to make sure that you get ahead of your competition, it’s best that you start adopting new tools today!
Financial solutions bring several advantages to your overall business agility. For one, these solutions are made with mobile productivity in mind. Your staff no longer have to stick by their desks in order to access your database. Apps and other data they need will be accessible virtually, allowing them to practice remote working.
Additionally, because most solutions also include alleviating infrastructure concerns and other day-to-day banking issues, your in-house IT department can work on other important projects for your accounting services!
Growing businesses often worry about large demands on their IT hardware and software as they continue to thrive. But with cloud solutions, they no longer have to think about increasing the amount of infrastructure present on their site.
Data migration to the cloud means less need for hardware. You no longer have to worry about purchasing several servers and other supporting equipment. You no longer have to look for sites or spaces to store them in as well!
Supports Business Transformation
Several finance executives have seen the opportunity of improving all the key finance processes of firms with the help of cloud solutions. They believe that today’s technology can upgrade banking, billing and other services such as database management.
And when your business invests in the right solutions, it has the capability to improve your overall banking system and processes!
Learn How You Can Lead Your Business to Success
If you’re looking for simple ways to implement the best cloud finance solutions for your growing business, don’t wait. Reach out and schedule a consultation with our team today.