Jack Henry & Associates: How to improve back-office work with the private cloud
In an industry as competitive as the financial industry, the importance of having a streamlined back office has become increasingly important. Modern workflows can provide faster response times to account holders, reduce transaction times, create efficient employee workflows, and automate the flow of information for greater internal productivity and operations. more transparent externally.
As businesses continue to grow, back-office operations tend to be put on the back burner. But, keep business efficienciesto the fullest is essential to maintaining employee productivity, keeping operations running smoothly and staying ahead of your competition. A back office operating at peak efficiency can significantly reduce errors while meeting compliance and regulatory requirements.
In order to combat back-office frictions, one of the trends seen by the financial industry is the migration of operations to the private cloud.– which helps banks and credit unions to optimize and unleash the full potential of back-office operations and increase productivity. When migrating to a private cloud, banks and credit unions can increase back-office efficiency by:
- Collaboration between systems and departments
- Savings on hardware and maintenance costs
- Reduce IT and infrastructure loads
Collaboration between systems and departments
Traditionally, banks and credit unions have operated with siled information systems that are inefficient to maintain and difficult to use as a consistent reporting source for strategic decision-making. Often, financial institutions have all the data needed to collaborate across systems and departments, but have always managed data in silos. These disparate systems misinform staff about your most profitable customers, making it difficult to protect and nurture key relationships. And, when systems and departments are siled, communication breaks down and interrupts the flow of information, making it even more difficult to maximize the potential of your bank or credit union.
Smarter cloud platforms enable organizations to operate more efficiently and perform better market recognition. With a 360-degree view of your customer base, banks and credit unions hold the key to unlocking the hidden potential of data and revealing insights that will transform your back-office operations, business strategies, and decision-making. Simply put, you’ll get the data integration you need to create more efficient operations. These cloud-based data integration platforms pave the way for greater collaboration across departments like finance, lending, marketing, risk, and more, freeing up your back office to focus on core competencies and strategic initiatives.
Next steps? Look for a platform that helps you maximize collaboration with a powerful collection of products integrated into a hosted system and stay agile in a highly competitive landscape.
Save on hardware and maintenance costs by migrating to a private cloud
Gaining efficiency, peace of mind, and saving time and money are just a few of the benefits a cloud-based platform can offer banks and credit unions. You have better control over your budget – reducing hardware investments and overhead and maintenance costs, in addition to supporting resource reallocation. A recent Aite group reportidentified 95% of basic deployments of new financial institutions in the United States choose a hosted environment. In addition, 52% of respondents to a survey Cisco Pollsay they use the private cloud because it is more cost effective.
With a cloud-based platform, banks and credit unions can take advantage of a diverse, expansive infrastructure and sophisticated processing environment – eliminating the large capital expenditure required for in-house solutions, require resident resources to operate and manage internal data center operations, long-term capacity planning, and ongoing hardware upgrades. With time and resources freed up, your organization can focus tightly on core competencies while seamlessly accessing advanced technology.
Next steps? Consider migrating to a private cloud environment to reap the benefits that come from redirecting capital to areas that improve account holder services and dramatically increase productivity in the workplace and back-office operations.
Reduce IT and infrastructure loads with hosted IT services
Has your organization found it difficult to keep up with the latest technological advancements, regulatory compliance guidelines, and customer service requests? Managing your organization’s information technology (IT) network is an extremely demanding, costly and time-consuming responsibility. Your IT staff must understand the increasingly complex operations of your department as well as the ever-changing compliance rules, regulations, and evolving Securitythreats to the financial sector.
As IT departments can become more capable and responsive when hosting with a cloud-based service, the recent move towards cloud technology comes as no surprise. According to IBM, banks and credit unions have a huge opportunity to leverage cloud computing to drive innovation and improve their competitive positioning. With the private cloud, financial institutions can be much more agile and reduce IT costs and operational expenses.
Increasing efficiency, security and availability by hosting your IT infrastructure on the private cloud translates into significant benefits. Freeing up resources to focus on core business operations is the most widely cited reason for migrating IT functions at 49%, with 46% of companies saying a cloud-based core gives them access to sets of skills that are not available internally. Additionally, 71% of financial services executives have already migrated to cloud-based operations (or plan to do so).
Next steps? The private cloud has become a central part of banking and credit union operations IT services – addressing the need for capacity, speed, and an efficient back office. Consider using available hosts and cloud resources to transform your IT operations and automation so your organization can meet regulatory compliance guidelines and deliver an enhanced account holder experience.
What areas of your bank or credit union should you focus on to increase back office productivity and achieve your strategic initiatives? Respond quickly Where survey to access actionable resources you can use to improve back-office operations now and in the future.