In today’s digital market, financial institutions need safe and reliable data backups and storage to meet regulatory and compliance standards. Cloud computing is an excellent solution for the financial services industry, with the benefits of increasing both redundancy and versatility for IT systems. For example, hybrid cloud models can allow banks and credit unions the flexibility of maintaining in-house control over some business-critical data, while moving less business-critical data over to the cloud, allowing them to reduce costs while maintaining a high level of security.
Migration to cloud infrastructure among financial services institutions has increased significantly over the past several years. According to MarketWatch, the financial sector now has a higher than average rate of deployment of hybrid cloud systems, at roughly 21% penetration vs a rate of 18.5% global average. Multiple branches present another IT headache for financial institutions; implementing cloud infrastructure allows geographically distant branches to share IT resources more effectively via secure network connections, increasing both the agility of the IT system and improving the institution’s bottom line.
“Otava gives us confidence that our data is safe, secure and compliant. And if an issue arises, I have a partner in my corner that can fill any hole and answer any question. That peace of mind, and the trust it builds with clients, is invaluable. It has changed the way we do business.”
– Terry Boe, Managing Principal, President, Integral Recoveries