Cloud-based data solutions have created many new ways for companies to optimize their analytical processes. The materialization of the cloud era is beginning to be felt by the heavily regulated financial services field, where the burden of compliance and standards are being lifted by digitalization.
For financial firms, implementing cloud-based IT solutions is likely to cost less than upgrading or replacing bespoke legacy IT systems across most applications and configurations. The flexibility and scalability of cloud infrastructure allows for instant experimentation, immediate results and efficient exits. This essentially eliminates the need to go through long cycles of purchasing, installing and managing server equipment, empowering companies of all sizes to create new applications when they need them, scale them as appropriate, and turn them off when no longer necessary . . .