In my earlier blog I listed some reasons that SAPPHIRE NOW was going to be exciting for financial services. In this blog, I wanted to share some of my thoughts around the role of cloud in financial services. I recently read an article in the Wall Street Journal stipulating that “…any business that isn’t racing to push its data and software into someone else’s data center is setting itself up for disruption by a competitor who is.” (“Forget‘the Cloud’; ‘the Fog’ is Tech’s Future”). The article goes on to describe the challenges of getting data in and out of the cloud, calling the connectivity between mobile devices and sensors the ‘fog’.
But whether you are trying to see through the “fog” or look to the “cloud”, today’s dynamic financial services environment requires banks and insurers to tap into the rapid innovation enabled by cloud technology in order to adapt their processes quickly to ever changing market dynamics and customer needs. Many banks and insurers are already embracing cloud technology and forecasts in a recent study show that 70% of IT investments by 2016 will be for cloud-based solutions. In another recent SAP benchmarking study, 91% of financial services firms believe that cloud computing will transform the industry.
It’s a good thing, then, that SAP has cloud solutions available to banks and insurers today that will help them innovate faster not only in the areas of human resources, procurement and finance, but in their core processes and customer engagement as well. The SAP cloud portfolio provides a complete set of offerings including a cloud platform, cloud services, cloud applications, and an industry leading business network. You can also select your choice of public, private, or hybrid cloud deployments to fit your business needs. There are turnkey solutions for SAP HANA Enterprise Cloud that address the mid-market segment with an integrated solution in the cloud for insurers as well as an integrated solution for billing and payments, with claims and policy insurance objects. SAP Cloud extends the existing IT environment to unlock new levels of agility and performance that you may not have believed was possible.
Come learn more about our cloud offering at SAPPHIRE NOW in Orlando next week!