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SaaS And PaaS In The Banking Sector

Since new technologies have become established, more and more sectors have opted for them, and one in which they are gaining more prominence is banking. We are referring to the use of the cloud by banks to offer their services.

In this sense, it should be borne in mind that the cloud, for the moment, is used to a greater extent to provide basic services, such as, for example, access to an email address or customer analysis, among other things. Likewise, due to the importance that the cloud is taking on, banks are betting heavily on using this platform to offer others not so essential services.

To give us an idea of ​​the great relevance of the cloud environment in the sector, one of the latest reports that were carried out revealed that almost 90% of financial institutions operating within the framework of the European Union were using cloud services.

This information highlights the growth that technology has experienced in the sector since computers were first used in the 1950s. Banks are at the forefront of technology, taking advantage of the latest advances at all times.

The cloud enables banks to offer an innovative, flexible, comfortable and secure online banking service. The way to apply it can be summarized in two main types of cloud: SaaS PaaS, since the IaaS service ( Infrastructure as a Service ) does not have as much presence in this regard.

  • SaaS: its abbreviations correspond to the concept of Software as a Service and what it allows is that we can use applications that come from a provider, based on a cloud infrastructure. In this case, the user cannot manage these applications.
  • PaaS: Platform as a Service. Here users do have control, also offering the possibility of installing their own applications in the cloud.

In the case of the banking sector, SaaS is the most widely used service and it is expected that in a short time almost 60% of entities will use it. It significantly surpasses the other options, with more and more banks using this system to offer services that are not so basic, such as billing management, human resource control or even the creation of payrolls.

Within this context, it should be borne in mind that there are four implementation models: private cloud, community cloud, public cloud and hybrid cloud. The private cloud is the one most often used by banks since they offer the most security. Although sometimes they also opt for hybrids, which include part of the private and another part of the public.

Public cloud, in this case, refers to a cloud that can be used by many users without the need for common interests. Some of the big providers in this sense are Google or Microsoft. For its part, the community cloud is similar to the public cloud, but users do have common interests or some previous relationship that makes them part of the same group.

What Benefits Does The Cloud Offer In Banking Sector?

They are multiple, but for banks, this technology is very attractive due to its flexibility, resource savings and possibilities. The tools it provides are varied and raise the performance of entities significantly without the investment having to be extreme. The cloud is flexible and offers scalability, while it is a very secure method that allows entities to focus on developing other improved services and products.

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