Bank the next in line to switch up to the Cloud

Almost every kind of business today is have the presence of technology and one of the thing that emerging into the online world are the banks. They are one of the known part of the any kind of business and people to keep their money for the long period of time for safe keeping but today even the banks are emerging with cloud today. It is truly believed that the cloud is emerging in our society really fast and concerning with the expense reports of the company they make easier and faster. Using cloud expense reports makes your business a way more different that the usual way in making it that can make you easier to do all the tasks that you have. The emergence of cloud-based computing technology threatens to upend any and all standards inherent in the banking industry, according to a report from The Economist.

"Small firms, without legacy computer systems to constrain them, are the fastest movers," reported the source. "Renaissance Credit's embrace of cloud computing has been almost total. Its employees type documents, run spreadsheets and read emails in the cloud ... the firm has dramatically cut its start-up costs."

Cloud services often offer big savings when compared to the costs of handling data entry and information logging on location. Bankiter, a "tech savvy" Spanish bank who spoke to the source, reported that calculations that used to take them 20 hours were now completed in under 20 minutes. While the article reported that security concerns have given many major clients pause in swapping their products and data toward the cloud, slipping profit rates could inspire motivation.

"The cost advantages of cloud computing mean that banking services are likely to move inexorably into the ether," the report claimed. Citing studies from Celent, a consultancy firm, the news source predicted that financial service firms will spend $26 billion on cloud technologies by 2015. While banks are expected to spend over $180 billion on information technology charges this year, only a "tiny fraction" of this amount will go toward cloud services.