A financial services man worried about compliance he has to meet

6 Tips on Partnering with the Right Cloud Computing Solution Provider for Financial Institutions

Cloud Computing is becoming the preferred method for businesses to manage and store their data. If you’re a firm with substantial amounts of internal data, it may be challenging to evaluate the costs and maintenance of IT for financial firms.

When it comes to selecting an appropriate cloud provider, the requirements you have should be specific to your organization. However, there are general guidelines to focus on when assessing a provider.

1.            Cost

The first thing you have to take into consideration is cost. It’s important to understand your business and its specific needs beforehand. Before you can select a provider you need to clarify your specific requirements and objectives. See if what can be covered by a service while staying within your budget.

2.            Canned vs. Custom software

You need to determine whether custom or canned software is most suitable for your company. Custom software is computer software that is designed specifically for a company or person in order to meet their needs.

Canned software, also known as prewritten software, is software that’s designed for and distributed as is for a multitude of people or organizations to be used without modifying the code.

Canned software is cheaper but doesn’t allow for much flexibility in use. Custom software caters to the user’s unique requirements and is more flexible but is more costly.

3.            Certifications and Standards

Just as registered broker-dealer firms must comply with FIRNA and SOX regulations and standards, providers that comply with recognized standards display an adherence to industry best practices and standards. While standards may not determine which service provider you choose, they can help narrow down potential suppliers.

Nerds Support’s SaaS cloud based solution complies with many regulations that financial institutions must meet such as FINRA and SOX

4.            Data Governance and Security

With any cloud-based provider, you should research the level of security provided by the company and look into its history and data breaches. A reliable cloud provider can go a long way towards establishing an effective business continuity plan. With that in mind, you must look to ensure the cloud provider’s information security controls are risk- based and support your own security policies.

5.            Customer Support and Performance

Does the company have 24/7 customer support? Is someone available to talk? Do they have knowledge of the cloud? Service providers may have multiple vendor relationships that are important to understand. Quality care by a service provider is key to evaluating their reliability.

Don’t expect perfection either, downtime is inevitable and every cloud provider will experience it at some point. It’s more about how a provider deals with the downtime. Ensure your chosen provider has established processes for dealing with planned and unplanned downtime. They should have business continuity plans in place for communicating with their clients during disruption times.

6.            Scalability 

As your company grows in size and success, you want a cloud provider that can adjust and grow as well. Don’t get a service that provides for your current wants and is capped there.

If you grow as a result of more efficient IT and cloud services then you’re going to have to switch providers and begin the process all over again. Take into account your company’s potential for growth and development when deciding on a provider.

Nerds Support has over 17 years of experience helping financial institutions. We offer a Saas Cloud solution that is used by one of the top financial firms in the world, Fidelity Investments.

Start transforming your organization by moving to the cloud with a solution built for financial firms that addresses all the needs and security compliance

Contact us at 305-551-2009 for  a FREE Cloud Computing readiness test where we discuss your IT business needs