5. Tighter controls
Saving information on hard drives means that anyone who has access to that device can potentially access that data as well – this could be others internally. Loss or theft could leave it open to external parties too.
Along with multi-encryption security, cloud-based services offer security permissions to control which users can view different information. From a regulatory perspective, this ensures compliance with GDPR rules as you can restrict access to sensitive client data.
It also means you can provide remote access to parts of your system to clients, giving them the ability to view their personal data, retrieve secure messages and review investment updates, improving engagement with their financial plan.
6. Enhanced collaboration
When the Covid-19 movement restrictions were first introduced, many businesses were concerned about how to ensure that teamwork continued seamlessly when each member was working in a different place. But the various lockdowns have proved that it is possible to work and collaborate successfully regardless of location when your data and systems are based in the cloud.
With the ability to view and share information securely across teams and with external partners, advice businesses have been able to deploy resources as required without worrying about where individuals are physically based.
And some advisers have been able to extend their services to clients outside their usual catchment area, using cloud services and virtual-meeting technology to build and maintain strong relationships and deliver bespoke financial advice without the need to meet in person.
7. Reduced maintenance
Outsourcing certain aspects of your business can leave you with more time to focus on your core services. The use of external paraplanners, investment management and back-office support have all increased in recent years for this very reason.
Transitioning to cloud-based technology provides similar benefits. Just like the automatic software updates on your smartphone, the major cloud service providers deploy regular updates and patches without noticeably impacting the system operation, reducing the need for in-house maintenance and allowing businesses to devote IT resources to projects that can drive the business forward.
8. Better integration
With cloud architecture you can also connect multiple systems and programmes to create a bespoke technology stack. Providers are increasingly using the standard connectivity provided by APIs to deliver modular solutions that can be connected in the way that best suits the advice business.
Rather than a one-size-fits-all solution, you can take only the parts that you need, integrating best-of-breed software and services to build a system that truly meets the needs of your business.
