Cloud computing is modernizing the financial sector

The financial sector ultimately powers everything else. When you think about what you do on a daily basis, think about your house, your vehicle, your phone, even your job… chances are that anything and everything in your life involves money changing hands at at some point and in one way or another.

With that in mind, it makes sense that as we strive to achieve net zero status individually and as a culture, we need to address the issues of emissions produced by every purchase and every transaction that takes place every day.

How many financial transactions are carried out daily?

Currently, there are over 350 billion purchases, over 1 billion credit card transactions, and over 319,000 new credit adjudicators across the world every day. Each of these transactions is potentially responsible for a certain amount of CO2 emissions. Add to that the fact that all other industries, even the most polluting ones, such as energy, transport, agriculture, fashion and food, depend on a functioning financial industry, and one can conclude that the financial industry bears a heavy responsibility in moving towards full sustainability.

In 2022, we may have finally come to a relative end to the COVID pandemic, but the greatest and longer-term threat to our existence, which is climate change, has yet to be resolved. There is no vaccine or easy solution to this problem and it will take a sincere effort by every individual and every industry to bring about meaningful change in the future of our entire planet.

The financial industry currently relies heavily on many different processes that are outdated. There are outdated software from companies that no longer work. There are outdated methods on outdated devices and are not environmentally friendly. They are also more vulnerable to cybercrimes. In other words, in all respects, the financial industry must evolve in its operation.

The move to the cloud for financial services

One of the most modern, secure and sustainable ways for the financial industry to get up to speed is by moving to cloud computing. Moving to the cloud can save 59 million metric tons of CO2 emissions each year; the equivalent of removing 22 million vehicles from the roads. This is a significant impact, which can and must take place. This is especially true in an industry that keeps all other industries running.

Over the past 5 years, 85% of consumers have changed their buying habits to be more eco-responsible. Many would be willing to pay a little more for goods and services that are also sustainably sourced. That’s reason enough for finance leaders to pay attention, and thankfully many do.

Eighty-six percent of executives say they are making changes toward sustainability, and 74% believe sustainability can drive business reform. However, the majority also struggle with knowing exactly how to make their organizations more sustainable.

Again, cloud computing can be a perfect option for these businesses. Cloud computing offers sustainability, modernization and consumer appeal.

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