Cloud-based faxing solutions have enabled many businesses to leave behind outdated and insecure fax machines while still enjoying the necessary operations that faxes provide. Organizations that invest in cloud-based faxing do so as part of a commitment to go fully digital. They realize that the advantages these services offer are vital in a changing business landscape. While the first wave of cloud adopters came largely from industries with fewer regulatory and information security concerns, the cloud has proven worthy of all challenges. For many companies, it's a stabilizing force in a rapidly transforming world.
Banks certainly fall into the category of the supremely risk averse, given the number of data protection and management concerns that govern their every move. It's not surprising that the financial services industry in general was hesitant to dip its toes into the cloud until the technology could prove itself. Companies are much less worried about cloud security than when the cloud was in its "wild west" stage, and today, many of the greatest business and IT threats lie outside of the cloud. Data governance and compliance concerns are aided by having more oversight of networks and access, not less.
The age of specialization
One of the major developments in cloud services that is spurring adoption by banks and financial services is increased specialization. In the nascent days of cloud services, offerings were generally one-size-fits all, wrote Seeking Alpha contributor Alok Misra. Providers generally eschewed industry-specific concerns in favor of mass appeal. Now, providers recognize the opportunity for cloud services that cater to specific sectors. This direct approach builds trust and adoption potential.
"As highly specialized solutions speak to key industry pain points, expect small and large financial firms to rally behind them," Misra wrote.
Cloud-based faxing is part of a wave of services that address specific operational issues. In this case, traditional faxing systems offer antiquated messaging capabilities. Sending file via cloud-based faxing offers clear benefits for the safety of confidential financial records on which banks depend. FaxCore's solutions offer the sleekness and simplicity of software as a service, increasing the visibility of information in transit and eliminating blind spots in which data vulnerabilities can fester. Like the current wave of cloud computing services, cloud-based faxing is engineered to provide a direct and vital solution to an industry-specific issue.
Disaster recovery in the cloud
Industry-specific information security concerns are also driving banks to the cloud for support. Banks are projected to spend about $12 billion on disaster recovery solutions in 2014, according to Bank Systems & Technology, much of it going to cloud solutions. Cloud solutions give banks top continuity solutions, as well as relieve IT members from having to spend the bulk of their time keeping their recovery systems current.
Moving more critical tasks to cloud-based technologies enable businesses to consolidate their IT footprints, which simplifies management and protection. Cloud-based faxing can offer disaster recovery improvement simply not possible using conventional faxing technology. If old fax machines break down, information in transit could be lost. FaxCore's cloud-based faxing solution eliminates the need for complicated and costly fault tolerant infrastructure and equipment. For banks, it represents a vital investment for more control over an uncertain future.