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During the early phase of the epidemic, several businesses were compelled to substantially alter their operations. Rapid digital transformation is vital to thrive financially, meet changing customer requirements, and keep staff engaged. In this article, we will see how the cloud revolutionized the fintech and healthcare industry. Read to know more about the role of cloud computing in industries like FinTech and the healthcare industry.
Cloud computing platforms have enabled businesses, schools, and government agencies to overcome pandemic-related obstacles and significantly increase innovation and market agility.
The cloud computing business is predicted to reach almost $500 billion in 2022, up from US$243 billion in 2019. Amazon Web Services alone is increasing at a 33% annual rate. In the previous year, this accounted for 75% of the company's operational profits.
Rather than retreating to the status quo, corporate leaders must continue to use emerging technologies to challenge industry stagnation. Here's how the cloud is transforming the health and finance industries.
"On-premise" storage, or in-house systems that can restrict scalability and storage, has historically been a problem for business leaders in the dental and healthcare industries. On-premise servers and an aging infrastructure severely limit providers' ability to implement new tools and make use of the data they already have as diagnostic systems become more sophisticated.
Additionally, the limitations present difficulties on the patient's side. Accessing health records, making online appointments, and connecting with various healthcare providers for multi-system health needs are among these difficulties.
Even though these problems have been around for a long time, the healthcare crisis brought on by the pandemic overwhelms them and makes them worse, making it even harder for many patients to get the care they need.
Upgrading to better systems that can work faster, save money, and adapt to consumers' and patients' needs is necessary to solve these issues. In a recent case study, MIT Sloan looked at how Intermountain Medical Center in Utah updated its out-of-date electronic health record (EHR) system to deal with common issues.
By upgrading the technology that powers its 22 hospitals and 185 clinics, Intermountain was able to save millions on procurement and internal IT costs while also significantly improving patient outcomes. What we already know is confirmed by the MIT analysis: Cloud-based systems can simplify patient management, which can lower attrition rates, recoup revenue lost, and build stronger, more long-lasting relationships with patients.
One of the highest rates of attrition in the healthcare industry is experienced by dental practices, where the average practice loses 20% of its patients. Attrition could be reduced by as little as 3%, which could add US$73,000 to annual production. Cloud-based services help patients remember their appointments, streamline communications, and replace outdated booking systems. Long wait times are avoided when outdated systems are replaced, resulting in tangible improvements in dental providers' retention rates.
Cloud-based technologies are helping banks scale in the financial sector to better track fraud, expedite loan applications, and respond to market fluctuations-based surges in customer activity. New mobile banking features, money laundering patterns, and AI-automated underwriting decision analyses are all made possible by cloud-based tools.
Sadly, many banks lack cloud adoption because they rely on internal servers that have inherent limitations. Only 12% of tasks performed by North American banks are currently handled in the cloud. 90% of U.S. banks have digital transformation plans in place but haven't switched over to them. Bank of America built its cloud, whereas giants like Wells Fargo and Capital One are either already using cloud technologies or in the process of migrating over. The refreshed and further developed cloud-based innovation has saved Bank of America billions of dollars.
Data has historically been reluctantly moved from on-premise servers and data centers by businesses in highly regulated industries, which are notoriously slow-moving sectors.
The pandemic demonstrated how significant such a move can be. Better service for constituents is made possible by the switch to cloud-based software. The advantages of the cloud include lower IT costs and greater adaptability to meet unexpected challenges.
