For businesses such as banking, insurance, investment management and others belonging to the financial sector, managing security requirements becomes more and more challenging. Today, organizations are increasingly turning to cloud-based solutions to address their needs to reduce complexity, to ease scalability and to rapidly introduce new services to market.

Among the various areas where cloud technology has proven to be a boon, Cloud Identity Management or Identity-as-a-service has become a crucial element for a comprehensive and effective data and resource security strategy.

Below are the benefits of this technology from the perspective of financial sector:
Time is Money
The company and clients can have access to important documents anytime and anywhere from any web-enabled device such as desktops, laptops, tablets and smart phones. This is done without putting the security of your organization’s information resources at risk. This saves quality time and effectively utilizes resources to gain the end goal.

Cost Effective
Application software, hardware, and licenses available are expensive, while with Cloud technology, you only have to pay per month or an annual fee depending upon your usage. With this you gain flexibility of IT infrastructure.

Efficiency
Once on the cloud, your organization is free of IT hassles which tend to take up a lot of time. This way, your employees can focus on their core competencies, and get back to work.

Paperless Office-Going Green
In the cloud you need to enter identity information only once. This system enables the employees with the same authority levels to work together on the same documents from anywhere.

Data Protection
All your information is secured in high security data centers. Certifications and audits also ensure that procedures surrounding data security and data? Protection are complied with effective digital identity management regulations and are correctly offered by the service provider.

Secure Client Communication
In with cloud technology you can work in “Team rooms”. A team room is a protected area in which an accountant creates it for the client and gives rights of access to only those who are authorized and securely authenticated business contacts.

Transparency
Team rooms facilitate transparency through continuous document version management and digital auditing. Hence, it is always possible to track who changed what and when. It is easy to view changes, restore an older version and to compare changes.

Information technology continues to develop and brings powerful potential for every specialist sector to be productive. With Cloud identity management, the financial fraternity can benefit sustainably