Financial Cloud 4 Strategies Strengthen Data Power
In order to keep up with the digital transformation trend of the global financial industry. The Financial Supervisory Commission has introduced major legislative amendments this year (2023). Announcing that the cloud regulations in the financial industry will be significantly relaxed. In the future, all non-major and non-consumer financial information systems of banks outsourced to cloud services. It directly deployed in domestic and overseas cloud systems without application. The introduction of new financial cloud laws will be a new sms promotional campaign opportunity for digital transformation, which will help financial players introduce more diverse digital tools such as cloud computing. SaaS data systems, and data integration . It is expecte to make digital competition more intense. This article will give you a quick understanding of the differences and advantages before and after the revision of the financial cloud law. How financial industry players can use four data strategies such as data integration and marketing data application to gain digital competitiveness!
The law is revise: Regulatory restrictions become a challenge for the digital transformation of the financial industry
In the past, financial institutions required to comply with “data confidentiality. And data landing” in accordance with the law when obtaining and storing data. In particular, when storing important business data (such as customer data). It had to be stored in physical computer rooms in Taiwan. And when outsourcing the use of cloud services, significant risks were involved. If you want to operate or entrust work overseas. You must apply to the Financial Supervisory Commission for approval, which is a complicated and time-consuming process.
These regulations are mainly to protect data security and privacy. But they also make it difficult for financial institutions to quickly adopt cloud solutions. Thereby increasing data processing costs and facing challenges in digital transformation.
After the law is revised: Simplifying outsourcing procedures and making data management easier
Now, the Financial Supervisory Commission has taken into consideration that the global financial industry is undergoing digital transformation. And financial services have become more diversified and convenient. So it has relaxed the regulations on financial cloud migration. In the future, bank operators will no longer need to apply for using domestic cloud services to handle general office affairs; the regulations for what is a customer journey map? Overseas cloud services significantly relaxed. In the past, all operators required to apply before introducing them. After the amendment, it is a major consumer finance business (such as credit card information). Applications required for types specified by the competent authority. And others accessed to overseas public clouds without application.
For outsourced cloud operations clearly regulated, under the new system. The first application is approve. Other snbd host financial players do not need to apply again to use it. It will become easier to adopt cloud solutions. Data platforms and other services. Although regulations on cloud migration greatly relaxed. Industry players still have to follow principles such as risk management and control to ensure data security.