Managing Investments Through The Cloud Is Undoubtedly The Next Big ThingMay 3, 2019
Article Written by Sally Perkins
When it comes to personal investments, what the big companies do is often where smaller consumers follow. Right now, that movement is happening into the cloud. Research by Deloitte has found that 13.5% of investment firms have moved to the cloud, with 40% seriously considering it. There are a few reasons for this, and they boil down to a few main issues. Using the cloud for investments and savings is faster and less bureaucratic, it provides more choice, and is ultimately safer. Trends indicate that the cloud will become the norm for investments as the years go on, rather than being a noted exception.
Improving the process
The most difficult part about saving money and creating a reliable savings nest is the dedication and time consumption it requires. The use of the cloud will not reduce the requirement for self discipline, but it can break down barriers to make the process overall an easier ride. For those deploying high yield savings accounts like the Solo 401k and Roth IRA, cloud based apps can help to provide instant service and demystify legalese. According to Forbes, personal finance apps and software based on the cloud make investment management possible from anywhere and at any time, and often have interfaces that allow for secure but quick service of accounts.
Generating a greater range of products
According to Sky High Networks, one massive benefit of cloud adoption is an uptick in sales. Their research showed that users of cloud-enabled companies experienced a 20% reduction in ‘time to market’ – that is, how long it took them to connect with desired products. The same effect is found in managing investments through the cloud. Of note are the ‘spare change’ apps which use cloud technology to link micro-investments with the best products as dictated by the user. Many will allow the user to subtly adjust their preferred ‘risk profile’ of investments, using the connected technology to effortlessly bridge the gap between their money and stocks.
Investment fraud remains rife, with even a small win often representing a big pay off for would-be criminals. For instance, email scams that request access to bank details – investment accounts included – still pull in over $700,000 every year, according to CNBC. Given the open nature of the data transmitted in cloud systems, security has always been top on the agenda during development. For user security, the use of factors like two-step verification, biometrics (fingerprint and eye scan) and long-form encryption provides a way to not only protect users, but give them fool-proof protection against common scans. Managing your investments through the cloud is the smartest way of going about. The process is often quicker and easier, there’s often more products available at the touch of a button, and the process can be safety and more resilient to common scams. As digital technology becomes more advanced and more available, more investments will run through the cloud, ultimately improving money management for everyone.
About the Author
Sally Perkins is a professional freelance writer with many years experience across many different areas. She made the move to freelancing from a stressful corporate job and loves the work-life balance it offers her. When not at work, Sally enjoys reading, hiking, spending time with her family and travelling as much as possible.
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