Are Banks Ready to Hop on the Cloud? It all Depends on the Application, States Recent Report

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SOFTPRO offers on-premise electronic signature and signature verification software for the cloud-hesitant financial institutions. Cloud adoption research report available online.

The more complex the application, the more likely it is to be deployed on-premise.

Banks use our solutions in their core business processes, often times leveraging our developer tools to tightly integrate the software. An on-premise solution instead of a cloud offering is therefore preferred at this time.

The adoption of cloud solutions are prevalent. According to Cloud Computing Expo’s website: “94% of enterprises are using some sort of XaaS – software, platform, and infrastructure as a service.” But one number doesn’t tell the whole story. An October 2013 report by the Aite Group, LLC*, Cloud Computing for Banks: Evolution or Revolution?, shows that banks are adopting cloud solutions, but for non-mission critical applications. According to the report, the more complex the application the more likely it will be deployed on-premise versus in the public cloud.

“The Aite Group survey results echo what our customers are saying,” explains Rodney Vesling, President of SOFTPRO N.A. “Banks use our esignature and signature verification solutions in their core business processes, oftentimes leveraging our developer tools to tightly integrate the software. An on-premise solution instead of a cloud offering is therefore preferred at this time.”

SOFTPRO’s SignDoc ESignature Software Suite is successfully deployed by banks worldwide who are leading the digital banking transformation. These financial institutions are using SignDoc to transact electronically regardless if the approval process is completed online through a standard browser, or esigning in-branch with a tablet.

“Large organizations, including banks, are constantly evaluating their technology and must modernize their legacy systems, sometimes dating back 20 years,” explains David Albertazzi, Senior Analyst and author of the report. “One of the recommendations made in the report is for banks to become familiar with cloud solutions by starting with non-critical systems and non-sensitive banking activities such as office productivity, email, and procurement.”

The Aite Group report also addresses the US and European regulatory issues surrounding cloud computing services, highlights the banks' perceived risks, and identifies the differing attitudes towards the cloud depending on the deployment options: public, private, community or syndicated cloud.

Founded in 1983, SOFTPRO is the most experienced signature management company. The company’s SignDoc Esignature Software Suite supports handwritten esignatures captured with any device including tablets and smartphones as well as offers a secure click-to-sign esignature solution. In addition, SignDoc complements SOFTPRO’s check fraud prevention solution, FraudOne, for managing signature references and automated check fraud detection. The products are used in 50 countries and 12 of the world’s 25 largest banks trust SOFTPRO.

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