Last updated on October 7th, 2022
Whether offering investment advice or managing funds, the financial institutions offer a variety of services to the customers. However, a common aspect of all the services is that the data they deal with is highly critical. Also, due to globalization, financial institutions have to cater to clients from all over the world, as and when required.
The traditional desktops that we are used to cannot cope with these changing business requirements. This calls for a more flexible desktop solution that can offer improved performance, along with better security.
This has resulted in the financial institutions taking a keen interest in desktop virtualization solutions. According to Business Wire, the desktop virtualization market for financial services is forecasted to grow 45.41% between 2019-2024.
When it comes to virtual desktop solutions, Desktop as a Service (DaaS) is most preferred among businesses. As the name suggests, DaaS is a service offered by third-party providers, where you can get virtual desktops at the pay-per-usage pricing model.
Here are some ways that make DaaS the best fit for financial institutions.
1. All-time Accessibility
Offering financial services to clients involves the resolution of their queries at any time. Moreover, in this global market, professionals often cater to clients from different time zones. However, when working on the local desktops, you have to sit behind a desk all day. Once you are out of the office, it becomes challenging to serve them.
With DaaS, you can access your financial applications and data from anywhere at any time. This gives you the ability to work for your clients, even from the comfort of your home or while traveling.
2. Data Security
According to a report by Accenture, the total cost of cybercrimes for financial institutions was estimated at USD 18.5 million – the most among any industry. This is because financial institutions deal with confidential client data, which can be leveraged by hackers to compromise a business or demand a ransom.
The competent DaaS providers such as Ace Cloud Hosting address this issue by deploying security protocols at multiple levels. The data is encrypted during transmission from your endpoint device, as well as on the server. Moreover, the network is monitored 24/7 for any unusual behavior in data traffic. The DaaS services also include proper access controls that prevent any unauthorized access. Other security methods include Intrusion Detection and Prevention, multi-factor authentication, and DDoS protection.
3. Scalable Desktops
The financial institutions are on a constant growth trajectory with new clients and services included regularly. Hence, they need an agile infrastructure that can adapt to the changing needs of the business. Your local desktops come up with a fixed configuration and need to be replaced if the financial process grows.
DaaS services offer you flexible desktops that can be scaled instantly. Since the desktops are virtual, their configuration can be set as desired. Hence, you ask the provider to add or remove system resources as per your needs.
4. Optimum Performance
The performance of a desktop depends on its system configurations. Also, finance officials use a variety of applications simultaneously. All these apps utilize a part of the resources when used. Hence, your present desktops get obsolete after a certain time and need replacement.
The DaaS providers deploy a High-Performance Computing (HPC) environment for the virtual desktop that enables parallel processing of apps. You can install any number of apps in your virtual desktops and work on multiple apps in real-time.
5. Multi-device Compatibility
In the case of a local desktop, all your applications are installed on a single system. Hence, if there is a problem with your desktop (the operating system gets corrupted or the hard disk crashes), you could lose your critical financial data and wait for a long time until the system comes back up.
Desktop as a Service enables multi-device compatibility, wherein you can access your desktops from multiple internet-enabled devices – smartphones, laptops, and tablets. The application and data reside in remote servers and not your device. Hence, even if one of your devices gets lost or damaged, you can use another device to access the apps.
6. On-demand Customization
Apart from financial advisors and accountants, a financial institution also involves other departments, such as HR, customer support, etc. The apps used by every department is different, and so are the desktop requirements. It is an arduous task for the local IT team to purchase different types of desktop for different personnel.
However, in the case of DaaS, the desktops are highly customizable. With the help of desktop pooling, desktops in a group can be configured as per specific departments. Moreover, the desktops in a pool can also be configured collectively.
7. Cost Reduction
For a financial institution, a big part of the budget is allocated for the IT infrastructure. Firstly, physical desktops need to be purchased from a vendor. Then, they need electricity and proper air conditioning to function. Moreover, a dedicated IT team must be deployed for desktop maintenance. All these processes result in significant costs for the financial institution.
With DaaS, you can get the desired number of virtual desktops and pay as per the usage of resources. This frees you from buying high-end desktops for your office. You can deploy BYOD (Bring Your Own Device) policy, where the employees can use their personal devices. Since the desktops are not deployed on the premises, the costs related to maintaining them is also eliminated.
8. Disaster Recovery
Any minor issue with your local desktop can cause a halt in your financial operations for a few hours. However, in case of a major disruptive event like an earthquake or a massive cyberattack, the financial process can be suspended for days, if not permanently.
Most renowned DaaS providers offer a robust disaster recovery plan to ensure that you continue working on your desktops, even in the case of a disaster. Your entire financial process is replicated on multiple data centers in different locations. Hence, if one data center is affected by a disaster, your access is shifted to the identical desktops created in other data centers. You will not even know that a disaster has occurred.
DaaS has been offering customized desktop solutions to diverse industries all over the world. The financial industry also has started to realize the agility it offers to financial services. DaaS is a complete package that can help you save IT costs while improving operational efficiency.
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