The financial industry is one of the most regulated industries; where just this year, global banks were slammed with almost $2 billion in fines for their usage of WhatsApp and other messaging apps that have become integral in today’s remote business environment. They have extremely complex systems and processes where cloud integration can help the industry become more agile and responsive internally and externally.
Shield takes a step toward hybrid cloud solutions
In the past, banks and financial firms stored their compliance platforms on-premise and were against moving to the cloud due to security concerns such as lack of visibility, data breaches, unauthorized access, and more. However, the shift to hybrid and remote work and the rising complexity in communication data drove financial institutions to look to the cloud to provide the agility and flexibility that they need to compete in the digital age.
Shiran Weitzman, CEO, and co-founder of Shield, an AI regtech platform that just announced this month their $20M Series B announcement and is a finalist for the 2022-23 Cloud Awards can speak to cloud adoption as a whole for financial institutions and why this will be increasingly prevalent in the future.
Ofir Shabtai, Co-Founder, and CTO at Shield said,
« We’ve shown the ability to work with the world’s most premier financial institutions, and on day one, introduce more efficient and adaptable data flows, through our flexible technology, we’re able to ingest data on its way to the bank’s on-prem storage without disruption. The data is then enriched, and stored in a cloud solution maintained through the bank’s security and control policies, without affecting, or even leveraging, the institution’s existing data strategy. From there, all the data is indexed so the bank can access its data via search queries nearly instantly in human-readable format without spending a penny on export costs. »
Shield’s hybrid cloud solution enables organizations to:
- Ingest and process more data faster by leveraging a secure and adaptable modern cloud deployment without sacrificing their on-prem data control strategy.
- Allows E-Comms records management and searches to be more efficient and adaptable.
- Quickly deploy the platform with advanced security measures while simultaneously reducing cloud footprint and total cost of ownership.
- Utilize AI, machine learning, and NLP to deploy employee communication surveillance in the cloud.