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Why SACCOs Needs to Acquire Cloud Solutions?

Why SACCOs Needs to Acquire Cloud Solutions?

Small Savings and Credit Co-operative Organizations (SACCOs) now can remove the cost of buying computer servers and employing ICT personnel by implementing the cloud-based servers. It costs SACCO between Sh 800,000 and Sh 2 million to adopt computer servers. This has made it very difficult for small SACCO’s to give support on technology to cut costs and improves efficiency.

In previous history, traditional financial institutions such as banks were unwilling to embrace such technologies, mainly on security grounds. But current days we have seen them taking a closer look as they can start to fully understand the advantages and profits it can bring.

Cloud computing, in short, is called, “Cloud storage”, it is a new technology that is used for storing data by using the internet. It’s a hybrid technology of evaluating different services like servers, software, networking, storage, databases, analytics, and many more by using the internet. Simply put, cloud computing is the delivery of computing services—servers, storage, databases, networking, software, analytics, and more – by using the Internet (“the cloud”).

Companies providing these computing services are called cloud providers and usually, they charge for cloud computing services based on usage, it looks similar to at home how you are billed for water or electricity. Cloud services are delivered on the requirements over the internet with pay-as-you-go pricing. Cloud computing includes using different server computers over a digital network used to store the data and manages the client's secure access to a variety of applications and the data from any network device. It also offers an easy-to-use, cost-efficient, flexible, dynamic, and secure environment for modern business transactions. By offering near-unlimited hardware and software requirements on a pay-as-you-go basis via the internet, cloud computing drives down costs and creates flexibility to respond to change.

So, how can Saccos get help from cloud computing? Big advantages of the cloud include:

Cut costs

Cloud computing means SACCOs don’t have to fund heavily in dedicated hardware, software, and related manpower. It is very easier for them to update their infrastructure for IT and the cloud’s modular, pay-on-demand model means they pay only for the hardware and software they requirements.

Increase efficiency

SACCOs will enjoy better efficiency ratios and operating support. The standardization inherent in the cloud in the future could make it easier to combine new technologies and applications. Because technology and operations of the business can be much more closely arranged, the cloud provides SACCOs a golden opportunity to drive out complexity.

Serve clients faster

Cloud computing makes new and multiple products and services which is easier to develop and implement, either on a stand-alone basis or in partnership. It removes acquirement delays for hardware and software. SACCOs will have the ability to improves the computing power to meet requirements peaks and offers the latest treasury solutions without needing to worry about whether the technology is up to date or not. Clients will have the ability to access SACCO systems using web browsers from anywhere at any time.

Protection from cybersecurity risks

Cloud computing develops technical controls to secure access to the SACCO members’ personal data and funds. The technical controls are observed and any fake access is alerted on and actioned to prevent loss. Speed and accuracy have become key tenets in the new war against cybercriminals, which is necessary to moves from the traditional system to cybersecurity management for SACCOs.

Cloud computing can help Saccos reduce the possible losses from internal and external fraudsters, offers a technical solution in recognizing and certifying cybersecurity risks faced by the organization. In addition to playing the deposit-taking and lending functions, many Saccos are extending their range of member services, which is necessary for investment in technology infrastructure that can facilitate the transactions and link to other devices such as mobile phones.

For the SACCOs cloud computing, gives a low-cost solution, as a service now that can easily access cybersecurity and have all their data controlled remotely from protected cloud storage. With cybersecurity risk-taking centre stage in Sacco boardroom discussions, cloud computing will also deliver a new perspective to the valuation of risks associated with cybersecurity for the member-based financial services organizations.

Though many Saccos are fairly slow in holding the use of technology to run their operations, those are providing FOSA services are more and more becoming targets for external cybersecurity breaches. Most cheating cases most of the time internally arise, but the rise in external attacks originated the risk of higher losses.

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