Impact of Cloud-Native Services on FMS
An overview of the impact and benefits of cloud-native software for financial management services (FMS).
At Palco, we want to help individuals overcome all barriers to living their most meaningful lives. In today’s world, that demands understanding the transformation Financial Management Services (FMS) have seen in the last decade. We have spent time and capital investment in our cloud-native Case Management Portal to provide open architecture, processes, and a culture of collaboration to deliver customer satisfaction at speed.
What is the Cloud?
Cloud computing is defined as “a way of using computers to store and manage data and software on a network of servers which give users access over the internet.
What are the Benefits?
Cloud-native services have numerous advantages over its non-cloud-native alternatives, including the ability to save time, decrease errors, and allow the user to view immediate results. For example, Palco’s cloud-native CMP allows the user access to data, as well as a library of standard and custom program reports 24 hours a day, seven days a week. This gives administrative transparency and immediate access to data from other external-facing Palco applications including Connect and Intake.
Will the Cloud Make my Data Less Secure?
It’s understandable that, since we visualize our private data floating around in cyberspace next to this mysterious cloud, we would be prone to thinking cloud computing would make our data more susceptible to hacking and data loss. Well, we’ve got good news for you, because that is not the case. In fact, cloud computing can actually be more secure than non-cloud computing! For Palco, that means more privacy like HIPAA and HITECH compliance, but in general, data stored in the cloud is secure from data loss, physical theft, and natural disaster.
At Palco, we not only encrypt all of the data stored in the cloud, but we protect the network at the edge. A few benefits of edge computing are often:
✔the avoidance of bandwidth constraints;
✔reduction in transmission delays;
✔minimum service failures;
✔and better control over the movement of sensitive data.
Load times are reduced, and online services are deployed closer to users.
A few other advantages to cloud computing include:
✔scalability
✔unlimited storage capacity
✔high speed
✔efficiencies
✔deployment speed
✔much more
Having cloud-native services in the FMS industry just makes sense. And when you use Palco’s Case Management Portal, you’ll see why.
Be sure to keep an eye on the Palco website for more information and educational resources on financial management services. To learn more or to request a demo, contact us at partnerships@palcofirst.com.
by Mike Brower
Chief Information Officer
