Here's How the Cloud is Revolutionizing Health Tech and FinTech

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In the first phase, pandemics forced many companies to radically rethink their work. To survive financially, to support changing consumer needs and to keep workers connected, a rapid digital transformation was required.

Cloud computing has allowed businesses, schools and government agencies to meet the challenges posed by pandemics and accelerate innovation.

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Cloud computing is predicted to grow from $243 billion to $500 billion by 2022. Amazon's Web Services is growing at 33% annually. Last year, this accounted for 75% the operating income of the company.

Business leaders should not return to the past, but instead disrupt stagnant industries with new technology. The cloud is revolutionizing the health tech and financial technology industries.

Businesses in the healthcare and dental industries have faced challenges with "on-premises" storage - in-house storage systems that limit storage and scalability.

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On-premise servers, aging infrastructure and outdated diagnostic systems severely limit providers' ability to leverage data and implement new tools as diagnostic systems become increasingly sophisticated.

These limitations create challenges for patients as well. The limitations include difficulties in accessing health records and scheduling online appointments.

These problems have been around for years. However, the pandemic-induced health care overload has made it more difficult for patients to get necessary treatment.

Solving these issues means upgrading to systems that are more efficient, cost-effective, and can evolve in line with the needs of patients and consumers. In a case study published by MIT Sloan, the university examined how Intermountain medical center in Utah upgraded its aging EHR system in order to meet common challenges.

Intermountain significantly improved patient outcomes through the upgrade of technology in its 22 hospitals and clinics, while saving millions on procurement and internal IT expenses. The MIT study confirms what many of us already know: Streamlining the management of patients with cloud-based software can improve patient retention rates, recapture revenue lost, and create stronger relationships with patients.

Tab32 reports that the average dental practice loses 20 percent of its patients. This is one of the highest rates of attrition in the healthcare industry. A 3% reduction in patient attrition can result in an additional $72,000 in production each year. Cloud-based services simplify communications, replace outdated booking systems, and help patients to remember their appointments. By replacing outdated systems, dental providers can see tangible improvements to their retention rates.

Cloud-based technology allows banks to track fraud better, speed up loan applications and respond more quickly to fluctuations in the market. Cloud-based technologies also enable banks to implement mobile banking, detect money laundering patterns and automate underwriting decisions using AI.

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Many banks are still lagging behind when it comes to cloud adoption. They rely on internal servers that have inherent limitations. Only 12% of North American banking tasks are currently handled via the cloud. Ninety-percent of U.S. bank have digital transformation projects in place, but they have not converted. Bank of America has built its own cloud while titans such as Wells Fargo, Capital One and Capital One have either adopted cloud technology or are in the process of doing so. Bank of America has saved billions of dollars by using the updated and improved cloud technology.

Organisations in highly-regulated industries tend to be slow-moving and have historically been reluctant to move their data from on-premise servers or data centers.

The pandemic showed just how powerful such a change can be. The migration to cloud-based applications allows better service for constituents. Cloud computing offers a number of benefits, including a reduction in IT costs and issues as well as allowing for greater flexibility when responding to challenges.

Updating or retiring legacy systems is also necessary to ensure long-term growth. Cloud-based solutions will fundamentally change the way these industries have addressed their longstanding challenges.