Thanks to broadband Internet, ubiquitous wifi, and cloud computing, we’ve moved past the need for individual applications on individual computers, each installing new programs from a CD onto their hard drive. Now, everything is either downloaded and installed from the cloud, with companies using browser-based applications to manage information.
Cloud-based wealth management is more reliable, secure, trustworthy, and scalable than many of the banking and FinTech apps of the past. It’s considered the #1 preferred security technologydeployment method. And 52% of businesses use cloud-based services as an important factor in their infrastructure growth. So cloud-based computing allows wealth management professionals to work from any device on any operating system, from anywhere in the world and lets their customers access their important information as well.
Here are four benefits of cloud-based mobile platforms like Cheetah and the mobile app CheetahGO for trust accounting and other wealth management functions.
Cloud-Based Wealth Management is More Reliable
Different computer operating systems have different issues. There may be different variations of an operating system, different hardware, and different applications already installed. That means big problems for local software on your hard drive.
There are so many bugs and issues on those machines that a new application may clash with the existing ones, causing bigger problems. Even updates can cause new conflicts. Plus, your updates may not be a high priority, but you need them to complete your work.
But by using a cloud-based system — which means the platform is accessible on a web browser — our developers only have to create one version of the software. The result is fewer interruptions, less downtime, and less reliance on someone else to fix a problem.
Cloud-Based Wealth Management Is More Secure
We use cloud-based servers because they’re more secure than an in-house server. Security on cloud-based servers like AWS, Microsoft, or Google is better than any company can afford. Their security software is AI-based and can learn from attacks on it. The more bad actors try to break into one of these servers, the smarter the system gets.
Small, in-house servers don’t have this kind of security software because it’s too expensive. Even if they had it, the small servers don’t see the same number of attacks, which means they’re not as “smart” as the cloud-based servers, which makes them more vulnerable to cyber-attacks. A cloud-based server may know how to repel millions of attacks, whereas the in-house server will only know how to repel thousands, which means those unknown attacks are more likely to be successful.
Cloud-Based Wealth Management Is Trustworthy
Our CheetahGO mobile app communicates directly to Cheetah through its API library. That means everything you do in CheetahGO gets pushed straight to Cheetah, and everything you request gets pulled right from your Cheetah system. There’s no delay, no data inconsistencies, and you don’t need to worry whether your information is syncing properly. It’s a straight communication between the mobile app and the Cheetah system.
Additionally, CheetahGO is not available on app stores, which means unauthorized people cannot download it to try to break into the system. In short, if you’re not authorized to use the CheetahGO app, there’s no way you’ll even know it exists.
When you need to download the mobile app, there’s a QR code in your browser-based app. This QR code is only available to users with sufficient permissions. You can scan and download the app directly to your phone. That means you know who has access to the app and can see your customers’ data.
Cloud-Based Wealth Management Is Scalable
What do you do if you add new professionals to your operation? Rather than buy and install new copies of critical software, it’s only necessary to add a new user. It’s done in seconds and doesn’t require extensive IT support and oversight to ensure it’s all done correctly. An admin within a trust department or wealth management firm can do it without IT oversight.
Downsizing is just as easy. Rather than having an expensive software installation going unused until that role is filled (if it ever will be), just log into the admin portion of Cheetah and delete that user from the role. And if you’re paying for a monthly subscription, you can immediately cut that cost and resume it when you hire a new person.
Cheetah and CheetahGO make browser-based wealth management possible. Everything is scalable, secure, reliable, and easy to manage. If you would like to learn how to put those features to work for you, please visit our website and schedule a free demonstration.
Authored by: Cam Dowless, Associate Technical Product Manager for Accutech Systems Corp.