Cloud Computing Is Modernizing the Finance Industry

By Brian Wallace Brian Wallace has been verified by Muck Rack's editorial team
Published on May 9, 2022

The finance industry ultimately fuels everything else. When you think about what you do daily, think about your home, your vehicle, your phone, even your job… chances are anything and everything in your life involves money changing hands at some point and in some fashion.

With this in mind, it only makes sense that, as we attempt to reach a “net zero” status individually and as a culture, we must address the issues of emissions produced by every purchase and every transaction that takes place every single day.

How Many Financial Transactions are Made Daily?

Right now, there are more than 350 billion purchases, over one billion credit card transactions, and over 319 thousand new credit organizations across the globe every single day. Each one of these transactions is potentially responsible for some quantity of CO2 emissions. Add to this the consideration that every other industry, even those who are top polluters, like energy, transportation, agriculture, fashion, and food, relies on a functioning financial industry, and one can conclude that the financial industry bears a heavy responsibility in moving toward full sustainability.

In 2022, we may have finally come to a relative end to the COVID pandemic, however the greater and more long term threat to our existence, which is climate change, is still yet to be resolved. There is no vaccine or easy solution to this issue and it’s going to take the sincere effort of every individual and every industry to make a significant change in the future of our entire planet.

The financial industry currently relies heavily on many different processes that are outdated. There’s outdated software from companies that are no longer operating. There are antiquated methods on antiquated devices and are not environmentally friendly. They are also more vulnerable to cyber crimes. In other words, in every respect, the finance industry needs to move forward in the way it functions.

The Move to the Cloud for Financial Services

One of the most modern, secure, and sustainable ways that the finance industry can get up to date is by transitioning to cloud computing. Transitioning to the cloud can save 59 million metric tons of CO2 emissions every single year; the equivalent of removing 22 million vehicles from the roads. That’s a significant impact, and one that can and should take place. This is especially true in an industry that allows all other industries to keep functioning.

In the past 5 years, 85% of consumers have changed purchasing habits in order to be more environmentally responsible. Many would be willing to pay a little more for goods and services that are also sustainably sourced. This is reason enough for finance executives to be paying attention, and thankfully many are doing just that.

Eighty-six percent of executives report making changes toward sustainability, and 74% believe that sustainability can drive business reforms. However, the majority also are struggling to know exactly how to make their organizations more sustainable.

Once again, cloud computing can be a perfect option for these companies. Cloud computing offers sustainability, modernization, and consumer appeal. 

How the Cloud Can Help Reduce Carbon Emissions for the Financial Services Industry
By Brian Wallace Brian Wallace has been verified by Muck Rack's editorial team

Brian Wallace is a Columnist at Grit Daily. He is an entrepreneur, writer, and podcast host. He is the Founder and President of NowSourcing and has been featured in Forbes, TIME, and The New York Times. Brian previously wrote for Mashable and currently writes for Hacker Noon, CMSWire, Business 2 Community, and more. His Next Action podcast features entrepreneurs trying to get to the next level. Brian also hosts #LinkedInLocal events all over the country, promoting the use of LinkedIn among professionals wanting to grow their careers.

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