3 Benefits of Google Workspace for Financial Industry: a Quick Start Guide

The financial industry is no stranger to new technologies; besides the IT industry, the financial industry is the quickest to apply new technology and techniques to their endeavour. Behind a big successful financial firm requires not only people who make big decisions or even bigger transactions, there are also people who work at the background processing daily paperworks. 

Today, I am going to talk about Google Workspace (formerly G Suite), a mundane yet very powerful collection of tools that facilitates and improves the efficiency and productivity of SMEs and large firms. You may ask, how is a web-based email client, document editors and cloud storage make a big difference in my business? Google Workspace (G Suite) is much more than just that: it also includes a conference software, chat room, notes and the ability to integrate Google’s search engine into your website, all included in the same package. By reading this blog, you should be able to understand why you should use Google Workspace (G Suite) for financial institutes. 

1. One of the Most Trusted Leaders in Data Security

For most businesses, particularly the financial firms handling a large amount of money everyday, the security of the system is the top priority. Don’t worry, Google Workspace (G Suite) has a robust security build around it and is easy to configure and maintain. The Forrester named Google Workspace (G Suite) as a leader in the Data Security Portfolio Vendors Wave.

First things first, whether your business is a large international corporation with offices around the world, or a local financial firm/institution, looking for a product that complies with international laws such as GDPR or industry specific regulations such as HIPAA, FERPA, Google Workspace (G Suite) is in compliance with most of these specifications. If you are looking for qualifications and 3rd party certifications, Google Workspace (G Suite) is also compliant to international standards such as ISO/IEC 27001, 27017 and 27018, SOC 2/3 etc. All data in Google’s servers are also encrypted at storage level using AES256 or AES128.

For administrators, aside from the usual suspects such as 2FA login, IAM etc. Features like Google Workspace Security Center and Security Investigation Center also make it very easy to look up for potential risks and compromised users. Not only this, the security can also be fine-tuned on the user levels and change the security policy in real time. 

For developers, they can control the Google Workspace (G Suite) through OAuth 2.0 with domain-wide delegation. It can also be integrated with 3rd party security services such as OneLogin, Phishline etc. to add an additional layer of security. 

Perhaps the most important feature is that, particularly in these times with COVID-19, remote working from home is very easy. Most companies require connecting to a VPN provided by the company in order to login from outside the company network. When integrating with 3rd party security services such as OneLogin and/or Google’s own Authenticator, connecting from outside the company network becomes much easier and effortless, great for employees with less technology experience.

2. Streamlining Workflow by Centralizing Everything 

Do you find your employees having to dance around multiple software and services in their daily work? Have you ever experienced this? Your employees, receive documents and file with email, download the documents then edit them offline with document editing software. Once finished editing the document, it is sent via email. Then somewhere between the email chain, just to find someone mistakenly switched the newest and the other version of documents, which cost one or more extra man day? 

In these cases, Google Workspace (G Suite) can help your business streamline the collaboration process. Once finished downloading the file through Gmail, your employees can then upload it onto Drive and edit the document with Docs, Sheets and Slide. 

3. Lowered Operation Costs in response to COVID-19

Migrating systems onto the cloud these days is a good way to cut costs, especially to companies not in the IT industries. Not having to hire a large number of people to maintain the servers, paying for licenses, paying less on electricity bills for cooling and running the servers are attractive incentives to make the transition. The flexibility to allocate the right amount of resources at the right time also allows your business to minimize overhead costs and allocate more resources to focus on the primary goal.

Get 30 Days Free Trial Today!

How to Migrate to Google Workspace (G Suite)?

Since most of the Google Workspace (G Suite) features are tied to a Gmail account, the migration will start with an email migration. With the free data migration service or GSMME offered by Google and of course, the one-stop integration solution by Master Concept, you can migrate email, calendar and contact data into the Google Workspace (G Suite) from commonly used enterprise email servers or services such as Microsoft Exchange, SharePoint, Sharepoint 365 or even RFC 3501-compliant IMAP servers such as Dovecot, SunMail etc. Migrating to Google Workspace (G Suite) is easy and can be done as fast as under one week obviously limited by the amount of data needed to be transferred. As a Google product, Google Workspace (G Suite) can also be easily integrated with Google Cloud, but that will be a story for another time.

Ready to Make the Transformation with Us?

Are you ready to make the move? Master Concept is the winner of Google Cloud Specialization Partner of the Year in Work Transformation in 2019 and a long-time Google Cloud Premier Partner. We provide clients one-stop work transformation solutions tailor-made just for your company. With offices in multiple major cities around the world, we can customize and localize the solution for your company. 

Not only did we successfully transform the business of over 2,000 companies of different sizes in the APAC region by integrating cloud solutions, we are also the Top 3 Google Cloud Partner in Asia and Top 20 Google Cloud Partner in the World, winning multiple prestigious awards against the best system integrators around the world.

Subscribe Our Newsletter

No Spam, only provides you the latest technology updates.

Follow Us

Leave Us Your Message.
We are ready to talk!

Leave Us Your Message.
We are ready to talk!

Leave Us Your Message.
We are ready to talk!

Can't Find What You Need? Join Our Latest Event!

Be the first to learn about
New Trends