Financial Institutions Migrating to Cloud Accelerating Innovation

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Financial services industry (FSI) businesses are increasingly moving to cloud-based data management. More than 45% of banks and other FSI companies already utilize private or public cloud services, and this percentage is expected to reach 90% by 2023. Major companies, however, migrate – or are looking to migrate – to a cloud-based environment by partnering with cloud service providers, since they lack sufficient in-house knowledge to properly execute the process.

Frost & Sullivan published a white paper titled Modernizing Operations and Customer Interactions in the Financial Services Industry, evaluating the migration process of FSIs. The paper discusses challenges and opportunities and points out that cloud service providers can ensure successful outcomes in the optimization of integration, orchestration, and utilization of data.

“As FSIs house large volumes of business and customer data, they are highly regulated. They’re also attractive targets for cybersecurity threat actors. However, FSIs are highly adept at improving operational efficiency through data and new technologies and lead most industries in innovative digital customer experiences,” said Roberta Gamble, Partner & Vice President at Frost & Sullivan. “To ensure they get the most value from their IT strategy, FSI businesses need to work with partners that can help them better manage data needs so they may channel the more expensive resources to high-value projects, in line with a bank’s core competencies.”

Key points for FSI businesses that ensure successful cloud adoption:

  • Ensure data is fully protected yet fully accessible no matter where it resides — on a hyper-scale cloud, on-prem, or hybrid; at the edge, server, or mobile device; as back-up or in action
  • Leverage the advantages of the cloud but strategize for the challenges
  • Partner with a service provider that can prepare an organization for increased data generation and cybersecurity attacks. It can ensure that all data, apps, and systems will always comply with evolving regulatory demands around the world in near-real-time

 

Download the full white paper here: http://frost.ly/62a

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