Migrating to the cloud is an essential element of many banks’ digital strategies. With cloud success at scale, it becomes easier to realize the pace of innovation needed to compete for customers in a digital-first world. The cloud also increases returns on upskilling people in new ways of working. Yet, many banks and other financial service providers have been slow to embrace cloud computing at scale.
What hurdles stand in the way of cloud success for banks? Strict regulatory requirements complicate enterprise-wide cloud strategies. Yet, many banks try small, isolated cloud programs. Cloud services are often procured with the simple swipe of a credit card. This can create countless challenges as the bank’s central IT function loses control of critical infrastructure. These one-off initiatives can breed compliance risks. To take advantage of all that the cloud has to offer, banks and other financial service providers must deploy the cloud at scale, with the support of central IT – not in one-off initiatives.
Operatives in the financial services industry must carefully consider, map and align their cloud journeys to the strategies of their enterprises. In this paper, we look at the pains and risks of cloud missteps. Then, we detail best practices for adopting the cloud at scale, and outline an approach that creates a foundation for future success.
You don’t need to conduct a proof of concept for a cloud initiative. The cloud is a proven technology platform, with demonstrated security and reliability. But many financial services providers undertake a proof of concept to assess the feasibility of the cloud. The risk? Slowing your journey to a crawl, while the world of cloud computing advances rapidly around you. At Amdocs, we have close to a decade of experience implementing cloud solutions in highly regulated enterprises, and we believe companies should focus on moving to the cloud successfully – not on endless exploration.
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