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Why financial services are bullish about the cloud

Recent investor surveys demonstrate great confidence in the cloud. When asked about IT plans, 43% of FS tech leaders say they plan to increase cloud spending this year. And, 86% see hybrid cloud as the “ideal operating model” for their businesses.

Banks, funds, insurers and asset managers are investing big in cloud technology, seeing it as a way to compete with fintech disruptors and access new markets. But with huge troves of data and compliance headaches, migration won’t always be plain sailing.

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In need of assurance

Although a handful of major banks have committed to full migrations to the cloud, the majority have soon run into issues when they investigate the technology’s potential.

Perhaps most significant are problems around compliance and security. In a highly regulated industry, farming out data management to third party organisations represents a real headache (and may be even more complex in the light of Brexit). This explains the popularity of hybrid models, where some content is always kept on local servers, while the less sensitive information goes online. But configuring this set up requires a whole new information architecture.

Security concerns are another headache for financial services CIOs. Providing remote access to employees might at first feel attractive, yet the security problems it entails can add a whole level of complexity to your planning.  

Then there’s the issues of migration from legacy systems. How do you get decades’ worth of data, cleaned and ready to use, and onto a cloud server?

Banking on the cloud

But done right, a migration to the cloud offers rich pickings.

Finance firms sit on treasure troves of customer information, yet this is often spread around multiple silos. The cloud provides powerful data management tools which can finally help make sense of all that information. Artificial Intelligence can hunt for insurance fraud, create hyper-personalised mortgage offers or recommend investments tailored to the individual.

Opportunities for innovation in the cloud are enormous too. By using more flexible technology, banks, insurers and other FS businesses can play fintech ‘disruptors’ at their own game. With more innovative services, established firms can enter dynamic new markets.

One legacy of the pandemic will almost certainly be a rise in remote working in the industry. And again, cloud tech makes it much easier for staff to work securely and seamlessly wherever they are.

Get cloud-ready

With its enormous potential for FS firms, the cloud simply cannot be ignored. At Cloud Expo 2023, you will hear from industry experts about how your organisation can use the cloud and what strategies you need for a successful migration. You’ll find out how hybrid models work, get a feel for the suppliers who can support your move, and learn how others have already done it.

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