The financial services industry has been turning to cloud services and technology in droves to accommodate the pressures, security demands and cost savings of digital transformation projects, as well as regulatory compliance priorities.
To become and remain agile, financial organisations must move beyond legacy practices, particularly when the speed of change in the industry is at such an all-time high and accelerating.
Variants in cloud technology have quickly emerged leaving financial services organisations with choices far beyond mere public cloud solutions. Security and availability demands have led many institutions to continue to rely on private cloud deployments- those within the organisation’s security perimeter or firewall. While at the same time, managed cloud services and Software-as-a-Service options have increased the number of public clouds organisations are using. Other factors such as regulatory requirements mean financial services firms need to not only keep certain data within a certain geographical location but also should review the risk associated with relying on only a single cloud provider.
Compounding the regulatory challenges, the advancements and innovations around 5G and IoT are leading to new levels of edge computing, with corresponding cloud requirements. As a result of this proliferation and the arising complexity from multiple clouds, as well as the need to have enterprise-wide management thereof, banks and FIs have needed to move away from a single cloud strategy and utilise a hybrid cloud and platform approach and a cloud-native mindset. From a business, security, risk and operational standpoint, the stakes have simply become too high not to be hybrid.
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