Cloud Migration in Financial Services Industry – an Overwhelming Trend

1. CLOUD MIGRATION IN FINANCIAL SERVICES INDUSTRY – AN OVERWHELMING TREND The priorities for cloud migration are upending over the period, for various reasons across the globe. Though cloud migration has moved to forefront across other industries, it is denser in Financial Services industry and is a daunting task because of its structural barriers and regulatory controls. Maturity of legacy systems (non-efficient), customer’s interest towards digital transformation, and competitive rivalry are the rudimentary elements for cloud migration, whereas regulatory controls for data protection and structural barriers are the key challenges while migrating to cloud. Many studies have revealed that there has been a significant acceleration in cloud migration and financial institutions are prominently investing in cloud to become agile, competitive in market and improve the efficiency in customer experience. Security and compliance challenges were jeopardizing while adopting cloud by financial services industry in the past; the scenario has been changed now, and with the advancement in Cloud security, financial services companies are moving to cloud to identify the threats quickly and respond to them in no time. Switching to cloud:

2. Improves business agility and wipes out isolated data storage approach Improves the sustainability and scalability of data management platform Reduces the data center managing cost Reduces operational cost and improves performance efficiency Brings value from Enterprise Data Provides securely access to third-party applications and data Improves the system efficiency as per changing customer needs Helps improve customization of service offerings and uniqueness In addition to above, financial services industry needs right set of skilled resources with expertise in cloud and cloud migration for adapting and modernizing applications to function in a hybrid/ multicloud environment. Since financial sector is highly regulated, data integrity plays a vital role failing which financial companies may face severe consequences as it deals with sensitive personal and financial information. Organizations also require a robust approach to control the risk and security, post migration, which can be achieved only through a rigid and dynamic framework from strategy to implementation/ migration. Benefits of Cloud Migration Business Agility and Scalability: According to Gartner, CIOs rank Operational agility as top-notch driver for cloud adoption. In addition to ease the collaborations on application updates or issues from anywhere, Cloud migrations also improves the scalability automatically as per the growing demand. This reduces the need to tether an employee to a desk, as data and services are readily available with the click of a button, virtually.