A few months ago, I wrote about how regulation will soon make cloud adoption inevitable for banks. You can’t be in business and remain competitive if you don’t get into the cloud. But according to a recent Accenture report, only one in four financial firms has a mature cloud strategy. This means that most traditional financial services companies aren’t yet getting the full benefit of the cloud — while their cloud-native competitors are enjoying the full range of its advantages.
These digital-native disruptors have raised your customers’ expectations. They expect fast, secure and seamless services from their banks. To keep pace with those demands, you must be able to standardize, integrate, and innovate quickly. And for that, there’s no better than the cloud.
Go all-in with a holistic strategy
Naturally cautious, many financial services firms have taken their time moving to the cloud, migrating a few assets or processes at a time. But, as explored by my colleagues Sara de la Torre and Richard Hercus in a recently published point of view, this piecemeal approach not only prevents you from realizing the full value of the cloud, it can actually cost you more in the long run. For example, maintaining your traditional data center environments in conjunction with cloud estate is difficult and expensive — and will become more so over time.
The best way to gain value from your cloud initiative is to plan to migrate your entire ecosystem to the cloud, and to do so with a well-thought-out strategy and planned financial investment. You’ll get the agility, scalability, speed and access to innovation that you need to satisfy your customers and stay ahead of your competition.
Build your cloud migration team
Migrating to the cloud will transform your business. But it’s not easy. You’ll have hundreds of decisions to make, investments to consider and fund, and stakeholders to bring on board. And at the end of the day, you’re a financial services company, not a cloud migration company. Your IT department probably doesn’t have the necessary skills or bandwidth to create, implement, and support the holistic cloud migration strategy that will drive your future success. For example, consider the following:
- The cloud will not miraculously enable you to leverage cloud-native add-on features. Cloud transformation requires a new skill set for product development toward cloud-native applications.
- Retraining staff and retaining the technical skills required to support the cloud ecosystem is complex and costly.
- If you don’t have a well-thought-out strategy around your data operations, data life-cycle management, governance and security, you’ll end up with siloed solutions and inefficient systems.
When you’re ready to devise your enterprise cloud migration strategy, it’s important to start with the right professional services provider — one with the experience, bandwidth, and expertise to get you where you want to go. Look for a provider that uses a customer-centric approach that combines global, industry-specific experience in financial services with proven cloud methodology and delivery capabilities.
The winning combination
Hitachi Consulting has worked with hundreds of financial organizations and corporations as an advisor and a technology, change management and digital accelerator — and we’ve helped enterprises across all industries successfully migrate to the cloud. We’ll collaborate with you to address market disruption and create new innovative value that delivers secure, proven results. The combination of our cloud technology and financial services experience makes Hitachi Consulting an important member of your winning financial services cloud migration team.
If you have any questions please email email@example.com.
Here's a link to our Whitepaper on "Enterprise Cloud Migration for the Financial Services Industry"