In the financial services industry, the possibility of moving key applications and functions to the cloud was once an aspirational goal. Today, it is an industry reality.
There are two factors behind the push for cloud migration in the financial services sector: changing customer expectations and consistent pressure to increase efficiency. On the customer side, financial services customers expect a highly accessible and continuously improving user experience. By providing a highly adaptable platform, the cloud helps financial services organizations keep pace with the evolving expectations of the marketplace.
On the financial side, the cloud enables faster speed to market and rapid growth potential. Perhaps more importantly, cloud computing frequently reduces costs – an important advantage for an industry where leaders often focus more internally on controllable expenses than top-line revenue lift. For example, by simply migrating to the cloud-based Office 365, World Bank drove down its platform management costs by a whopping $8 million. At DBS Bank in Singapore, moving its data center to the cloud reduced the costs of running it by 75 percent.
Financial services organizations that prioritize a cloud migration can gain more engaged customers and outperform across key metrics, including the efficiency ratio. But across the financial services sector, institutions are entrenched in traditional processes that create roadblocks, whether real or perceived, to adopting a cloud-forward approach. Additionally, finance and IT departments can sometimes be at odds, but when aligned and working together can produce remarkable results.
In this paper, you will learn:
- Why CFOs are inherently vested in cloud migration
- How the cloud will affect a financial institution’s efficiency ratio and other key performance indicators
- Our three-step process to overcoming unique industry and institutional hurdles when considering a cloud strategy
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