Cloud as a Strategic Imperative
Cloud is a key enabler for Financial Services firms in their pursuit of business agility, revenue growth and cost optimisation (a topic I discuss in detail in a recent whitepaper).
Covid has created an impetus that has seen cloud migration accelerate, and the promise of cloud has elevated in strategic importance and gained board-level attention. For the digital transformation ambitions of financial institutions, it has become a necessity, a driver of innovation and an enabler of optimisation.
The journey to cloud in financial services has been slower than in other industries. SaaS solutions are commonplace, but concerns regarding areas such as security, data residency, integration complexity and performance have contributed to a cautious approach. There is also a reticence to move critical business applications and data to the cloud.
The pandemic has pushed the agenda, with many organisations hailing their use of cloud services as being critical to enable both business continuity and agility to adapt to new demands.
It’s now time for firms to step back and assess what they have achieved so far in their cloud journey, including the pandemic induced rush to move to the cloud, and to take a strategic approach to ensure the right decisions have been and will continue to be made – it is a time of ‘reckoning and reflection’. Risk officers have seen that bad things haven’t happened despite the urgency – but how can they assure themselves that will persist?
In the Gartner Paper “Devising an effective cloud strategy by addressing 5 key areas”, a framework is presented that will enable organisations to navigate the cloud journey with a clear focus on business outcomes and best practices.