Three Ways for Banks to Succeed in the Cloud
While the public cloud offers significant benefits for banks, it’s not an all-or-nothing proposition. Instead, financial firms can take targeted approaches to cloud adoption that pinpoint potential value in key areas and deploy services to match.
Common approaches include:
- Investing in AI-driven solutions to improve personalization. Artificial intelligence tools make it possible for banks to improve customer personalization efforts — now a requirement to ensure clients feel heard and valued by their chosen financial institutions. Using AI tools paired with a public cloud environment provides easy access to these types of insights.
For example, while it makes sense to keep applications that handle high-value, highly confidential data close to home, it may be possible to offload tasks such as data collection or correlation to public cloud services that incorporate robust automation to reduce errors and deliver results quickly. By keeping critical processes in-house but farming out first-stage operations to the public cloud, banks can find a balance between performance and protection.
- Pinpointing applications that thrive in the public cloud. Not every application belongs in the public cloud. But keeping every app locked behind private cloud walls creates an environment that comes with a natural cap on scale: Banks can only afford to build in so much extra capacity before budget and staff resources run out. As a result, banks are well-served by taking the time to assess current applications or processes to identify likely candidates for a shift to the cloud.
- Leveraging experienced cloud service providers. Given the variety of public cloud services available even across the “big three” of Google, Microsoft and AWS, banks can benefit from the assistance of an experienced cloud service provider that can point them in the right direction and help build a multicloud framework that meets current needs and leaves room for ongoing improvement as new priorities emerge and new applications are required. In addition, managed services can provide peace of mind for banks around the reliability and stability of public cloud connections. Not only does this reduce the risk of unexpected downtime or data loss but it also frees up time for financial IT teams to tackle innovative efforts that could help banks outpace their competition.
Banks can’t afford to ignore the benefits of public-private cloud combinations. In practice, however, making the shift from private operations to multicloud frameworks requires a targeted approach.