Why Multicloud Is the Right Vision for Banks
I think that the question of which cloud platform to choose reflects a bit of misguided strategy. Banks’ goal should be a cloud-agnostic environment where all their applications run seamlessly regardless of which cloud platform, public or private, they live on.
Banks should be able to easily migrate applications from one platform to another, and applications running on different platforms should integrate perfectly together. Application development teams, meanwhile, should be able to build apps in Kubernetes containers without having to worry about which platform the app will run on.
That’s what a true multicloud environment looks like, and it offers several advantages to institutions that get there. First, IT leaders may decide that they’d like to take advantage of a particular service available on one cloud but not another. The cloud platforms are locked in fierce competition, meaning that they will always try to outdo each other with unique new services and innovations. Second, different cloud providers offer different terms at varying times, meaning that shrewd managers can reduce their cloud spending — something that’s more important now than ever — or gain other favorable terms by remaining selective.
Third, and perhaps most important, multicloud environments reduce risk for institutions in the same way diversified portfolios reduce risk for investors. When problems arise on one platform, a bank can shift to another until it’s resolved.