Cloud migration was a big deal for banks before COVID, but it kicked into a higher gear than ever as the pandemic drove virtual banking, digital workflows and remote work across the industry.
“They give you the ability to enter different markets or partner with different companies, providing a funnel for new customers.”
By understanding the common aspects of cloud migration, banks can create a plan for adopting and deploying the most effective cloud solutions that maximize benefits while minimizing risks.
Seven in 10 bank IT executives said they see incorporating cloud technology into products as a key way to help them achieve their business priorities, according to a recent survey released by banking software company Temenos.
As regulators grow increasingly familiar with the new efficiencies and culture of the cloud service provider industry, there should be increasing customization in their oversight of cloud service providers.
The cloud helped banks respond to the pandemic, but it can do even more.
Worldwide, most financial services companies are using some form of cloud technology, with 83% reporting they are using the technology as part of their computer infrastructure, according to a new Harris Poll released by Google Cloud.
Adopting multiple solutions, or “cloud bandwagoning,” is bound to create friction within a bank’s systems—resulting in unpredictable consequences.
A global pandemic, a struggling economy and a new administration throw wrenches into risk managers plans for the year ahead.
The siloed and slow, often manual, processes of the past are giving way to new efficiencies of automation and cloud-based solutions.