Digital Transformation of Financial Companies with Cloud
Traditional retail banks can increase their revenues by about 4% in a year, which can result in over half a trillion dollars in additional revenues by 2025, says an Accenture report. C-suite executives have already moved towards 100% digital communications. Cloud migration seems to be an easy road for the digital transformation of financial companies. But how can businesses do that?
Broadridge Financial Solutions’ CIO, Mark Schlesinger says that by fully embracing cloud capacity, a business can separate itself from the rest of the pack regarding digital transformation. But, many business models do not sustain this kind of cloud transformation because of the challenges.
Challenges in Advanced Cloud Transformation
Cloud migration is the answer to all things digital in the present times, and yet the digital transformation of financial companies with the cloud has not been explored to its full potential. Some of the challenges that act as hiccups in advanced cloud transformation are mentioned below-
— Creating data platforms that are centrally assigned
— Improper or lack of scalability in technological execution of capabilities
— Increased expenses because of staled technological environment
— Difficulty aligning digital capabilities
— Changing market demands
— Complicated infrastructures that choke requirements of data for sophisticated analysis
Financial services companies that have remained incumbent for a long must develop a long-term action plan for desired business outcomes from their cloud deployment.
Top Strategic Recommendations for Cloud Deployment
To understand and explore the enterprise potential for the cloud, 5 main strategic recommendations help in the digital transformation of a financial company. These are-
— PaaS or platform as a service
— Re-working on existing operations
— Cloud migration of the current physical products and services
— Cloud transformation with DevOps and containerization
— Reimagining people’s strategy for full implementation of digital transformation of the financial company with cloud deployment
A detailed analysis of the points above and a successful roadmap to implement cloud for the digital transformation of financial services companies can be found here.
Moving legacy systems to the cloud offers a strong foundation for a product that’s based on protection, cost-efficiency, and data security. Digital transformation of finance with cloud migration can help break the gridlock, a common problem while deploying apps on the cloud. Defining a clear strategy and scaling through an IT vendor with experienced engineering capabilities can thus make more than half the work done.
