This stems not only from the need to compete with agile neobanks, which reap the benefits of being cloud-native from their inception, but the need to build, launch and scale banking services at speeds that meet the high expectations of digital customers. A significant proportion of banks are also operating on very tight margins, and cloud IT systems offer a compelling resolution for board-mandated cost reduction currently impacting infrastructure and IT personnel budgets.
While many large financial institutions have long been working on implementing their cloud migration, not all banks have progressed along their migration strategy at the same pace. The Covid-19 pandemic served to reinforce the urgency to execute these plans, and smaller institutions now have the benefit of hindsight to observe and learn from the approach already being adopted by digital natives and medium/large-sized banks for their own cloud transition.
These learnings must also become embedded within banks’ DevOps and business teams, instilling a culture which not only seeks to leverage the value of cloud across every business line, but a culture which works to reprogram the entire bank into an institution that cultivates innovation.
26 Oct, 2022