Cloud transformation in Banking & Capital Markets — ordeal or trivial?
Banks are increasingly under pressure to adopt the cloud to optimise spend while also deliver cutting-edge products & services against the competition to their clients. Is this cloud adoption journey an Ordeal or Trivial for the bank? Let us find an answer!
Today we live in a world of omnipresent business products & services.
Be it a Netflix, an Amazon shopping app, Apple Siri, a mobile banking app, or other such services, all are expected to work anytime, from anywhere & any device so long as we have an internet connection. This has been made possible largely due to the adoption of Cloud Technology by these businesses.
The Banking & Capital Markets (BCM) industry is no exception and banks are increasingly under pressure to adopt the cloud to optimise spend while also deliver cutting-edge products & services against the competition to their clients. The current pandemic situation has further pushed this cause.
Is this cloud adoption journey an Ordeal or Trivial for the bank? Let us find an answer!
What are the key BCM drivers to adopt cloud & key challenges that make this an ordeal?
As can be seen, the key drivers are –
- Need for global scale with fluctuating workloads
- Deliver rich & consistent user experience
- Ensure flawless, reliable, secure & compliant services
- Continuously drive innovation for growth, and
- Still enable IT simplification to manage tight budgets & optimise costs
Good news is Cloud Solutions have answers for all these drivers.
However, in this transformation journey, there are a multitude of challenges making this an ordeal such as-
- Legacy technology estate
- Traditional business & IT processes
- Reluctance to a cultural change needed to migrate to cloud
- Fear of loss of control to Managed Services
- Perceived security & compliance vulnerabilities
- Performance concerns
- Adoption to modern ways of working such as self-service business & IT models, Agile processes & Omnichannel user experience
Again, the good news is we as DXC Luxoft carry years of experience to partner with banks in their Enterprise Cloud Transformation journey, provide our deep techno-functional expertise & leading custom solutions from our engagements with major Cloud Providers to steer this journey towards Trivial. The below chart provides a comprehensive list of these solutions.
In summary, Banks need to-
- Partner with proven service provides like DXC Luxoft
- Let business goals drive technology goals
- Leverage multi-cloud solutions & orchestration
- Upfront envisage on-prem vs cloud segregation
- Modernise app estate using the “6R– Rehost, Re-platform, Refactor, Re-architect, Retain, Retire” approach
- Adopt LEAN architecture solutions as Containerisation, Microservices, Serverless & host of PaaS/FaaS/SaaS services from cloud providers
- Leverage host of cloud transformation enabling products & services from cloud providers
- Embark on an organisational transformation to align to Cloud ways of working
Explore career opportunities in cloud transformation at Luxoft here.