4 Ways Cloud Transformation Enables Banks to Stay Competitive

There seems to be virtually unanimous agreement that the ascendance of the public cloud is inevitable, but the story on the ground is somewhat different. While whole new category killers like Netflix, AirBnB and Uber have radically transformed their industries powered with public cloud, adoption and evolution in financial services proves to be more complicated. For reasons ranging from regulation to economics, cloud adoption has lagged in the financial services industry.

The Benefits of Cloud Transformation

However, that is changing. In a recent white paper, “Winning in the Cloud: A Big Bank Makes a Big Bang in the Cloud,” Maven Wave detailed how a top-ten U.S. bank made a bold and holistic move to the cloud, but the question remains: what are the true benefits of cloud transformation for a financial services firm? Answers range from increasing collaboration without sacrificing security to making the most of future talent. See our breakdown of four benefits below:

  1. Increasing security. Security reigns supreme in the financial services industry. Regulations mandate it and the very existence of the enterprise is predicated on building and maintaining the trust that comes from robust security practices. However, security is often perceived as an impediment to achieving the degree of innovation necessary to foster and drive innovation in a traditional financial services company. Fortunately, our recent experience supports an alternative point of view: rigorous application of public cloud best practices can enable collaboration while maintaining or even increasing the overall security profile.
  2. Enabling innovation. The existence of silos in everything from data practices to business processes act as impediments to collaboration, and by extension, cause a lag in innovation. The adoption of cloud is an opportunity to identify, re-work and remove the silos that are hampering the ability of the enterprise to grow.
  3. Improving velocity. Business today needs to operate at the speed of the internet and traditional command-and-control practices simply can’t keep up with the pace necessary to succeed – much less survive! The flexibility afforded by public cloud allows the enterprise to radically improve the velocity of change and improvement in performance.
  4. Competing for talent. Existing financial services institutions are often up against fintech disruptors that offer something that incumbents can’t: the newest collaboration tools and software. In fact, most fintech disruptors have built their efforts entirely on new technologies such as public cloud and recent graduates emerging from colleges and universities demand  these tools. These innovators expect a modern workplace and meeting their expectations enables us to attract and retain them.

A Strategic Approach to Transformation

While the ascendance of public cloud may be inevitable, the journey for an individual enterprise can be a complicated endeavor. It does not have to be difficult, however, a strategic approach to transformation can yield dramatic results. To find out how one big bank made the journey, download our “Winning in the Cloud: Big Bank Makes a Big Bang with G Suite” white paper now.

Companies seeking to accelerate performance rely on Maven Wave for innovation-driven digital transformation. Maven Wave delivers strategy-led, results-driven business solutions powered by cloud computing. To learn more, contact us now.

About the Author

Andrew Dunmore
Andrew Dunmore
With over 15 years of solution delivery experience, Andrew Dunmore leads the financial services consulting practice at Maven Wave. Mr. Dunmore is one of Maven Wave’s thought leaders in capital markets innovation and delivery excellence. Prior to Maven Wave, Mr. Dunmore served as a Vice President at Bank of America in their global private equity investment office and an Assistant Vice President at LaSalle Bank in their credit derivatives servicing division.
August 14th, 2019
FINANCIAL SERVICES

Get the latest industry news and insights delivered straight to your inbox.

Sign up for our Newsletter
2019-11-12T10:16:05-06:00