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

Kylie McKee
Kylie McKee is a Content Marketing Strategist at Maven Wave with more than eight years of tech industry experience and five years of content marketing experience. Prior to joining the Maven Wave team, Kylie worked as a Content Marketing Specialist for WebPT, Inc. and earned an Associate in Applied Science in Motion Picture, Television, and New Media Production with a CCL in Screenwriting from Scottsdale Community College.
August 14th, 2019

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