Metrics, Agility, and Communication: 3 Key Factors to Making a “Big Bang” in Financial Services

It’s an undeniable fact that cloud computing, as exemplified by Google Cloud, is the foundation for a profound transformation in all aspects of business today. In financial services, the stakes are particularly high for incumbents as new entrants from the realm of fintech are addressing the most profitable and fastest-growing segments of the business while incumbents must attend to existing restraints, not the least of which are regulatory demands and obligations. Existing financial services institutions must embrace the cloud in the right way in order to meet these challenges.

In this context, it’s important to have a handle on the foundational requirements that set the stage for successful cloud migration and utilization. As detailed in our white paper, Winning in the Cloud: A Big Bank Makes a Big Bang with G Suite, key factors include ensuring that there is alignment between success metrics and your business strategy, building a thriving agile culture in the organization, and establishing strong communication and change management practices.

Aligning Metrics and Strategy, Embracing Agility

Too often, cloud migration and implementation are undertaken without taking the time to align required outcomes with the steps that will be necessary to attain desired results. Whether out of a mistaken belief that a liberal application of technology will automatically lead to success or a lack of skills and expertise to imagine and map the desired future, a failure to develop a strategy along with metrics to measure success to meet those goals will likely lead to suboptimal results. A robust effort will include the time and effort needed to define a strategy as well as enumerate the metrics by which progress will be monitored.

The amount of change necessary to achieve the full benefits of cloud transformation is considerable and processes must be robust in order to efficiently and powerfully maximize opportunities. Both the scope and the scale of the task require that best practices in agile development are in place so that efforts don’t get muddled and lost due to complexity issues. This means that both the interactions between technology and business units as well as between management and the integrated development team should be part of the equation when it comes to the actual creation and delivery of work. The only efficient way to do so is by embracing and instantiating rigorous agile project practices.

Change Management and Communication

To ensure that plans are fulfilled and processes run smoothly, focus time and effort on best practices in change management and communication protocols. Change management is a logical extension of well-considered strategy and objectives. An effective communication plan provides the channel to keep information flowing in a continual and robust way. It is essential to success to initiate and maintain a thorough approach. Otherwise, early gains will fail to be maximized, a trend toward discord and misunderstanding will be likely, and gains will be uneven, at best. The interrelationships between business, technology, and management are complex and only by religiously adhering to best practices and change management can the diverse needs of these parties be unified and maximized.

How to Make a Big Bang with G Suite

Change is never easy but both the challenges and the potential rewards to be won by embracing cloud through G Suite and GCP are significant. The stakes are high and the task is complex so it pays to make sure that efforts are comprehensive and complete. To find out how one big bank was able to make a “big bang”, 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.
March 2nd, 2020
FINANCIAL SERVICES

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2020-03-02T11:08:50-06:00