Speed, Savings and Security: 3 Secrets to Success in Cloud Migration for Financial Services

In our white paper, Securing PII Data in the Cloud for Financial Services, we took a deep look at the current conditions for cloud migration in the financial industry, including the current rate of adoption, overall industry trends, best practices and benefits that financial firms can realize by securely embracing this flexible, powerful and cost-effective technology suite. In this article, we turn the lens to the real-world results that one customer experienced as they embraced public cloud and describe the long-term benefits of such a move.

Speed, Savings and Security

Maven was able to partner with a large, fintech “unicorn” as they began to move sensitive data for their more than 80 million customers from their data center to the public cloud. As a result, the client was able to realize significant gains in terms of speed to market, cost savings, and enhanced data security.

  • Speed: “Moving at the speed of cloud” is not just a catchy saying, it’s a real possibility. In addition to gaining the ability to dynamically scale up or down in response to performance needs and demands, the flexibility of resources afforded in cloud allows the enterprise to increase velocity. In this case, we estimate that this specific client is now able to develop and ship code five times faster than before. It’s the difference between incremental improvements for the enterprise and exponential growth. This gain has decreased time to market and differentiated the value and experience provided to their customers.
  • Savings: “Ditching the data center” has obvious cost benefits in terms of capital expense but savings arise in other ways as well. A reduction in both physical assets and human operations lowers cost and allows for redeploying resources to more productive activities. In this case, the company forecasts a 30% reduction in infrastructure costs over the next 3 years and estimate 50% of their manual technology operations work has already been shifted toward new work activities, including DevSecOps and site reliability engineering (SRE) oriented improvements.
  • Security: Common perception holds that security is compromised in the public cloud when, in fact, just the opposite is true. Following the implementation of Maven Wave’s 11 best practices, the company brought in a third-party penetration testing team who concluded the implementation was secure and even used the term “invisible” in their report. Thus far, we estimate that there has been a 60% reduction in threatening security incidents based upon the new cloud architecture and an ability to identify and isolate incidents twice as fast as was possible in the data center.

While public cloud platform offerings are certified and secure, enterprises need to deploy a funded and coordinated migration initiative that includes many aspects of the operating model. It may sound obvious, but education and incentives must be universally aligned to successfully tailor best practices for the public cloud to the company’s needs. Done properly, a move to the public cloud can lead to widespread and profound results.

It’s a Journey, Not a Destination

It’s often been said that transformation is a journey and not a destination, and the same concept applies to the migration from traditional, on-premise, hardware-based compute resources to the public cloud. While public cloud stands in stark contrast to traditional services, the real measure of the promise and potential of the cloud is dynamic. It will be realized over time and in ways that allow a business to become more flexible, embrace new tools and techniques, and create new opportunities in a more secure way. Making the move to public cloud is just the beginning.

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.
April 2nd, 2019
FINANCIAL SERVICES

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2019-04-18T16:35:34-05:00