In two recent blog posts, Public Cloud is Ready for Financial Services, But is Financial Services Ready for Public Cloud? and Trends in Cloud Migration for Financial Services, we made the compelling case that public cloud such as Google Cloud Platform (GCP) has reached a level of maturity that makes it a logical choice for utilization in financial services. With an extensive list of features added to the known benefit of cost reduction acting as a magnet for new investment, the next several years will see an upsurge in cloud migration for financial services that appears to be inevitable.
Yet, a healthy amount of skepticism lingers in this conversation from established institutions. Simply put, the question remains: what are the real, tangible benefits to be gained by making a migration to public cloud? In our experience, these benefits not only include cost reduction and rationalization but also increased efficiency from a “move and improve” regimen, superior results from enhanced data management, access to cutting-edge disciplines such as machine learning, and, in direct contrast to public perception, a dramatic increase in system security.
- Cost reduction and rationalization: It’s no secret that the industry perceives the main driver of cloud adoption to be cost. For example, we estimate that our client was able to save at least 30% on infrastructure in a project described below. However, there’s more to the story, as cost savings in hardware and infrastructure can often be repurposed to be spent on additional resources and activities that ultimately benefit the business.
- Chance to “move and improve”: In a traditional scenario, a migration to a new platform is undertaken as a “lift and shift” operation, but, in a cloud migration, an opportunity arises for the enterprise to evaluate their current operations against a desired future state. If undertaken correctly, this creates the possibility for the dual benefit of shedding old, outmoded methods and creating new, beneficial practices.
- Enhanced data management: Data serves as oxygen for the modern enterprise, but it can also provide a source of both increased cost and heightened vulnerability. In a public cloud deployment, it is possible to reduce cost while maintaining, and in many cases improving, security. At the same time, optimizing data availability will ensure that your data is owned, stored and accessed under more favorable conditions.
- Enable and integrate disciplines such as machine learning: Machine learning and artificial intelligence work as differentiators for the modern enterprise. The success of Netflix, Uber and countless other disruptive companies are a testament to this fact. Advanced automated and predictive digital methodologies will be table stakes for a successful enterprise of the future, and they are made possible only by the application of cloud resources.
- Increase system security: The common perception of security being a flaw in a public cloud couldn’t be further from reality. Instead of creating greater vulnerability, the intelligent utilization of public cloud resources such as GCP will lead to an improved overall security posture. In addition, the journey to the cloud presents an opportunity to discard biases toward the outmoded concept of perimeter defense and apply a more sophisticated inside-out approach. Mature public cloud implementations protect valuable assets at all times and, further, provide enhanced tools and practices that extend these higher security settings into the data center.
In our white paper, Securing PII Data in the Cloud for Financial Services, we take a deep-dive into the current state of cloud migration for financial services, best practices to consider in a cloud transformation journey and some real-world takeaways from one fintech unicorn’s project to move personal client data to the public cloud. As mentioned above, the client realized significant infrastructure savings as well as myriad other benefits. To learn more, you can download your copy of the white paper here.
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.