How financial institutions can master the complexities of the Cloud transformation 

Key takeaways 

The key challenges of digital transformation Cloud adoption include:

  • Revamping organisational structure and culture
  • Mastery of cloud cost management
  • Adapting to the speed of change

Most common cloud mastery use cases include:

  • Expanding business via fintech and AI
  • Efficient cost management
  • Boosting agility through DevOps and adopting the Cloud
  • Enhancing resilience, compliance, and security

Financial institutions can fuel their business growth by adopting multi-cloud strategies and integrating AI and FinTech. However, despite the powerful opportunities the Cloud offers, navigating cloud transformation and cloud technologies is complex.

To achieve their goal, banks must grasp cloud capabilities, tackle adoption challenges, and explore potential use cases. Our comprehensive research outlines key steps to guide you in leveraging the full benefits of cloud technology.

The challenges of digital transformation Cloud adoption 

To be able to reap the benefits of cloud adoption, financial institutions need to address a few challenges. 

Revamping organisational structure and culture

The journey to mastering the cloud begins with people, not technology. An essential shift involves moving from separate business and operations departments to integrated DevSecOps teams. These teams unite security, operations, and development to enable delivery, enhanced collaboration, and shared responsibility for the entire application lifecycle.

Additionally, implementing self-service models is crucial. These models empower employees to independently access and manage resources, which would further streamline  processes, reduce bottlenecks, and increase efficiency.

Furthermore, a critical step is transforming the organisational culture into a Cloud culture. In such a culture, organisations fully embrace the principles and mindset of the Cloud which further fosters an environment where individuals feel they want to contribute. 

Mastering Cloud Costs 

As financial institutions increasingly embrace the Cloud, effective cost management becomes a critical aspect of cloud operations. Optimising Cloud costs can sometimes be a long and winding road as it requires deeper understanding of different cloud pricing models and cost allocation. We bring you some of the key strategies that can help organizations control their Cloud costs more effectively:

  • Cloud Excellence Implementation: Prioritise cloud expertise to develop cost management strategies that enhance cost efficiency
  • Right-Sizing Resources: Ensure resources are appropriately sized for their intended workloads. This will lead to significant cost reductions.
  • Dynamic Resource Capacity Adjustment: Align resource capacity with real-time demand to provision resources only when needed, increasing efficiency and reducing long-term costs.
  • Optimising Storage – Deleting unused data, compressing large files or moving data to appropriate storage tiers can enable significant cost savings. 

Navigating the pace of change of Cloud transformation strategy 

Navigating the constantly evolving Cloud landscape is a great challenge for organisations. As the Cloud ecosystem introduces new offerings, DevOps expert teams, who are focused on integrating new features and services, play a crucial role in identifying and capitalising on opportunities that align with organisational policies and compliance requirements. They have to balance innovation with established policies to ensure that the integration of new Cloud features is seamless, efficient, and aligned with the organisation’s overarching objectives. 

How Financial institutions can master the complexities of the Cloud transformation 

Deployflow
Source: Accenture Cloud and Clear, Cloud Readiness Report – Banking.

Cloud Mastery Use Cases 

As companies explore the ways to solve the challenges and keep up with the latest trends in Cloud adoption, they become more focused on their Cloud transformation journey. However, this does not make any sense if they have not identified clear use cases that can help transition from Cloud complexity to Cloud mastery. Here are some of the most typical use cases financial institutions should be aware of when starting this journey: 

Expanding business via fintech and AI

Leveraging Cloud-based solutions empowers financial institutions to seamlessly integrate Fintech applications and AI-driven capabilities. This integration, in turn, enables them to offer cutting-edge products and services to their end-users, thereby elevating the overall customer experience. Achieving mastery in cloud technologies allows organisations to integrate innovative features and capitalise on emerging Cloud services. This, in turn, enhances their digital capabilities, enabling them to stay at the forefront of the market and deliver an unparalleled user experience. 

Efficient cost management

As mentioned above, Cloud cost optimisation plays a great role in banks’ cloud transformation journey. By implementing FinOps, banks can efficiently optimise their Cloud spend, ensuring they get the full value out of their investments. On top of this, Software-as-a-Service provides finances with another opportunity to reduce costs associated with on-premise software. Finally containers and serverless computing allow banks to optimise resource usage and improve app’s performance. 

Boosting agility through DevOps and adopting the Cloud

Agility is one of the top requirements when it comes to mastering Cloud computing digital transformation journey. Agility is a strategic advantage and allows organisations to proactively respond to customer needs. By following DevOps best practices and adopting cloud-based solutions, financial institutions can swiftly deliver new features and services and keep up with the latest trends in Cloud transformation and market. Most importantly, they can easily and more rapidly recover from failures and setbacks. 

Enhancing resilience, compliance, and security

Since end-users frequently use digital services banks offer, such as, for instance, digital apps for payments, financial institutions should focus more on strengthening the resilience of their IT systems. Implementing best Cloud practices can help them achieve this goal. Also, it is imperative for financial institutions to maintain strict compliance and security standards to provide their users with safety and piece of mind. Cloud technologies jump to the rescue by offering advanced security features including automated monitoring, secure access controls and data encryption. Through the Cloud, financial institutions can enhance their resilience and maintain compliance more effectively.  

Take the first step towards your Cloud mastery 

By addressing the challenges of cloud adoption, keeping up with the latest trends in Cloud technologies and focusing on key use cases, you will successfully navigate your journey to Cloud mastery. This will help you deliver superior customer experience and position yourself better on the ever-evolving market. Deployflow has a long-standing experience in helping companies achieve value through Cloud. Talk to our team of experts to learn how we can help you fuel your business growth and stay competitive in the world of finance.


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maya.budinski

Published on December 11, 2023