How to Improve Cloud Transformation Strategies

Jan 13, 2020

According to the Nasdaq Tech Trends 2019 report, capital markets firms have continued to leverage technologies and to explore new ways to meet their business needs via digital transformation. To boost profits, successful capital market firms have taken their cue from the tech industry and already adopted the most advanced cloud technologies.

Creation of a 2020 cloud transformation strategy and new digital ideas for banks and financial markets

Many have chosen the cloud to meet their immediate business needs. Few have understood how crucial it is to have long-term cloud transformation strategies “on the desk” to maximize their cloud value. Banking and capital markets firms have steadily built, managed, and optimized their cloud strategies and digital transformation plans to make the most of the cloud.

So, what are the emerging enterprise cloud strategy trends for 2020?

Building capability

While expanding an IT portfolio brings cost savings, it also raises agility issues, and business agendas need to embrace IT innovations. Increased capability is also about regulatory compliance, data security, and reliable performance of enterprise processes. Dependable enterprise cloud platforms offer a wide array of services enhanced with fully fledged IT systems that allow businesses to build the necessary capability to compete successfully in the market.

Scaling

Due to its high scalability, the cloud now plays an increasingly major role in testing and allocating financial and banking applications.

With scaling in the cloud, firms can continually adapt to make the best use of their time and money. Scalability accommodates greater workloads while preventing disruption or transformation of the existing infrastructure, and allows firms to adjust their processing capabilities to changes in the market.

Financial institutions, such as banks and credit unions, are increasingly making the switch to cloud banking to boost their financial competitiveness. They are embracing the innovation opportunities of the cloud and improving the efficiency of their business processes. As a result, their clients benefit from smoother and faster digital services such as everyday banking,  transactions between buyers and sellers, credit card processing, insurance payments, and brokerage services.

Automation

Automation unlocks enterprise agility: workloads may now be easily moved from one region to another, if required, and multiple identical environments may now be easily created to reduce expensive manual labor. What is more, enterprise cloud platforms offer automated testing, integration, delivery, and monitoring of applications to ensure their efficiency. This contributes to reliability, velocity, safety, security, and compliance of delivered infrastructures and applications.

Enterprise cloud platforms offer automation and cloud transformation strategies for banks and financial institutions

Multi-cloud

Public, private, hybrid, or on-premises clouds as well as AWS, Azure and other leading cloud solutions make cloud data storage, computation, and security the new normal. A multi-cloud environment thus offers reliability and redundancy, easier migration from one provider to another (with decreasing dependency on a single vendor), and potential cost savings if customers choose an alternative vendor with more affordable services.

Multi-cloud, hybrid cloud, private cloud, and public cloud scheme to describe cloud deployment models and cloud transformation strategies

As an enterprise cloud platform, CompatibL offers our customers the freedom to choose the most appropriate solution from a wide array of cloud services, such as Amazon Web Services, Microsoft Azure, and Kubernetes deployments fully supported by:

  • AWS Lambda
  • AWS Fargate
  • AWS Step Functions
  • Azure Functions
  • Docker containers
  • Enterprise-level in‑memory caching
  • Cloud database solutions

Cloud Adoption Special Report 2019
Cloud Adoption Special Report 2019
Check out CompatibL’s Cloud Adoption and Risk Report for a detailed overview of cloud adoption trends in financial services, AWS and Azure cloud adoption strategies, and barriers in migrating risk software to the cloud.
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Security and risk management

ISACA has recently issued its white paper on continuous oversight in the cloud, which requires businesses to implement continuous internal monitoring, cloud assurance, and supply chain capabilities, as well as to regularly improve cloud security, privacy, and compliance. Every major change involving cloud transformation entails risks such as hacking, breaches, and concerns with individual privacy.

The Cloud Security Alliance is an excellent source of knowledge, best practice, and research for secure cloud transformation. Enterprise cloud platforms also often provide relevant expertise, and possess proven policies, controls, procedures, and technologies to protect cloud- and multi-cloud-based systems, data, and infrastructure.

Our observations

With unlimited ways to deploy the cloud and its infinite storage capacity, many predictions suggest businesses from banking and financial markets will continue to make use of the cloud, with up to 80% of workloads potentially shifting to the cloud-based platforms in the near future.

At CompatibL, we anticipate the demand for cloud services will rise in 2020. We have already grown the company to include 200+ in-house experts – including quants, software engineers, system architects, and analysts – who support CompatibL Platform and develop cloud solutions for our clients around the globe, and invested in training of our integration and IT specialists to support our clients’ cloud transformation strategies. CompatibL Platform remains an ideal foundation on which financial institutions and firms can establish a low-cost and widely available next-generation financial and banking architecture, optimize their digital and cloud transformation, manage cloud solutions, and render digital services.

Given today’s proliferation of data, the benefits of the cloud are widely recognized by many banking, insurance, and other financial institutions. This is the perfect time to create new realities and help revolutionize the capital market.

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