Moving to cloud: A strategy for banks in Europe
February 6, 2018
Cloud technology offers new approaches to profitable growth for European banking firms that shift their thinking to focus on technology, rather than finance, at the core of their business.
Legacy systems and outmoded operating models place firms at risk of being bypassed by faster, more agile competitors. Firms are encouraged to implement a comprehensive and well-executed cloud strategy to capture the full potential of this business asset. While there is no one-size fits-all strategy, using cloud as the basis for a more fundamental transformation can help banks be more competitive and innovative in our digital age.
This report explains different paths to the cloud and why now is the time to make an aggressive move.
Working on a case by case basis, retail banks have used cloud to rationalize distribution channels and access layers; accelerate product development; reduce core costs; and consolidate services.
Cloud-created opportunities for banking firms
Cloud is a win-win for banks. Firms that take a comprehensive, enterprise-wide approach to cloud strategy can develop a significant competitive advantage over firms that tackle cloud one project at a time.
Agility to meet volatile business cycles
Reorganize IT cost structure moving Capex to Opex
Agile application release cycles through DevOps
Better operational control of the platform
Elasticity to support high seasonality and on demand consumption
Cost reduction and improved cost predictability
Facilitate access to enhanced capabilities (i.e. analysis of massive amounts of data)
Increased security and controls through automation
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