North American banks are turning to cloud technology as pressure to evolve increases from regulators, customers, shareholders and competitors. While many firms have begun to explore cloud, they’re not taking full advantage of its capabilities to establish their financial services organizations as serious competitors in the digital marketplace.

Which path to the cloud is the right one?

There are several options to using cloud as a business asset to transform a company and reshape its operating models, products, services and customer experience. A comprehensive approach to cloud strategy, as opposed to piecemeal implementation, gives firms a competitive advantage.

One thing is clear: Now is the time for banking firms to make a bold move to the cloud.

To anticipate and respond to disruptive challenges, banks should undertake a shift in thinking—putting technology, rather than finance, at the core of the business.

Opportunities created by the cloud

By taking a comprehensive, enterprise‑wide approach to cloud strategy, banks can develop an important competitive advantage over companies that tackle cloud on a piecemeal basis.

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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