With growing competition from fintechs, the cost of storing massive amounts of heavily regulated data on-premises, and consumers who expect fast, frictionless service, financial services organizations are painfully aware that they need to modernize their infrastructure to stay competitive.
So, what’s holding them back? Perhaps the most significant barrier to financial services’ digital transformation is cumbersome, inefficient legacy systems—purpose-built or inherited through historical acquisitions. Though they once served the industry well, they now represent stumbling blocks to banks looking to drive innovation. These systems can render it virtually impossible to quickly and easily create new, agile applications, products, and services that appeal to today’s digital consumers across retail and commercial markets.
Set your business up for a successful cloud migration
Moving to the cloud allows your business to gradually decouple applications from old legacy systems to minimize disruptions as you streamline operations, reduce costs, and enable new digital functionality to come online. Think of technology capabilities that help you score big wins on the competitive battlefield.
For example, by connecting at the level of application programming interfaces (APIs), you can enable new, mutually beneficial ways of collaborating, such as:
- Developing relationships with third-party service providers to help you create new digital customer journeys
- Establishing relationships with fintechs to help you accelerate time-to-market for new services and explore revenue opportunities
Financial services organizations increasingly see the need—now more than ever—to move to the cloud. But there’s a lot at stake, and no room for missteps, because the cloud choices you make now will frame your big-picture, long-term future.
Ready to start your cloud journey? Here are three keys to help set your business up for a successful migration that can deliver fresh new revenue streams, operational efficiency gains, and better decision-making.
Identify the “why” behind your cloud migration
According to Deloitte’s Global Risk Management Survey, 11th edition, 60 percent of financial services respondents rank cybersecurity among their top three challenges. Factors such as customers’ increasing use of mobile technology, the proliferation of Internet of Things (IoT)-connected devices, and the rising numbers of cybersecurity breaches only exacerbate security concerns.
This challenge can impact stakeholder buy in, which can limit your firm’s cloud migration success. Having cross-departmental conversations will help set internal goals.
Also, identify specific business cases—based on your top business priorities—to help solidify the “why” behind your cloud migration. For example, improving the customer experience is an increasingly strategic focus for financial services firms.
Know the right questions to ask prospective cloud providers
Selecting a vendor and service model that’s right for your organization is integral to your cloud migration’s success. Being confident that your cloud provider will take the time to understand your firm’s unique needs, wants, and priorities is just as important as understanding which computing services will exist in the cloud.
Deciding on the part(s) of your business you’ll move to the cloud will determine the questions you need to ask potential cloud providers. The questions you’ll need to ask if your goal is to reduce reliance on internal technology resources will differ from those you’ll ask if you’re looking to increase security, add redundancy, or cut overhead.
For a detailed list of questions and information about service models—plus options to help you leverage the cloud quickly, check out this new ebook.
Compare deployment options to find your best-fit solution
The type of deployment you select is a critical architectural design decision that could encompass:
- A fully managed, turn-key cloud environment
- The option to self manage your cloud environment
- The flexibility to provide for business-specific needs, such as single tenancy for privacy or security reasons
The new ebook provides more detailed information about the infrastructure and benefits each deployment option offers.
Regardless of the deployment option you choose, the TIBCO cloud environment provides everything you need for successful cloud migration and end-to-end security using AWS Cloud or Microsoft Azure:
- TIBCO WebFOCUS® Cloud Managed Service provides a turnkey solution that delivers the scalability, security, governance, and usability of a typical Software as a Service (SaaS) solution
- If you’re further along in your data management maturity, you can leverage the same leading-edge capabilities of TIBCO products and services in your private cloud environment
For financial services organizations that want to be competitive today and tomorrow, the time to adopt forward-thinking technologies is now. To get started, read this new ebook for details on how you can choose the vendor and deployment option that is right for you.