Service providers with advanced solutions can help financial institutions get the most value from their existing data while keeping it secure and accessible, finds Frost & Sullivan
Banks and other financial service industry (FSI) businesses are migrating to the cloud at record rates. Nearly half of all FSIs already use either public or private cloud services, with usage expected to reach 90% by 2023. However, nearly 60% of FSI businesses state they do not have sufficient in-house knowledge for proper cloud execution—a number that has more than doubled since 2018. Therefore, leading FSI companies leverage cloud service partners to optimize the integration, orchestration, and utilization of data, regardless of where the data resides.
Frost & Sullivan's latest white paper, Modernizing Operations and Customer Interactions in the Financial Services Industry, analyzes the opportunities and challenges inherent in FSIs' recent migration to the cloud. It explores how the right solution provider can ensure successful outcomes.
"As FSIs house large volumes of business and customer data, they are highly regulated. They're also attractive targets for cybersecurity threat actors. However, FSIs are highly adept at improving operational efficiency through data and new technologies and lead most industries in innovative digital customer experiences," said Roberta Gamble, Partner & Vice President at Frost & Sullivan. "To ensure they get the most value from their IT strategy, FSI businesses need to work with partners that can help them better manage data needs so they may channel the more expensive resources to high-value projects, in line with a bank's core competencies."
Overall, for smart cloud adoption and business modernization, FSI entities need to:
Ensure data is fully protected yet fully accessible no matter where it resides—on a hyperscale cloud, on-prem, or hybrid; at the edge, server, or mobile device; as back-up or in action.
Leverage the advantages of the cloud but strategize for the challenges.
Partner with a service provider that can prepare an organization for increased data generation and cybersecurity attacks. It can ensure that all data, apps, and systems will always comply with evolving regulatory demands around the world in near-real-time.