Cloud solutions can make financial institutions more agile, flexible, and better placed to meet ever-evolving customer expectations. But, despite the tantalising benefits, financial institutions have understandably been reluctant to embrace public cloud due to concerns around data privacy and security. But could hybrid cloud provide the perfect middle ground?
As we briefly mentioned, utilising public cloud solutions can bring many benefits, whether that’s enabling you to meet customer demands faster than ever before, increase competitiveness, or reduce costs. Other industries have also seen these benefits when migrating to cloud and online services. Though unlike other industries, FSI deal huge volumes of highly sensitive personal data with a high risk of exposure in terms of financial losses, crime, and an impact that can directly affect the economy, making FSI a highly regulated industry.
While some organisations may not be ready to take the plunge to public cloud, hybrid cloud could provide a much-needed balance between safeguarding your data while still enabling you to reap the benefits of a cloud platform.
Enabling Innovation in Cloud
Cloud lays the foundation to enable you to harness big data by creating a centralised repository in which to store and analyse data to make intelligent business decisions and develop innovative digital products and solutions for customers. And importantly, this enables you to start differentiating from the competition. Today’s customers expect to be able to manage budgets, track spending and automate savings with a mobile app, but to do this, you need the foundation of a cloud platform. Cloud also acts as a springboard – once you’ve built your foundation in cloud, centralised your data and made it accessible and digestible, developed innovative products that will differentiate you, you can gain greater insights you’re your customer data and deliver market-responsive products efficiently which can all lead to increased revenue.
Why Hybrid Cloud could be the answer
Although public cloud has become more widely adopted across every industry, there is understandably still some hesitancy for FSI firms. In an industry where any compliance or security incident could be detrimental, finding a middle ground in private cloud be the solution the industry needs.
Using a hybrid cloud solution, organisations can centralise management, which makes it easier to use security measures like encryption, access control, and endpoint security across the whole cloud. With firms still having a mix of architectures that create complexity and limit visibility on data, automated and centralised tools can help manage security across every architecture.
Once institutions have more flexibility and agility, hybrid cloud solutions can help FSI comply with the changing regulations. With hybrid cloud, organisations can be better protected and secured than they ever were when they managed all data on premises. Hybrid cloud solutions are providing digital resilience and that’s why its quickly becoming the right solution for FSI looking for all the benefits of public cloud along but with the improved security and governance needed in the industry.
At ANS, we’re working with FSI organisations to help them reduce costs, increase revenue and improve the customer experience by helping them migrate to cloud and deploy modern data platforms in cloud. We offer a free of charge Hybrid Cloud Navigator, designed to help you find your way in the complex world of Hybrid and Multi Cloud deployments.