ANS hosted an event for FS&I with Symeon Breen CTO at Open Money around cloud in the industry because financial services firms need the right technology to help them stay agile and prepare for the future. For this discussion Car Finance 247, Parker Neal, Arrow Global, Valour Group, Leek United Building, Society, ZIP and Perch Group; gathered to look at the industries big questions How to overcome the security and regulatory hurdles that prevent FSI organisations from migrating to cloud, How to open the door to new customers and create additional revenue streams, How cloud is providing a foundation on which to unleash AI + ML, and many more.
Symeon Breen from Open Money kicked off the conversation by giving us some background on Open Money. Open Money he explained is an App focused on money management to get ready to then invest but there originally no money in the app. Open wanted to be able to keep the ethos of the company; Tech for good while also being able to make a profit. Symeon then went into their own cloud journey which started at the beginning as Open Money was born in the cloud as a business and became a platform as a service. This led to the first conversation questions, what is the next step in the journey after you’re in the cloud and How cloud skills differ?
Governance was a big point of discussion next, understanding that data not just moving it around. With those options were then discussed. Starting with Purview which was discussed as still being limited 2-3 years down the line and not good for large assets. This was a discussion now on migrating to cloud, how and how to ensure data quality and management. Aws and azure have solutions for cloud as well and is still an evolving space and is a good choice for legacy data and migrating to cloud
Cloud providers are still catching up though. They are only starting to take data provisioning and more seriously with this now being a big marketplace, support data in the cloud making it easy eventually. Data is about its managed, govern and quality.
With this line of conversation, the discussion of if these things should be done in house or by a third party came up. It was brought up that it depends on the product sets and how you classify your data and the risk of it not being classified right. Massive gaps can be found if your data is not classified right and leaves a huge risk but, in the end, you would still need third party products to manage the tooling.
To close out the roundtable it was agreed that the main aspect of cloud journeys is that cloud is a journey not a destination, Platform as a service is objective, on premises third party solution led to lower cost and better service and availability and the continued development from a third party makes it better over time.
Check out more : Cloud Migration Navigator – ANS