This stems not only from the need to compete with agile neobanks, which reap the benefits of being cloud-native from their inception, but the need to build, launch and scale banking services at speeds that meet the high expectations of digital customers. A significant proportion of banks are also operating on very tight margins, and cloud IT systems offer a compelling resolution for board-mandated cost reduction currently impacting infrastructure and IT personnel budgets.
While many large financial institutions have long been working on implementing their cloud migration, not all banks have progressed along their migration strategy at the same pace. The Covid-19 pandemic served to reinforce the urgency to execute these plans, and smaller institutions now have the benefit of hindsight to observe and learn from the approach already being adopted by digital natives and medium/large-sized banks for their own cloud transition.
These learnings must also become embedded within banks’ DevOps and business teams, instilling a culture which not only seeks to leverage the value of cloud across every business line, but a culture which works to reprogram the entire bank into an institution that cultivates innovation.
Sign up for this Finextra webinar, in association with WSO2, to join the panel of industry experts as they discuss the following areas:
- Appetite for cloud migration in financial services is abundant, but has cloud migration become a more fundamental pillar of banks’ overarching digital journeys?
- What are the differences in approach to cloud migration taken by banks of different sizes? ?
- What strategies could banks further behind in their cloud journey use to catch up and leapfrog the competition?
- How have cloud migration trends shifted as a result of the pandemic? Has Covid-19 shown that certain services should be prioritised (or de-prioritised) within cloud migration strategy?
- How does the highly regulated nature of the banking industry impact its ability to move to the cloud and what strategies could banks adopt in response?
- Jane Cooper:- Researcher, Finextra [Moderator]
- Seshika Fernando - VP & General Manager of BFSI Practice, WSO2
- Samaneh Khaleghi - Enterprise Architect, Lloyds Banking Group
- Michał Górski - Chief Architect, Cloud Architect, Northmill Bank