The operational challenges facing financial services firms are only increasing - from regulatory requirements to new entrants and now open banking and digital transformation - all at a time when competition has never been stronger.
Fortunately, cloud computing services are constantly improving and maturing. Now banks can get more than cost-savings from their use of the cloud. It can improve cost management, enhance data security and data management, reduce operational risk, and enable banks to migrate to a more decentralised, digital and collaborative operating model.
However, there are issues that banks, both new and old, must consider to optimise their use of the cloud, such as cultural challenges, skills shortages and operational obstacles. One way to overcome these challenges and ensure the most effective use of cloud technology is for banks to work with a growing number of expert organisations to support and manage their cloud migrations and digital transformations.
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