This article was first published on Insights – Ripple
The world is being pushed toward a new paradigm where simple, everyday tasks and functions, often taken for granted, are becoming increasingly cumbersome. This is partly due to the ongoing COVID-19 global pandemic and its role in forcing essential operations into the realm of digital. But this is a paradigm we’re already familiar with. It’s been on the horizon for years, thanks to the continued technological advancement of our world.
Rapid time to market and scaling to meet increased real-time consumer demand requires lean infrastructure operations and elastic, cloud-based infrastructure. Some financial institutions are no strangers to the benefits of cloud technology, and those who made the switch from on-premises infrastructure early-on are poised to step into a post-COVID world stronger than ever.
Yet, despite its obvious benefits, the top global banks continue to fall behind when it comes to cloud adoption and are now finding themselves further behind as more nimble technology players adapt to new digital environments.
Why Cloud Now?
Maintaining on-premises infrastructure is challenging—not to mention expensive when taking into account staffing, hardware, and maintenance—leading banks and financial institutions to move more slowly than other industries when rolling out new features and upgrades. With the expansion and maturation of cloud technology over the past decade, these firms are now faced with the option to either adopt more agile, cloud technologies or be left behind by their competition.
While some financial institutions are leveraging cloud solutions in some capacity, many firms remain hesitant when it comes to undertaking a full-scale digital transformation due to the customer-sensitive data they deal with on a daily basis. Cloud technology and security has significantly improved, and there’s no longer a reason for customers’ financial data to live on aging legacy systems that are inflexible and expensive to support.
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Insights – Ripple