SituationThe financial services industry is under strong market pressure. Traditional players are at threat from global and local competition and more and more small innovative fintechs are eating away at market segments. At the same time, financial institutions can be slow to adopt new technologies and provide innovative services due to their complex, highly regulated and often outdated IT infrastructure. A move to the cloud is the best way to stay agile and competitive, while reducing costs.
ChallengeAlthough financial institutions are becoming more open to moving to the cloud, the process is hampered by the complexity of their applications, as well as strict and ever changing regulatory requirements. Since many financial institutions aim for a big bang approach and move extremely fast, they are often overwhelmed with the overall size of the undertaking, even if many external resources are added. There is the risk of failure to contend with, along with uncertainty about how the new cloud technologies fulfill legal and regulatory requirements.