The Pioneering Days of Cloud Migration for Financial Services Are Over – It’s No Longer if but When!
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The Pioneering Days of Cloud Migration for Financial Services Are Over – It’s No Longer if but When!
August 16, 2024
The pioneering days of cloud migration for financial services are over – it’s no longer if but when!
According to Charlotte Webb in Global Banking and Finance Review, “Financial services (FinServ) firms no longer need to be convinced of the value of the cloud for businesses… financial institutions recognize the value of cloud infrastructure as we navigate from original cost optimization to the current day, where security, data analytics and scalability are crucial, with 91% of FinServs viewing a cloud-first approach as an essential factor in business growth.”
Take JP Morgan: According to Paul Gillin in Silicon Angle, the company is migrating 70% of its more than 6,000 applications to its public and private cloud. They have a three-stage goal to move data to the cloud, consolidate high-quality data into a single data lake, and create a data-centric culture throughout the organization. “The industry shift in financial services means we need to ask everyone to think differently about data and think about data…as a competitive advantage,” says @Arvind Joshi, their Chief Financial Officer and Chief Operating Officer for Global Technology.
Are you considering moving your organization to the cloud? As both articles linked to below point out, the journey is rewarding but not without its technical challenges. Leap Consulting Group has helped our financial services clients overcome these challenges and maximize value while balancing and managing customer impact and navigating the phasing to minimize capex spikes as they migrate their infrastructures to the cloud. If you want to learn more about how LEAP has supported our clients on their Journey to the Cloud, let’s talk.
Note: The image shown is taken from the Global Banking and Finance Review article linked above.