For financial institutions, the decision to migrate to the cloud is often met with hesitation due to security, compliance, performance or optimization concerns. The financial industry continues to utilize legacy IT infrastructure and brick-and-mortar delivery modules to support financial interactions to customers. After years of the status quo, financial technology companies are bringing to market innovative and user-friendly digital platforms that allow consumers to interact with their finances wherever they are, quickly, securely and easily. This has come at a time where more and more consumers are more willing to try a non-financial brand for their financial needs.
This disruption is causing financial services companies to quickly bring digital and online platforms to market, but they experience challenges with migration and implementation. In a THINKstrategies and Flexential joint survey of 358 participants, 52% of those in the financial services industry had their cloud projects either fail or stall during implementation. A failed cloud project can be costly and impacts executives’ willingness to embrace future cloud strategies.
Whether it is a FinTech company moving its application to the cloud or an established financial institution looking to build a new application there, financial organizations need to ensure they choose the right cloud solution for the applications they are running. Not every cloud environment is right for every application. By designing and building workloads to best match the environment, institutions can realize performance benefits and avoid costly security, compliance and latency issues.