Hybrid cloud is about enabling applications to be developed once and run anywhere, to integrate easily with other solutions, and to be securely managed from anywhere.
Even before 2020, the profit margins and business models of financial services firms were highly stressed. The pandemic worsened this environment, making it necessary to radically transform operations while addressing rapid shifts in customer needs. In some cases, two or three years of transformation took place in months. Despite aggressive changes, many banks still rely on inflexible, monolithic legacy systems that make it expensive to adopt new technologies or deploy innovative functionality.
Traditional approaches to IT are not well suited to the current era’s digital realities. You can’t compete by merely adding new features to legacy code. Business leaders demand rapid innovation, customer centricity, and mobile-first interfaces. Customers expect immediate results, for example, they want loans approved in hours not weeks. So new competitors like Rocket Mortgage— unconstrained by legacy systems--are capturing market share by meeting contemporary expectations.
With competitive pressures unchecked by the pandemic, and operational resiliency a daily issue, financial Services IT leaders find themselves in the eye of a storm.