If banks are reticent to fully embrace the power of hybrid cloud, they may be missing out on getting closer to customers and outpacing competition.
1. Hybrid cloud could help banks cut costs
Reducing the total cost of technology ownership is the most popular reason for implementing hybrid cloud. Hybrid clouds can cut costs by taking advantage of the economies of scale that cloud data centers provide. Data centers offer lower costs for hardware, power, facility upkeep and infrastructure staffing. Instead of locking up funds in soon-to-be outmoded capital equipment, cash generated from business success can be reinvested directly into near-term profit growth.
2. Hybrid cloud could help banks improve operational efficiency
Forty-seven percent of bankers cited operational efficiency as a top reason for implementing hybrid cloud. Cloud enables banks to quickly provision resources across an entire ecosystem to rapidly assemble tailor-made solutions for critical business needs. This can greatly reduce time spent on problem solving while enhancing the agility of banks in responding to constantly shifting market demands. In the realm of IT, cloud enables operational efficiencies by optimizing the latest infrastructure, middleware and apps. This enables banks to leave subpar legacy systems behind. For example, during online financial transaction processing, banks can plug in the latest third-party cloud-based API service to verify user identity.
3. Hybrid cloud could help banks boost innovation
Cloud adoption fosters innovation because it can transcend barriers of geography, industry, and organization. Cloud accelerates innovation by enabling quick prototyping of new ideas for fast experimentation. Remarkably, at least 75 percent of bankers surveyed said their most successful cloud initiatives had already achieved expansion into new industries, creation of new revenue streams, and expansion of their product/services portfolio.
Clearly, cloud has evolved from a technological platform to an integral part of banking transformation.
To get started with hybrid cloud, banking leaders can ask three key questions:
- How would you articulate your bank’s cloud strategy?
- What new benefits can your bank attain by more thoroughly embracing hybrid cloud?
- What are the logical steps to start accelerating your hybrid cloud adoption today?
For more findings on how hybrid cloud can address a bank’s unique needs, consider reading the full report.
As alternative payment options such as PayPal and Google Wallet gain popularity, they also are climbing the list of the C-suite executives' top concerns.
The beauty of blockchain stems from its direct transformative impact on a company’s capability to manage risk.
At a time when the hype around emerging technologies such as autonomous cars and augmented reality seems to be sky-high, C-suite executives are keeping their feet firmly on the ground when it comes to investing in a core area: cloud computing.
Finance organizations must proactively manage business growth and risk. AI can help CFOs improve operational efficiency and create the potential for faster profitable growth.
Finance is the critical component to help the enterprise capitalize on the new digital environment. How? By providing the insights, forecasts and foresights to support the enterprise in making strategic decisions.
Technologies like blockchain, artificial intelligence (AI), the Internet of Things (IoT), big data and predictive analytics are causing massive industry dislocation. Visionary organizations are leveraging cloud technology to take advantage of them all.