In one of its end-of-year reports, Reply investigates how much and how financial institutions and platforms use cloud technologies. The consulting, system integration, digital services applications group founded by Mario Rizzante has listened to more than 100 financial institutions in the European Union and in the United Kingdom, drawing useful trends from the analysis of over 1000 cloud projects conducted with these partners. That the future of financial services is on the cloud is a fact: “Increased productivity, innovation and scalability are the key drivers of this change. Furthermore, moving to the cloud saves time and energy that can be dedicated to more important activities. Data storage and computing power are increasingly considered as services to be entrusted to specialized companies “, reads the document drawn up at the end of the investigation. However, this move to the cloud is proceeding at different rates across industries and countries, and for many companies the experience of adopting the cloud has not lived up to initial expectations.
Relying on the cloud for a bank, payment platform or financial intermediary means being able to scale on demand, guarantee innovation, implement new features more quickly and progressively reduce dependence on existing systems. The challenges, however, are not few: more suppliers are needed, there is a lack of cultural readiness, safety levels need to be raised and one ends up being dependent on external suppliers. To influence the timing of this transition it is obviously the regulations, but also and above all the incompatibility that occurs in very large realities with the existing systems on which they still base a large part of their activities.
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Curious the in-depth study on safety which provided contradictory results: according to a large percentage of respondents, the cloud significantly improved security compared to traditional systems, while for many others, security was one of the thorniest issues in the transition to the cloud. How do you explain this difference? Probably with the most consolidated experience: the more you rely on the cloud, the more you understand its advantages also from this point of view.
In cultural terms, however, the speed and impact of cloud adoption is highly dependent by the presence of the right people, by the existence of the right environment and the readiness of leaders to make some choices. Having the right technology without having the right people, culture and leadership will not bring the profits and return on investment that is possible with a well-managed transition to the cloud.
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