Tendencies of Financial Services Firms on Cloud

By CIOReview | Friday, August 9, 2019

The transformational financial sector companies are leveraging the public cloud to build more value from data, optimize ML and present better tools to business units.

FREMONT, CA: The cloud in the present time is mostly seen as another technique of conveying IT resources and placing workloads with public cloud providers. To stand out, companies need to do more than just pushing resources to the public cloud. They need to use the cloud strategically so that they achieve business value beyond commonly cited benefits like increased flexibility and scalability. Every firm is virtually trying to utilize cloud resources to give themselves an edge.

Each company approaches or adopts cloud in different ways, and is considered as the most innovative financial services firms. Innovation financial services can be broadly divided into three parts. Infrastructure Optimizers focus on migrating particular workloads to cut costs; Cautious Strategists, take advantage of abilities available in the public cloud-only; and Transformative Innovators, utilize the elasticity and agility of the public cloud to pull top talent and build revolutionizing solutions. The three innovative financial services firms have few factors in common:

• Technology companies create software effectively than most organizations in other industries because of practices that significantly reduce the time spent on code maintenance. The methods contain continuous integration and continuous delivery (CI/CD), unit and integration testing, code reviews, incremental rollout, blameless post-mortems, and others.

• The reduction for code maintenance allows the IT experts to innovate instead of getting bogged down with support for existing applications. Many transformative financial services firms imitate these actions and attitudes, and leverage cloud-native technologies to put them into practice efficiently.

• Firms can construct purpose-built tools that can be easily audited and tested than existing solutions by bringing line-of-business stakeholders into the method of building solutions.

• Firms use data openly as well as securely. Financial services firms should ensure that data is readily available when required. Organizations are utilizing the public cloud to string the needle, storing data in such a manner where access can be easily granted or denied.

• Innovative firms adopt robust ML systems that integrate components and implements cloud-based tools that provide functionality such as error diagnosis and reporting, and model monitoring.

• By accepting server-less applications in the cloud, firms are reducing the management and support tasks associated with infrastructure. It allows IT professionals to focus on creating new systems and learn from data.

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