Why The Financial Services Industry Needs To Rethink Its It By Embracing The Cloud

To be relevant in the future, financial institutions should partner with hyper-scale cloud providers and enablers like Nordcloud.

2018 has witnessed PR failures from some of the major global financial institutions in the UK after the breaching of certain regulatory compliance due to outdated technical architecture and processes which fail to manage risk within these businesses.

This is not only a huge reputation risk but also highlights the weak areas and slow pace of innovation at these big conglomerates.

At the same time, these financial institutions are taking a hit on their customer satisfaction and loyalty due to operational glitches/service non-availability. In an industry where the competition and cost of customer acquisition is fairly steep, this is an anti-pattern which should be avoided.

Regulators and banking associations have significantly improved their messaging. Instead of giving hints and tips, they are coming out in the open and offering solid guidelines & directives for the Financial Services Industry to think about the changing technology landscape, business dynamics (as new customer products & offerings emerge), and increased regulatory overhead which is mandatory to gauge the health of the FSI vertical.

How To Improve Operation Resilience For Financial Market Infrastructure

Recently, Prudential Regulatory Authority (PRA) and Bank Of England (BoE) published an article and also kicked off a joint discussion paper (DP) to improve operation resilience for financial market infrastructure in the light of recent incidents. Yet another great example of how regulators are trying to push the boundaries and asking these firms to think ahead and embrace new technology to solve business problem.

They laid down a few key concepts:

  • Business continuity planning (BCP) to manage operational resilience

BCP is key to operational resilience, a lot needs to be done (from procuring to testing to maintaining) to have a truly good BC plan. Buying upfront capacity and taking a hit on CapEx is an option but clearly losing out on the opportunity costs (what else can you do if not this?) and also not viable long-term strategy. Public cloud offers amazing business agility and with automation that can manage back-ups, auto-provisioning and disaster recovery across the globe they can significantly improve operational resilience at much lower costs and let you focus on what you’re best at.

  • Board approved tolerances and level of disruption

This again highlights the holes in the existing IT governance and how an exacerbated IT demands good governance. Cloud not only offers the right tools to give management level visibility and KPI tracking, it also enables smarter governance by automation & effective risk management through infrastructure as code and compliance as code. It’s important to re-organise, up-skill, and operate with a new governance model to set tolerances and manage them better.

  • Planning for failures

This is a great point. Financial institutions often plan for service operations and not really for failures. This requires significant scaling capabilities along with full infrastructure for IT teams to perform a series of non-functional tests before they can ship their products to the market. Cloud is perfectly suited to offer the on-demand scalability along with tools that boost staff productivity and improve code quality through DevOps process improvement.

Public Cloud Providers Can Solve Operational, Technology and Security Issues

We think it’s a great start and a perfect way to start discussions within the FSI and to help them re-focus on operational challenges. More importantly, it will help with what they want to do today, tomorrow and next year to make them profitable.

It’s clear that financial institutions are great at creating financial products and public cloud providers are great at solving operational, technology, security issues as they have the skills and the resources to do so. It’s important that financial institutions start off-loading these non-core functions and look for partnerships or create joint ventures with hyper-scale cloud providers and enablers like Nordcloud to be relevant in the future.

Cloud Computing Is On The Rise In The Financial Services – Are You Ready?

Download our free white paper Compliance in the cloud: How to embrace the cloud with confidence, where we outline some of the many benefits that the cloud can offer, such as:

  • Lowered costs
  • Scalability and agility
  • Better customer insights
  • Tighter security

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    Top 5 Cloud Strategy Tips For the Year 2020

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    In this chapter of ‘The Role of Transformational Partners in Organization Change’, we introduce Nordcloud’s vision for Cloud Strategy and adoption. You will learn insights on how Nordcloud approaches cloud strategy work and what are the top 5 key focus areas for the year 2020.

    Nordcloud’s Approach to Cloud Strategy

    Nordcloud’s approach is usually focused on the following four areas:

    1. Current state analysis. In cooperation with our client, we aim to understand our client’s business model, IT operating model, data landscape, application landscape and current IT infrastructure. This analysis will form a baseline for the cloud strategy work.
    2. Target state. What are current objectives and existing plans for the above areas?
    3. Gap analysis. This part of the work is usually the most important, as we identify and prioritize short-term and long-term gaps. At Nordcloud, we are also doers, and instead of just identifying gaps, we also find quick wins and get the job done in accelerated speed.
    4. Strategy. After the above is done, we form a roadmap for the cloud adoption, create a business case, and align the documentation with overall IT strategy. The roadmap usually consists of an operating model, migration plan, cloud native development operations, continuity and risk analysis, sourcing, risks and a transformation plan.

    Overall, cloud strategy work is pretty time-consuming and if you wish to get the wheels rolling fast, we recommend that you look for immediate and short-term improvement areas. Quick wins will support cloud strategy work and help create a positive impact for the project and overall transformation.

    Top 5 tips for the year 2020

    1. Define your target state for the year 2020. To define your target state you will need to decide which services and applications will be moved to the cloud, what are the business expectations for services and activities,  and what metrics you will use to measure the success of your current state.
    2. In the year 2020, invest more in strategy, governance and operational excellence and less in putting out fires. It’s almost a trend that enterprise business units are making fast moves and responding to market demands with agile external partners, leaving IT departments scratching their heads and acting in a reactive manner. Whether centralized IT is the right partner for agile cloud adaptation is a debatable matter, but at least enterprise should have a proper cloud strategy, governance and operational model, in order to make sure that cloud adaptation is getting CXO level sponsorship and alignment with business goals.
    3. Continuously assess the current state of your company’s IT organization. Most cloud transformation projects fail due to a lack of skills or inability understand developer requirements and business needs. Upskilling is highly recommended and a necessary part of the transformation process. Secondly, Task Force initiatives have proven to be a very effective way to share information between different parties.
    4. Continuously align and prioritize your cloud initiatives. Cloud strategy work is continuous and requires the ability to prioritize actions based on changing needs in line with larger cloud strategy and governance.
    5. Get started! For any successful cloud adoption it’s essential to gain quick wins, even small ones. Just make sure that you have established internal communication channels where you can highlight and showcase your progress. Remember, a great cloud strategy means very little if you are not able to execute it successfully!

    We Nordcloudians wish you all the best for the year 2020 – let’s meet on the cloudy side!

    ***

    To pursue the keys to supercharging your digital success, download our IDC Infobrief Hyperscale Cloud Platforms As An Accelerator For Digital!

    Yes, I want to learn more

    This is the third instalment in our series “The Role of Transformational Partners in Organization Change”. Read the previous post:

    Right Partners Are The Key To Digital Transformation Success

    Cloud Center of Excellence Supports Continuous Transformation

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      Cloud Center Of Excellence Supports Continuous Transformation

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      Digital transformation is a must win strategic battle for most of Nordcloud’s customer companies and cloud is the most important enabler of accelerated transformation. Successful transformations require changes in organization culture, operational models, capabilities and adapting workflows to support continuous development.   

      Public Cloud Adoption Pillars
      All three pillars must be in place to successfully adopt public cloud at scale.

      Why You Need Multi-cloud Governance

      IDC believes that by 2023, 500 million new apps will be created. The number equals to number of apps built within past 40 years. 

      Organizations that are looking to roll out new digital products, services and experiences quickly must accelerate digital transformation and provide API-led integration across apps. There is rapidly increasing need to integrate across hybrid, multi-cloud environments. Secondly, changing application deployment architectures challenging traditional integration architectures and IT-organizations and under pressure to support business innovation.

      Biggest possible downfall of cloud adoption is ending up running IT-operations same way as in legacy infrastructure model.

      Every public cloud platform requires work to prepare the platform for use. Biggest possible downfall of cloud adoption is ending up running IT-operations same way as in legacy infrastructure model. In multi-cloud set-up teams operate in agile way and governance is more distributed from infrastructure team to for example software developers. Therefore it is essential that governance model sets guidelines on how cloud environments are created, what kind of developer tooling is available, what are the best practices for architecture, automation, security and cost management.

       

      Target Operating Model 

      Building on our long experience in cloud transformation and implementation projects Nordcloud have defined an operating model that allows Nordcloud’s customers to achieve the set targets fast and with certainty. Key Elements of the target operating model are: 

      • Cloud Center of Excellence: Focused on cloud governance and service development, the Cloud Center of Excellence core will support the continuous transformation, Cloud Center of Excellence development and cloud native platform development 
      • Cloud Managed Support: Acceleration of customers cloud native managed service capability development 
      • Training Services: Cloud native competence education with focus on competence analysis, upskilling and onboarding to digital projects 
      • Migration & Modernization: Identification of application modernization patterns and migration & modernization planning 
      • Cost Governance: Support for identification of cost optimization opportunities, project TCO calculation and new cloud proposal estimation 
      • Data Services: Focused on Data platform & services architecture design, pilot data project identification, planning of the data platform and Data as a Service models

      Governance during Cloud Journey

      Transformation is hardly ever straightforward and requires careful planning. Initially it is important to 

      1. align cloud strategy with business strategy
      2. define cloud service model
      3. plan model deployment. 

      Big part of the work is identifying concrete capability gaps in the current set-up and creating joint capability gaps and creating an capability development plan which includes upskilling, adding and replacing resources. 

      Nordcloud Cloud Journey
      Cloud Journey from drivers to outcomes.

      When strategy and governance models are designed and validated, it’s easier to move forward with building cloud landing zone and start onboarding users to cloud. Clear guidelines provide base for operating in organizations cloud environment and furthermore help to move forward with new business innovations and transform the way of working. 

      In the following parts of ‘The Role of Transformational Partners in Organization Change’, we will introduce how to align cloud strategy with business strategy, how to build solid cloud service governance and support models and how to promote cloud awareness.  

      To pursue the keys to supercharging your digital success, download our IDC Infobrief Hyperscale Cloud Platforms As An Accelerator For Digital!

      Yes, I want to learn more

      ***

      This is the second instalment in our series “The Role of Transformational Partners in Organization Change”. Read the previous post:

      Right Partners Are The Key To Digital Transformation Success

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        Right Partners are the Key to Digital Transformation Success

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        According to a recent IDC Infobrief, 65% of European CEO’s are under considerable pressure to deliver a successful digital transformation strategy. This comes as no surprise – we are seeing similar kind of challenges throughout our customer base. The pressure is very real and organizations are likely to fail unless they get three things right: digital skills, organizational structures and governance.   

        Successful Organizations Learn and Adapt with Transformational Partners

        In many organizations, the main driver for public cloud is digital transformation of business. This can mean pressure from new digital competitors or the need to find new business models or reinvent existing ones. These businesses needs place new demands on the agility and delivery capabilities of both infrastructure and IT organization itself. 

        All the successful transformation of IT and business towards a cloud native operating model have been made by starting with a new dedicated team.

        The marriage of agile business development and traditional IT organization have proven to be a very problematic matter and therefore CEO’s and his team need to complete rethink the approach they are taking. Nordcloud has not yet seen documented cases where adapting the old legacy operating model and organization to a cloud native one has been successful.

        So far, all the successful transformation of IT and business towards a cloud native operating model have been made by starting with a new dedicated team or organization concentrating on cloud native work and scaling up the actions in this area, without taking legacy operating models into use.

        This means that a decision must be made that a bi-modal way of working is allowed.

        As digital becomes embedded in the business, there is a need to redefine organizational culture and traditional structures.

        The ideal team structure combines technological architecture, DevOps processes for agile development and multi cloud governance frameworks.

        Successful digital transformation requires managing complex set of new requirements, which cannot be solved by relying on old ways of working nor cooperating with same set of partners as in the past. Successful organizations learn and adapt with transformational partners and drive for success with faster time to market and highly adaptive way of responding to market challenges.

         

        Cloud Center of Excellence Boosts Agile Way of Working

        Based on Nordcloud’s experience, setting up cloud center of excellence for cloud governance has been the key for solving most of the challenges organizations are facing when operating in agile way. Cloud center of excellence helps in making DevOps the most important factor of the enterprise transformation journey. This model also highlights developers as the most important customers of cloud center of excellence.  

        The defined vision for cloud center of excellence is to enable business’ objectives and innovation across the organization. Cloud center of excellence will drive agility in developing new services and enable business to utilize the broad cloud service offering from cloud providers. It will provide value added services for business and drive the optimization of processes and tasks through automation.

        In the second part of this series about the role of transformational partners in organizational change, I will introduce Nordcloud’s vision for Cloud Center of Excellence and multi-cloud governance.

        To pursue the keys to supercharging your digital success, download our IDC Infobrief Hyperscale Cloud Platforms As An Accelerator For Digital!

        Yes, I want to learn more

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          The Key Factors to Supercharging your Digital Success

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          Innovation, agility, and cost-efficiency don’t have to be tradeoffs in digital transformation

          This IDC Infobrief, “Hyperscale Cloud Platforms as an Accelerator for Digital: the Role of Transformational Partners“, sponsored by Nordcloud,  dives into the success factors of DX transformation.

          The majority of European CEOs face enormous expectations to transform their organizations into agile, digital-driven champions.

          digital transformation

          IDC forecasts that worldwide spending on digital transformation (DX) initiatives will reach more than $1.2 trillion by the end of 2019. CEOs are increasingly under pressure to deliver the financial outcomes associated with these digital transformation investments. 

           

          To be successful in leveraging new cloud platforms for DX initiatives, get three key areas right

          1. Skills

          2. Governance

          3. Finding the right transformational partners.

           

          Download the IDC Infobrief to find out how you can deploy these key factors to drive higher revenue.

           

          Download the Infobrief here

           

           

          Digital Transformation with Nordcloud

          We are ranked globally #2 by Gartner capability assessment in Mode 2 use cases such as supporting agile applications and cloud native transformation. We can help you move away from legacy applications and update your workflow with modern, cloud-based applications that are tailored to solve your most challenging problems. Benefit from scalability, and easier and more flexible management.

          How can we help you take your business to the next level? 

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            Financial Times recognises Nordcloud as one of Europe’s fastest-growing companies 2019

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            Europe’s Fastest Growing Companies by Financial Times and Statista is a list of the top 1000 companies in Europe that have achieved the highest percentage growth in revenues between 2014 and 2017.

            This is the third year in a row the FT1000 has been published. According to the Financial Times, this years ranking shows that technology remains king. The listing evaluated 1000 different growth companies in 27 European countries from 37 different industry verticals.

             

            “To be part of this prestigious list is evidence of our strong growth focus and wide-ranging expertise in powering up our customer´s cloud journey,” says CEO, Jan Kritz.

            “Over the past 3 years, we have expanded to 10 European countries and our expert team has grown by over 1000% to current level of 420. And our growth continues.

            Our software, our focus in an agile way of working and our skilled cloud experts are key to us in delivering the best possible outcome for our clients, on their digital journey

             

            The complete FT1000 list of Europe´s fastest growing companies can be found here. More FAQ´s about FT1000 can be found here.

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              Cloud Journey: the 5 steps to nailing digital transformation

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              Many organisations recognise that becoming more agile is vital to a successful digital transformation. This agility comes hand in hand with the cloud, but businesses find it challenging to find the right operational model for leveraging this.

              Getting the most out of the investment into public cloud requires changing or adjusting many aspects of work outside of technology. Supporting this cloud journey is the core focus of Nordcloud’s Consultancy & Advisory services.

              Our cloud advisory services have been built around the common experiences and customer needs which we have seen in hundreds of public cloud projects we’ve undertaken since 2011. We also work and in close co-operation with the hyper-scale professional service, like those of AWS, Azure and GCP. These experiences we have refined into the method we call Cloud Journey.

              The 5 steps of Cloud Journey

              Our five-step process is an approach which is both in line with industry best practices and based on our real-life experiences from real projects.

              1. Strategy

              Strategy is about setting and validating the goals and high-level roadmap for your organisation’s cloud journey. Our services for this phase include cloud strategy projects, vision workshops, and building directional business cases for cloud adoption. We also help with identify the capabilities needed for reaching those goals.

              2. Foundation

              For us, foundation is about both the technology and the organisation and processes for public cloud. In practice, this means defining things like a cloud governance model, the role of cloud competence centre, defining policies, security controls and the scope for the cloud core infrastructure in terms of tooling and architecture (for example networks and accounts).

              3. Innovation

              Innovation means taking full advantage of the capabilities of the public cloud and being able to quickly build new solutions for your business needs. For this, Nordcloud offers help with design services, setting up DevOps practices and in taking advantage of the data related possibilities of cloud.

              4. Migration

              Migration focuses on ensuring the existing application portfolio is also treated to the benefits of cloud. A typical advisory service would be (for example) planning the migration project, assessing the application portfolio for migration (6R analysis), or building a detailed business case for migration. We also help customers lead the transformation of their IT assets and organisation as cloud migration is different from a data centre migration and the work does not stop with the completion of the migration project.

              5. Optimisation

              After migration, optimisation helps with the transformation of ways of working, as does refactoring applications and improving the cloud core infrastructure itself. The goal for optimisation is ensuring cloud produces the needed business outcomes. Typical services could include cost optimisation services and best practice reviews, or for example, helping define and implement the next steps in the evolution of customer’s cloud centre of excellence.

              By working exclusively with the public cloud, we aim at maximising value for our customers. With this is mind, the goal for our advisory services is to produce actionable, practical recommendations.

              Cloud advisory and strategy at Nordcloud

              Our Cloud Enablement Services help your organisation to take advantage of the public cloud. We have a number of cloud advisors at Nordcloud, who are on hand to assist our customers with their journey to the cloud.

              Ready to get started on your cloud journey? Contact our cloud experts here!

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                Cloud Computing News #7: Company culture affects cloud readiness

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                This week we focus on how company culture can drive the digital transformation.

                 

                How can CTOs improve employee readiness for Cloud?

                Digital transformation requires also employee readiness which few companies consider when planning transformation. Infomation Age discusses how CTOs can help solve the employee engagement in transformation by driving digital change to successfully integrate new technologies into the enterprise. According to a study by Bain & Company 2017, 87 % of employees feel disengaged globally. This can be a result of fragmented and outdated technology which makes working remotely frustrating.

                So how can CTOs improve employee readiness for digital transformation?

                1. Identify the problem, make a roadmap, and pilot: Identify problems that needs solving and what will the enterprise gain from the migration. Draw up a technology roadmap and structure the pilot phases for cloud-based tools which will underpin employee connectedness.
                2. Integrate the technologies employees use and break down communications barriers.
                3. Gather insights from analytics, to share with the c-suite to improve productivity and engagement across the entire organisation.
                4. Use predictive analytics and machine learning for IT teams to be proactive with security and safety.
                5. Change the culture: focus on the employee experience. Digital transformation is a long-term process that can only be successful when it has the backing of the entire organisation.

                Read more in Information Age

                 

                How to support Cloud? 3 ways to build an agile company culture

                To work effectively in the cloud, you need more than just the right technology – you need the right culture. In our blog post, we introduce three ways you can build an agile company culture that supports the cloud, so you can get the most out of your digital transformation.

                1. Share a common vision: Digital transformation is like rowing a boat; if one person is rowing in the opposite direction, it makes hard work for everyone else. Likewise, you won’t be able to push forward with the cloud if you’re faced with resistance from a few uncommitted employees. To ensure everyone is on the same page, you need a shared vision that they can believe in.
                2. Abolish the hierarchy: Not entirely, of course, but loosening the reins to give employees more decision-making power will drive your business forward. The agile methodology is founded upon making small but important decisions quickly so you can make progress.
                3. Make it a business goal: For the cloud and digital transformation to be adopted across the entire business, it must become ingrained in all your processes, not just one small silo. Someone has to be the champion that drives this integration forward and ensures that the agile methodology becomes a core part of your business operations.

                Read more in our blog post

                 

                More Value from the Cloud When Company Transforms its Culture

                According to AWS Cloud Strategy Blog, the mining industry is in the midst of a transformation. The future is digital—mining companies are shifting their business strategies to account for how technology can help create new business and operating models.

                These new technology solutions can help miners improve safety, increase efficiencies in production, drive more accurate planning, or even promote more sustainable mining practices. Yet an area that is often overlooked is how adopting the cloud goes beyond enabling a new technology-driven solution—it’s also about enabling a new technology-supported way of working.

                AWS has been working with their mining customers to explore how their people can innovate, using the cloud as an enabler of great change:

                • Focus on the end results: What outcomes will you see once your solution is ready?
                • Drive internal collaboration so that technology solutions are grounded in outcomes that end users (like line-of-business users) need versus outcomes IT thinks they might want.
                • Help employees select small but important wins that can serve as an entry, not only into the cloud, but also into new ways of working, allowing IT to forge tighter alliances to line-of-business leads, adopting continuous development methods, and allowing space for rethinking processes and team structures.

                Read more in AWS blog

                 

                Cloud transformation AT NORDCLOUD

                Accelerate operations by moving IT to the public cloud with our solutions, you can find them here.

                Our data driven solutions will make an impact on your business with better control and valuable business insight with IoT, modern data platforms and advanced analytics based on machine learning. How can we help you take your business to the next level? 

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                  Cloud Computing News #2: Digital transformation in the cloud

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                  This week we focus on digital transformation and IT transformation in the cloud.

                   

                  Campbell’s Drives IT Transformation on Azure

                  Campbell Soup Co has partnered with Microsoft to modernize Campbell’s IT platform through the Azure cloud by streamlining workflows and driving efficiencies.

                  “Campbell’s migration to Azure will increase our flexibility, agility and resiliency,” said Francisco Fraga, Campbell Soup’s CIO. “Azure will give us the ability to respond quickly to evolving business needs, introduce new solutions, and support our 24/7, always-on architecture. The Microsoft cloud is a proven, reliable and highly secure platform.”

                  The Microsoft solution will provide additional benefits, including increased security, compliance and information protection. The move to Azure will allow Campbell to re-architect its data warehousing capabilities to be able to support the company’s data and analytics needs.

                  Read the full article here

                  Nordcloud is also Microsoft Gold Cloud Partner and Microsoft Azure Expert Managed Services Provider. Accelerate operations by moving IT to the public cloud with our solutions, you can find them here.

                   

                  Walmart Picked Microsoft To Accelerate Digital Transformation in the cloud

                  According to Forbes, Walmart has signed a 5-year strategic partnership with Microsoft to accelerate digital transformation. This is an extension of an existing relationship between Walmart and Microsoft.

                  This new agreement will see the companies collaborating on machine learnings, AI and data-platform solutions that span customer-facing projects as well as those aimed at optimizing internal operations.

                  3 focus ares of the partnership are:

                  1. Digital transformation:  Walmart will have the full range of Microsoft cloud solutions, move hundreds of existing applications to cloud-native architectures, migrate of a significant portion of walmart.com and samsclub.com to Azure to grow and enhance the online customer experience.
                  2. Innovation: Walmart will build a global IoT platform on Azure.
                  3. Changing way of working at Walmart: Walmart is investing in its people with a phased rollout of Microsoft 365.

                  More on Walmart´s digital transformation in Forbes.

                  Read also our blog post on how to accelerate digital transformation with culture and cloud here.

                  Our data driven solutions that will make an impact on your business you can find here.

                   

                  Gartner identifies 6 barriers to becoming a digital business

                  According to a recent survey by Gartner, companies embracing digital transformation are finding that digital business is not as simple as buying the latest technology but requires changes in systems and culture.

                  Gartner lists six barriers that CIOs must overcome to transform their business:

                  1. A Change-Resisting Culture. Digital innovation requires collaborative cross-functional and self-directed teams that are not afraid of uncertain outcomes.
                  2. Limited Sharing and Collaboration. Issues of ownership and control of processes, information and systems make people reluctant to share their knowledge. But it is not necessary to have everyone on board in the early stages.
                  3. The Business Isn’t Ready. When a CIO wants to kick-off a transformation, they find that the business doesn’t have the resources or skills needed.
                  4. The Talent Gap. Markus Blosch, research vice president at Gartner, says: “There are two approaches to breach the talent gap — upskill and bimodal.”
                  5. The Current Practices Don’t Support the Talent. Highly structured and slow traditional processes don’t work for digital.
                  6. Change Isn’t Easy. Gartner advocates adopting a platform-based strategy which supports continuous change.

                  Read more about the survey on Gartner Newsroom.

                  Read also our blog post on how to support cloud and digital transformation here.

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                    Why the Financial Services Industry needs to rethink its IT by embracing the cloud

                    CATEGORIES

                    Blog

                    2018 has witnessed PR failures from some of the major global financial institutions in the UK after the breaching of certain regulatory compliance due to outdated technical architecture and processes which fail to manage risk within these businesses.

                    This is not only a huge reputation risk but also highlights the weak areas and slow pace of innovation at these big conglomerates.

                    At the same time, these financial institutions are taking a hit on their customer satisfaction and loyalty due to operational glitches/service non-availability. In an industry where the competition and cost of customer acquisition is fairly steep, this is an anti-pattern which should be avoided.

                    Regulators and banking associations have significantly improved their messaging. Instead of giving hints and tips, they are coming out in the open and offering solid guidelines & directives for the Financial Services Industry to think about the changing technology landscape, business dynamics (as new customer products & offerings emerge), and increased regulatory overhead which is mandatory to gauge the health of the FSI vertical.

                     

                    How to improve operation resilience for financial market infrastructure

                    Recently, Prudential Regulatory Authority (PRA) and Bank Of England (BoE) published an article and also kicked off a joint discussion paper (DP) to improve operation resilience for financial market infrastructure in the light of recent incidents. Yet another great example of how regulators are trying to push the boundaries and asking these firms to think ahead and embrace new technology to solve business problem.

                    They laid down a few key concepts:

                    • Business continuity planning (BCP) to manage operational resilience

                    BCP is key to operational resilience, a lot needs to be done (from procuring to testing to maintaining) to have a truly good BC plan. Buying upfront capacity and taking a hit on CapEx is an option but clearly losing out on the opportunity costs (what else can you do if not this?) and also not viable long-term strategy. Public cloud offers amazing business agility and with automation that can manage back-ups, auto-provisioning and disaster recovery across the globe they can significantly improve operational resilience at much lower costs and let you focus on what you’re best at.

                    • Board approved tolerances and level of disruption

                    This again highlights the holes in the existing IT governance and how an exacerbated IT demands good governance. Cloud not only offers the right tools to give management level visibility and KPI tracking, it also enables smarter governance by automation & effective risk management through infrastructure as code and compliance as code. It’s important to re-organise, up-skill, and operate with a new governance model to set tolerances and manage them better.

                    • Planning for failures

                    This is a great point. Financial institutions often plan for service operations and not really for failures. This requires significant scaling capabilities along with full infrastructure for IT teams to perform a series of non-functional tests before they can ship their products to the market. Cloud is perfectly suited to offer the on-demand scalability along with tools that boost staff productivity and improve code quality through DevOps process improvement.

                     

                    Public cloud providers can solve operational, technology and security issues

                    We think it’s a great start and a perfect way to start discussions within the FSI and to help them re-focus on operational challenges. More importantly, it will help with what they want to do today, tomorrow and next year to make them profitable.

                    It’s clear that financial institutions are great at creating financial products and public cloud providers are great at solving operational, technology, security issues as they have the skills and the resources to do so. It’s important that financial institutions start off-loading these non-core functions and look for partnerships or create joint ventures with hyper-scale cloud providers and enablers like Nordcloud to be relevant in the future.

                     

                    Cloud computing is on the rise in the financial services – are you ready?

                    Download our free white paper Compliance in the cloud: How to embrace the cloud with confidence, where we outline some of the many benefits that the cloud can offer, such as:

                    • Lowered costs
                    • Scalability and agility
                    • Better customer insights
                    • Tighter security

                    Download white paper

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                    Get in Touch

                    Let’s discuss how we can help with your cloud journey. Our experts are standing by to talk about your migration, modernisation, development and skills challenges.