Accelerate banking services by migrating the business to the cloud

by DCT
June 3rd, 2022

Introduction: Why is Cloud Migration Important for Financial Services?

Cloud migration is the process of moving data and applications to a cloud-based environment. Cloud migration has become important for financial services companies because it’s the best way to protect data from cyberattacks.

Financial services companies are under more pressure than ever to keep their data safe. They need to protect themselves from hackers and ensure that their systems are always up and running. With cloud migration, these businesses can easily move their data, applications, and infrastructure into the cloud with just a few clicks.

FinTech and the Advantages of Cloud Technology

Cloud computing is a type of Internet-based computing that provides shared processing resources and data to computers and other devices on demand. Cloud computing takes the load off of your computer by providing you with the latest technology, security, and software.

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Cloud migration can help your business stay relevant in this digital world. You can use it to free up time and money, while still having access to all your files, programs, and data. Plus, cloud services are more cost-effective than ever before!

Planning Your Cloud Transformation

Businesses are increasingly looking for ways to migrate to the cloud. Cloud migration is a complex process that needs to be planned beforehand and executed with precision.

There are many steps that need to be taken in order to execute a successful migration plan. The first step would be assessing the current state of the business and determining what it needs from the cloud service provider. Based on these needs, a migration strategy will be created which will include all the necessary steps needed for a successful transition.

The Cost of Inaction

Banks like Wells Fargo have seen an increase in revenue from migrating to the cloud and cutting costs. Other banks are beginning to see increasing pressure from their customers to migrate services to the cloud.

The cost of inaction for not migrating to the cloud for banking services can be seen in two ways: first, by not having a competitive edge over other banks who may have already migrated all or most of their operations; second, there can be risks associated with storing an organization’s data on-premises, which can put both your data and your team at risk. These risks include security breaches, natural disasters (e.g., flood or fire), hacking attempts/data breaches, and more.

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The Three Stages of Cloud Migration

Data, information, and application performance is improved considerably when they are hosted in the cloud. Migrating to Cloud could be a daunting task but it has three stages that are easy to understand.

The first stage of migrating to the cloud is going from private to public. This means that you decide which workloads should be moved from your on-premise servers or VMs, or if you have virtualized environments then you can migrate those as well. The next step would be moving data from your on-premise servers to the public internet using a service like Amazon S3 or Microsoft Azure Storage Blob Service. The final stage would be transferring applications themselves over to your chosen cloud provider such as Microsoft Azure

Conclusion: Accelerate Your Business Growth with a Successful Cloud Transition

The financial firms that are still living in the past and don’t even explore the cloud technologies will lose out on the opportunities and strategy that is needed to make their business grow. There are numerous benefits of switching to the cloud and there is no reason why a financial firm should not at least explore its potential.

A successful cloud migration can do wonders for your company’s productivity. It can also impact your bottom line positively, as it will allow you to keep up with all those ever-changing regulations. There are so many reasons why you should switch to the cloud and this paper was written in an attempt to consolidate them into one document.

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