The financial services industry is facing a significant shift as technology enables new forms of competition and drives changing customer expectations. The cloud offers banks a way to compete by offering cost-effective and real-time delivery of highly scalable resources, such as storage space and applications.
By moving to the cloud, banks can take advantage of its "pay as you go" cost structure, paying only for what the bank needs at a given time, reducing the amount of physical space and hardware necessary, and changing the amount of time it takes to provision resources from weeks to minutes. Innovation is risky, but the cloud can help banks lower this risk by making it easy to test incremental changes without disrupting the status quo (a challenge that the server model faces).
As cloud providers have become focused on serving financial services firms, cloud offerings have matured with improved security features and service quality. It’s time for banks to embrace the cloud operating model as a business priority, not just an IT solution.
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