INDUSTRY WATCH
ultimately relies on organisations addressing
perennial challenges first and foremost. These
challenges include breaking down data silos
and addressing the science skills shortage to
change cultural thinking around using data
and analytics in everything the business does.
Progressing to the cloud typically starts
with front office Software-as-a-Service
applications, new native cloud application
development and some front-office functions,
and arguably most important of all, evidence
that it works for the organisation.
That includes tracking new analytics
outcomes – i.e. derived measurable results
brought about by the use of data and
analytics in decision making – as well as
associating those results with the underlying
data, analytics, algorithms and decisions
that contributed to each success. For
example, Revolut, a digital bank with over
transition from the cloud back to their
own data centres if required by the
regulator. Other important issues that
impact decision making around hybrid
cloud include how personal information
is stored, how it is used, dependence on
third-party providers and security of cloud
infrastructure. These are issues that are all
vital during design and architecture stages
of hybrid cloud infrastructures, and in an
industry that continues to evolve in line with
the ongoing pace of change, must be taken
into account in all stages of the Digital
Transformation process.
Many organisations overcome these
regulatory hurdles by using scalable public
clouds for dynamic workloads, allowing
them to store more sensitive workloads in
the private cloud, on-premises data centre
or mainframe application. In practice, this
means that things like marketing or sales
SUCCESS ULTIMATELY
RELIES ON ORGANISATIONS
ADDRESSING PERENNIAL
CHALLENGES FIRST AND
FOREMOST.
eight million customers worldwide is able
to streamline decision-making processes
with queries that run 100x faster. Those
working with data must be able to make
this correlation between analytics and
business success clear to the whole business
– particularly in such a fiercely competitive
landscape. Only then can the power of data
be fully understood to those who haven’t got
the skills required to deal with or leverage
data, while simplifying how instrumental it is
to underlying commercial success.
apps can be found in the public cloud,
while more sensitive services that the bank
supplies, such as financial or customer-
related information like balance enquiries,
are stored on either a private cloud or on-
premises application.
Freeing you to be ambitious with
your data
Hybrid cloud is a necessity for financial
services companies seeking greater
business agility, especially for those
operating in such arduous data
environments. In a space like financial
services, businesses can’t afford not
to adapt. The rate of change is driven
by customers’ appetite for more
straightforward and quicker services,
available 24/7. In this context, the case
for the hybrid cloud is simple; it’s an
enabler and supporter of digital business
transformation, helping businesses
prepare for an uncertain future.
Moreover, that future could also be
exciting when it comes to the liberation
of data. In an exciting twist, the
utilisation of cloud-based platforms has
given financial services firms a unique
training ground that allows them to
experiment with the best ways in which
to deploy emerging technologies – from
chatbots to Blockchain-based data
stores. The latter could prove valuable
to financial services firms as Blockchain
is designed to store transactions
forever while preventing data from ever
being altered, creating a trustworthy
environment where small transactional
data can be stored. That grounding –
based firmly within a hybrid strategy
– means that businesses won’t be left to
play catch up, but can instead lead the
charge to an ambitious, data-led future
where the possibilities are endless. n
Before you’re out of the starting blocks
Building a hybrid cloud architecture suited
to the needs of your organisation can
take time, and within financial services,
requires businesses to integrate systems
with multiple technologies in the long term
progressively. As part of this, it’s essential
to consider that there are significant
regulatory implications of cloud adoption
within the financial sector. For example,
these companies must ensure that they can
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