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Accelerating Transformation through Cloud
A catalyst for true change
Richard Nunan, Partner, Consulting, and Ruairí Allen, Partner, Consulting, Deloitte Ireland, consider how financial services companies need to strengthen strategies to invest in cloud for innovation and to modernise legacy systems
To compete and to innovate at the speed the banking and financial services market is now moving, cloud is an essential tool. In this article, we will look at the shift to cloud-driven business transformation, the benefits it delivers, and what this means for an organisation.
For financial services providers, there are many business benefits for moving to the cloud. It facilitates a shift from intuitive to data-driven decision-making, allowing businesses to gain improved customer insights and deliver enhanced services. Underlining data’s importance in this new world, cloud allows easier and faster integration of an organisation’s data with third-party data and third-party analytics.
Cloud provides the opportunity to renovate complex legacy IT infrastructure and to manage the cost and support of the IT estate. It increases the speed at which the business can bring new technology platforms into operation. The power of cloud has made it possible to innovate faster, whether that is achieving internal operational improvements or launching new products and services.
Using the cloud as a platform means organisations can innovate quickly and reduce the time to market for new products. It also enables them to respond at pace to changes in market or regulatory conditions.
This recent period of uncertainty has made the ability to adapt even more valuable. Cloud technologies enable organisations to be more agile and alleviate some of the constraints and limitations of legacy technology.