In the past, traditional enterprise organizations that operate in heavily regulated industries and handle sensitive data have veered towards on-premise technologies in an effort to keep their data locked safely away in their own data centers and behind their own firewalls.
Even up to a few years ago, any suggestion of putting this sensitive data in the cloud was generally not well received, mostly due to security concerns. This is especially true for the financial services industry, which has actively avoided entrusting data to the cloud, fearing the searing heat of regulatory scrutiny should that data become compromised in a breach.
Faced with a new market dynamic, however, the financial services industry is addressing many of its cloud concerns and putting to rights the myths that have grown exponentially around cloud infrastructure.
In the regulatory space, more and more banks are now rapidly embracing deploying their regulatory applications on the cloud to take advantage of scalability, lower capital costs, ease of operations and resilience offered by cloud solutions.
In this paper, we explore the world of cloud-centric financial services and the benefits it can deliver to financial institutions. We’ll discuss:
- The potential of cloud for Client Lifecycle Management (including data management, compliance and client onboarding operations).
- The key considerations to be borne in mind when migrating from on-premise to cloud.