Why Financial Institutions are on Cloud Nine Post-Pandemic

  • Roland Anderson, CIO at Parameta Solutions

  • 04.06.2021 12:30 pm
  • #cloud #data

Financial institutions have, for a while now, been operating in a highly cost challenged environment. These firms will continue walking the tight rope of executing on efficiency, digital transformation and supporting the business. Post-COVID when our dear planet begins to get back to some form of normality in the months ahead, it does not necessarily assume that wallets will be loser and further budget constraints are expected to be with us for some time. As we know the Genie is out of the bottle on the whole “agile” working theory and the Cloud providers have responded in kind such as providing virtual desktops and VPN solutions. Of course not forgetting the Video calling enablement which has coined a phrase never to leave our vocabulary “sorry I was on mute”.

Cost pressures aside businesses are already reassessing the effectiveness of their technology stacks. I believe we will see an acceleration of an already giddy pace by firms to move parts of their estate and applications to the public cloud. It is not only essential from a practical basis covering the usual themes of cost, storage planning on demand compute etc but if you want to retain the best talent in technology you need to be exposing them to the likes of AWS, GCP and Azure in some form. 

Data is the new oil

As to my world in data various analogies “data is the new oil” etc, but getting beyond the taglines the public cloud is shaking up the status quo. From off-the-shelf Amazon style access to data products via a web store or to throw in another term “supermarket”. Fundamentally the barrier to entry for clients to access data, storage and enormous compute resource is really down to what you can afford. Efficiencies on compute, serverless technologies pay for what you use not pay for standby is changing the paradigm in architecture. Thereby pushing boundaries in innovation, experimentation and exposing teams to AI/ML as a utility as opposed to things you read about in journals or online.

No two businesses are the same which is why certain firms are further in the journey than others. But regardless of the path financial institutions decide to go down, it does not change the fact that data needs to be delivered to the right place, at the right time, and in a preferred format. Some firms will simply want their channel partners to ship data into the cloud as an end point.

From Satellites to the Cloud      

This leads me into my next comparison. I was lucky enough (or unlucky) to be there when the internet created another paradigm shift as a delivery end point for data. Prior to that I spent many years plugging firms into Satellites or Leased lines for the delivery of Market Data. As a younger man I thought those days would never end! If the internet became the end point that people used to get data into their own network, then the cloud to a certain extent is the modern day equivalent. After all, if firms want to use cloud as an end point into a physical data centre or on-premise, they can do that. Alternatively, if the firm wants to use the data exclusively within the cloud, then that is also achievable in this day and age.

 

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