Cloud-less Future Threatens Financial Services Firms

  • Tim Hood, Associate Vice President EMEA at Hyland

  • 18.11.2020 12:15 pm
  • Cloud , financial services

Any financial services organisation without a comprehensive cloud-based content infrastructure is going to be compromised in an increasingly turbulent marketplace.

Those who persist with on-premise systems are going to find that not only will their productivity and service delivery be affected, but that their very survival could be at risk, as they are open to vulnerabilities not properly evaluated, or even previously considered.

It is, for instance, practically impossible to access vital content and information remotely if your teams are primarily dependent on non-cloud ways of working.

This means that no longer is working in the cloud a theoretical nicety, but a fundamental component of the digitalisation journey that is more and more reshaping the way those in financial services, as well as in other sectors, conduct their business.

And since continuity planning is no longer a theoretical exercise but of paramount importance to business survival, more and more firms are reviewing their whole approach to cloud technology and how they can use it, while addressing data security. Some major financial names have already declared their intent to move to a new cloud-centric business model, where staff are dispersed, rather than based in specific locations, spurred on by current public health concerns.

Long into the future, home working will be the norm for many teams, and with this new reality will come a need to create streamlined, virtualised workflows that make access to content simple, fast and secure.

This makes moving to the cloud not just a matter of ensuring safeguarding business continuity, but also a way to achieve increased productivity, closer collaboration, cost reductions, better decision making and improved customer service delivery.

In a notoriously dynamic sector like financial services, cloud-based systems immediately give you the ability to respond to rapid change in a way that isn’t possible with on-premise content infrastructure. So, by migrating to the cloud, you have both the scalability and the flexibility to reshape your business to occupy the space left by less enlightened competitors.

But if firms are to make the most of the opportunities being created in a disrupted marketplace, you also need to consider how content will be managed and stored, so it can be delivered quickly and securely to those who need it.

That means adopting an effective cloud-based content services strategy that brings together and makes data accessible in all its forms, whatever its source.

This involves aggregating and distributing content from multiple self-contained repositories and disparate applications. Information is no longer pigeonholed as belonging to one particular app but is set free to become available across the enterprise to staff with appropriate access.

At Hyland, for instance, we’re continually working on developing our solutions to make it as easy and seamless as possible for our financial services clients to have the option to migrate from our on-premises solutions to the Hyland Cloud - with minimal anxiety or disruption, no matter how complex their requirements, while retaining all the functionality they get and expect from an on-premises solution.

This offers the opportunity to leverage our infrastructure expertise when it comes to network security, compliance and platform development. Without the cost, effort and aggravation of in-house data maintenance, organisations are better able to focus on their core competencies, rather than constantly firefight the latest IT challenges.

Clearly, managing risk and ensuring regulatory compliance is crucial for firms of all types and size in the financial sector. So, it should go without saying that firms need to look for a provider that adheres to strict security and compliance standards. Without robust technical controls on place, data and documents may not be properly encrypted or kept separate from other organisations’ content at all times, allowing for the possibility of loss or intrusion - deliberate or otherwise - not being identified.

COVID-19 has been a catalyst for unprecedented change over an exceptionally short period, in ways that we have not previously experienced or could have predicted.

As such, it has accelerated a wider digital transformation, in which the effective use of cloud technology is a prerequisite for success. Moving to the cloud is no longer an aspiration or theoretical concept that can be kicked down the road, it is something you need to grasp as soon as possible to protect your organisation in a fast-changing environment.

Rather than attempting to find a way back to the old normality, it is time to seize the opportunity, park up your fears, and embrace the opportunities of the cloud.


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