For financial services, the biggest challenge in their journey to the cloud is ensuring they meet various regulatory and compliance requirements. Be it a bank, a fintech company or even an insurance firm, compared to other industries, the number of regulations they have to adhere to can be a lot more complicated. This is because of the sensitivity of the data they are dealing with.
For years, banks and other FSIs have been developing their own applications on their own infrastructure. The demand for better customer experience, digitalised operations, risk reduction and gaining competitive advantage requires applications to be developed, managed and run efficiently. The cloud has proven to be a business enabler to solving challenges and unlocking new revenue opportunities. While access to the private cloud is an option, the growing amount of data and the demand for better services by customers require banks to expand their cloud usage to the public cloud.