{"id":3877,"date":"2022-04-20T12:07:47","date_gmt":"2022-04-20T12:07:47","guid":{"rendered":"https:\/\/petabytz.com\/?p=3877"},"modified":"2026-02-19T10:25:07","modified_gmt":"2026-02-19T10:25:07","slug":"social-banking-of-cloud-can-be-a-catalyst-for-enterprise-business-transformation","status":"publish","type":"post","link":"https:\/\/petabytz.com\/blogs\/social-banking-of-cloud-can-be-a-catalyst-for-enterprise-business-transformation\/","title":{"rendered":"Social Banking of Cloud can be a catalyst for Enterprise Business transformation."},"content":{"rendered":"\t\t
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Social Banking of Cloud can be a catalyst for Enterprise Business transformation.<\/h1>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t
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Cloud computing is moving to the forefront as a focus for IT leaders, C-suite executives, and board members. Learn how cloud can be a catalyst for enterprise business transformation\u2014and a potential game-changer for how financial services organizations will operate in the future.<\/i><\/p>

Leveraging the cloud to create new business frontiers:<\/b><\/h3>

Banking and capital markets pioneers progressively perceive that cloud is in excess of an innovation; it is a goal for banks and other money related administrations firms to store information and applications and access propelled programming applications by means of the web.<\/p>

The leading public cloud providers offer an array of innovative products-as-a-service that can be accessed on their platforms and help banks implement business and operating models to improve revenue generation, increase customer insights, contain costs, deliver market-relevant products quickly and efficiently, and help monetize enterprise data assets. The cloud also offers a huge opportunity to synchronize the enterprise; to break down operational and data silos across risk, finance, regulatory, customer support, and more. Once massive data sets are combined in one place, the organization can apply advanced analytics for integrated insights.<\/p>

After years of focusing on the technology\u2019s value as a cheaper, faster, and more \u201celastic\u201d alternative to on-premise data storage, bank leaders are considering how they can leverage the cloud in three areas \u201cabove the line\u201d to create new business frontiers and in three areas \u201cbelow the line\u201d to optimize the organization. Applying cloud technology in these six areas may help banks drive improved business performance and shareholder returns.<\/p>

Critical sources of value enabled by cloud transformation:<\/b><\/h2>

Synchronize the enterprise<\/b><\/p>

  • Better integration of business units through sharing data, driving integrated decisions, and moving more quickly to solve customer problems.<\/li>
  • Creating common, connected data sets; enabling deeper, more sophisticated insights and analytics; enhancing collaboration through new shared platforms and tools, and increasing speed of decisions.<\/li><\/ul>

    Drive business innovation<\/b><\/h2>

    Helping innovate and driving strategy to build new customer experiences, create and market offers, optimize operations, and manage talent through leveraging tools such as machine learning, Internet of Things platforms, augmented reality and virtual reality, image recognition, natural language processing, etc. Leveraging new tools and capabilities to increase revenue, cut costs, make operations more
    consistent, and retain personnel more effectively.<\/p>

    Unleash new talent and new ways of working<\/b><\/h2>
    • Aligning tech with business unit needs to benefit functions requiring new talent and new ways of working.<\/li>
    • Tech capabilities and solutions attract new workers and provide access to ecosystems with new skill sets\u2014DevOps, agile, user experience, etc.<\/li>
    • Impact is enabling process improvements such as automation or human augmentation to improve productivity and create firm integration, resulting in agility, connectedness, and transparency.<\/li><\/ul>

      Build resilient operations<\/b><\/h2>

      Enhance companies\u2019 overall resilience to respond more quickly\u2014physical outages, disruption, etc.<\/p>

      • Moving from companies\u2019 data center but gaining ability to replicate data and app services across more than a single data center or region.<\/li><\/ul>

        Enhance IT security<\/b><\/p>

        • Cloud providers have extreme security standards\u2014and have a track record. Environments can be as secure or more secure than on-premises\u2014but only when implemented correctly and with skilled and trained security.<\/li><\/ul>

          \u00a0<\/p>

          Scale computing costs as needed<\/b><\/p>

          • Helping organizations with the way they pay for tech\u2014away from heavy up-front capital spending and toward operational based.<\/li>
          • Companies can respond more quickly to market shifts or changes in financial priorities.<\/li>
          • Capture cost efficiencies in dynamic cloud pricing by increasing or decreasing computing capacity as needed and facilitating granular spending control.<\/li><\/ul>

            An enterprise-level solution<\/h3>

            Business unit and IT executives accustomed to an on-premise data center may find the prospect of upgrading or replacing legacy systems with an enterprise-level cloud solution to be quite daunting. Fortunately, banks can approach this transformation incrementally. They can mix and match hybrid and multi-cloud solutions based on their organizational needs, maturity, and readiness; most organizations choose a multi-cloud approach. Whatever the deployment model, data residing in the cloud can be as (or more) secure than it is with on-premise storage models.<\/p>

            Cloud deployment models<\/b><\/p>

            Companies can be all-in on cloud without being 100 percent cloud; they can mix and match based on needs. In each option, data can be as (or more) secure than it is with on-premise options.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t

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            Planning and implementing cloud solutions<\/b><\/h2>

            Business case development<\/b><\/p>

            Not only is the cloud helping to innovate IT strategy, also it is becoming an engine to quickly build new capabilities and services to address business imperatives. Many transformative solutions (e.g., customer relationship management, finance, enterprise resource management) already are cloud-based\u2014they are just not primarily communicated as such. A cloud business case should emphasize how the bank can cost-effectively tap into cloud-delivered solutions to drive customer insights, experiences, and offers; grow revenue; lower costs; find and onboard better talent; and provide more consistent enterprise operating platforms. It also should include a baseline cloud value-assessment model to map the economics of changing market forces, pricing, and business assumptions and aid in scenario planning. Finally, the business case should address change management issues: Cloud technology may dramatically alter certain employee roles; what steps may be needed to help adapt the organization\u2019s culture and mind-set?<\/p>

            Solution design and execution<\/b><\/p>

            The cost and effort to migrate workloads to the cloud may be a major concern for financial institutions contemplating executing cloud strategies. Cost and time to market are key factors when companies are seeking to leverage business-building technologies such as advanced data analytics and machine learning. External cloud providers offer these and other capabilities that can shorten development time versus building capabilities in-house.<\/p>

            Vendor management<\/b><\/p>

            The banking industry will be transitioning through both hybrid and multi-cloud environments for years to come. During this lengthy period, vendors likely will be offering new, cloud-based services and capabilities on a regular basis. Financial services organizations should avoid vendor lock-in so that they can adapt to marketplace changes without having to re-platform when moving from one vendor to another. Also, as vendors mature, they may offer better pricing flexibility by leveraging different cloud platforms that enable an organization to move workloads from one cloud to another to meet business needs, and to apply best practices built on one cloud platform to departments using other cloud vendors. Adopting a multi-vendor\/multi-cloud strategy can be complex and challenging; developing a common understanding of architectural components and governance strategy enables optimal use of multi-cloud environments.<\/p>

            Security<\/b><\/p>

            Data security concerns are top of mind for bank leaders. An important part of understanding the cloud is considering how an enterprise\u2019s current infrastructure and capabilities may be limiting its ability to detect and address new risks and vulnerabilities\u2014and how cloud technology can help. Security is different in the cloud because of the tools that are native to each cloud provider\u2019s environment and the fact that cloud providers typically take responsibility for the security of the lower-level infrastructure layers. The shared security responsibility between cloud providers and the clients they host changes how organizations should anticipate and prepare for security risks.<\/p>

            Regulatory compliance<\/b><\/p>

            Distributed computing can help banks and monetary administrations firms meet regularly advancing administrative detailing necessities (e.g., Comprehensive Capital Analysis and Review, Solvency II) in different working locales\u2014a basically significant capacity in an industry where cross-outskirt exchanges are the standard. Cloud arrangements can likewise help banks lead intraday liquidity and hazard estimations, and mine exchange observation information to distinguish hostile to tax evasion and other extortion issues. A cloud stage empowers information handling position capacities dependent on information criticality and Certified Safety Professional accreditations.<\/p>

            Conclusion:<\/b><\/p>

            Cloud computing offers the potential for substantial reduction in IT costs while increasing IT agility. This document describesarchitectural characteristics and expectations of Cloud from a business and operational perspective. Architectural principles, standards, concepts, and a conceptual view for Cloud architecture are also provided.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"

            Social Banking of Cloud can be a catalyst for Enterprise Business transformation. Cloud computing is moving to the forefront as a focus for IT leaders, C-suite executives, and board members. Learn how cloud can be a catalyst for enterprise business transformation\u2014and a potential game-changer for how financial services organizations will operate in the future. Leveraging […]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[29,25],"tags":[],"class_list":["post-3877","post","type-post","status-publish","format-standard","hentry","category-banking","category-blogs"],"acf":[],"_links":{"self":[{"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/posts\/3877","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/comments?post=3877"}],"version-history":[{"count":3,"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/posts\/3877\/revisions"}],"predecessor-version":[{"id":14735,"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/posts\/3877\/revisions\/14735"}],"wp:attachment":[{"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/media?parent=3877"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/categories?post=3877"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/petabytz.com\/blogs\/wp-json\/wp\/v2\/tags?post=3877"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}