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Financial services: how will multicloud shape the future?
Change across financial services is constant. New cloud technology providers and digital banks have entered the market and scaled rapidly. This comes as today’s customers demand seamless and enhanced digital experiences, real-time convenience and intelligent services from their banks. These expectations have spurred banks around the world to strategically evaluate the technology they need to exceed customer expectations.
As the need to transform to provide exceptional banking experiences to customers intensifies, banks are turning to multicloud to drive advanced workloads, consolidate overlapping technology, identify savings and improve workflow. But for institutions that have invested millions in on-premises technology and skills, the migration to a multicloud infrastructure wouldn’t be an easy decision, nor a painless transition.
There’s no ‘one size fits all’ cloud strategy either – should it be public or private? Hybrid or multicloud? AWS, Azure, Google or Oracle? Yet, it’s not a matter of ‘if’, but how quickly banks can undergo transformation to accelerate innovation, maintain a competitive edge and enhance the customer and employee experience for future success.
Key barriers to cloud adoption
The need for speed, agility and innovation continues to push financial services towards cloud adoption. For example, the 2021 NTT Global Workplace Report found that over half of C-suite executives think that cloud computing is the most likely approach to underpin a rapidly evolving hybrid workplace strategy.
Although the journey to the cloud can be challenging, it’s crucial to future flexibility and survival, and businesses in financial services recognize this. According to market researcher IDC, banks’ expenditure on cloud computing technology is expected to grow more than 16% a year through 2024 – compared with a 4.5% annual increase in their overall IT budgets.*
But based on our conversations with clients, the roadblocks on their multicloud transformation journey are still significant. These include data and cloud security and compliance requirements, outdated applications, network performance and availability, organizational silos and outdated work practices, skill gaps, and costs across multiple cloud environments.
*Worldwide Industry CloudPath Survey, IDC 2021
As the need to transform intensifies, banks are turning to multicloud to drive advanced workloads, consolidate overlapping technology, identify savings and improve workflow.
UTI AMC’s great cloud migration in India
Growing competition and rising demand from customers for digital-first, intelligent services have prompted UTI AMC, India’s leading financial service institution, to migrate to cloud-based infrastructure and become data-driven. With over 10 million investor accounts and 150 branches across the country, they needed to upgrade their legacy infrastructure, as their innovation-led growth strategy relied heavily on the capabilities of a modern IT environment.
However, they were concerned about the management and security of the future, modernized landscape. Due to the highly competitive nature of the asset management industry, UTI AMC also needed to ensure that moving to a new IT environment could be done while optimizing operational costs.
A predictable yet cost-effective solution to reduce capex and significantly improve system performance was needed for the transition. Equally critical was the ability to demonstrate tangible cost optimization while enhancing visibility, governance and performance of their IT estate.
To kickstart their transformation journey, UTI AMC partnered with us to take advantage of our expertise in managing complex and mission-critical multicloud environments, delivering similar solutions to India’s largest organizations, as well as our expertise in cloud transformation, large data center migrations and agile platform-delivered managed services.
The modernized IT infrastructure provides the company with increased agility, accelerated time to-market, higher availability and cloud security in cost-effective deployment and operational models. It also enables on-demand scaling, reducing capex and costly infrastructure upgrades, leveraging a flexible pay-per-use model.
An IT landscape that is future-ready, highly visible and well-governed
Operational agility using single-window tools, and one-click, on-demand scaling
Predictable and controlled IT spend, with 25% savings on TCO over five years
Far greater compliance by leveraging our platform-based solutions with built-in automation
‘As part of our continued growth, we needed to digitally transform our IT landscape to meet our customer needs in a dynamically evolving market.’
EVP & Head IT, UTI AMC
A larger Azure footprint for Redburn’s great IDEAS
As part of their ongoing commitment to drive innovation and elevate the customer experience, Redburn, Europe’s largest independent equities broker, was looking to increase their adoption of public cloud on Microsoft Azure for cost optimization , as well as greater agility and reliability.
The new deployment of their digital solutions, IDEAS, also provided an opportunity to accelerate their cloud-first strategy. IDEAS has a straightforward purpose – to help investors outperform equity markets through active stock and sector selection. To do so, it provides tools that help identify potential price efficiencies, construct equity strategies, conduct portfolio analysis and generate investment ideas.
Redburn focuses on ensuring the usability and reliability of IDEAS for their investors and were considering public cloud to create further opportunities for innovation. Microsoft Azure was selected as the best destination for IDEAS, with subsequent analysis to identify an appropriate application approach, both to scale and to run the IDEAS application with ease and confidence.
With our experience in the design, automation and 24/7 operation of critical digital platforms in Microsoft Azure, our team understood Redburn’s aspirations to expand the use of microservices across their IT landscape. We enabled their move to a microservices-based platform using our Cloud Transformation Framework – to firstly create the architecture principles required to govern the multi-region public cloud deployment and integration into Redburn’s existing private IT estate, as well as to ensure operational reliability and modernization of all existing Microsoft Azure
Azure Kubernetes Service (AKS) becomes the optimum solution
Cloud Transformation Framework facilitates sprints to create the architecture principles that govern multi-region public cloud deployment and integration
Reconfigures all existing Microsoft Azure solutions to ensure operational reliability and modernization
‘In our industry, attention to detail is of paramount importance. This is reflected in our strategy and implementation of technology.’
Head of Technology, Redburn
Optimized productivity and collaboration keep WOM Finance’s wheels turning
Wahana Ottomitra Multiartha Tbk (WOM Finance) is a leader in motor vehicle and motorcycle financing in Indonesia. In order to stay ahead of the curve, WOM Finance is focused on providing excellent customer service and experience. To deliver this, they needed to optimize their productivity and collaboration environment across over 170 offices in the country.
As part of a review of their software platforms, they identified the siloed nature of this environment as a key risk. On-premises email environments and multiple apps were used across the different sites, and their teams were finding it difficult to disseminate information. The fragmented nature of the environment also made it difficult for the IT team to provide the level of support that met the standards they had set for themselves.
With multiple and disparate collaboration and productivity across the organization, WOM Finance decided to standardize this environment to deliver the best client outcomes. To identify the optimal solution, they engaged with us to conduct an assessment of their environment and to assist them in designing a collaboration solution that met their specific objectives.
Working with our team, WOM made the choice to migrate to Google Workspace, giving them a full cloud-based productivity solution. Following an accelerated implementation, WOM Finance was able to enable their teams to work from home when it became necessary. The cloud-based collaboration environment keeps their team seamlessly connected while their IT team can focus on enabling the business strategy.
Using Google Meet and Chat, employees access secure chat and video platform, ensuring seamless and secure collaboration
With productivity environment in the cloud, improvements in overall productivity and cost savings
IT team no longer needs to manage multiple, siloed applications, allowing them to focus on the rest of the IT infrastructure
‘In today’s competitive environment, there are plenty of uncertainties causing businesses to change rapidly. An integrated environment is critical to help our teams stay productive and connected, no matter where they are.’
Director, WOM Finance