You’ve rolled out your mobile banking apps, you’ve migrated all your data into digital files and you’re looking at ways to better use your data. But how is your financial institution modernizing strategically? How are you doing it? Where are you storing the data?
Are you still buying hardware, working with your IT staff to stand up new servers, buying more software licenses and training your staff? Please stop doing it the hard way. Cloud service providers have made it even easier to modernize business, enable agility and drive innovation, all while minimizing the overhead. I can hear you in the back, “Bryan, what about security?” or “Aren’t we losing control of our data?” to which I respond, “If you go to the cloud, you still control it, you can still manage your security, just with less worry.”
Technology leaders are always looking for better ways to provide services while maintaining compliance. Forward thinkers in the space are already taking advantage of cloud computing. The location of your data is less relevant to your ability to access and use it. Cloud services enable that cheaply and efficiently.
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If you’re worried about cloud services still, the FDIC has explicitly listed cloud as one of their top 3 priorities in its IT Strategic Plan. Additionally, the US Government has adopted Cloud Services as the path forward, as outlined by Suzanne Kent, federal CIO, as a way to better serve citizens moving forward. If regulators are moving to the cloud for improved security, efficiency, and use of data, what’s holding you back?
So, as we move to the cloud to take advantage of the benefits, such as scalability, cost management and improvements in innovation, it’s important to remember that it’s more than just moving servers from a data center to hosted solutions. As McKinsey puts it, “Lift and Shift will not automatically yield the benefits that cloud infrastructure and systems can provide.” Moving to the cloud is about adapting how we do things across the board – modernizing systems, changing the models and leveraging our data. Truly moving to the cloud can be difficult at first, but that investment will be worth the long-term outcome.
For the credit union and small bank to remain relevant to its customers, they need to embrace this new technology and start building the connections between legacy systems and cloud services. Large financial institutions and fintechs are already heavily invested and making significant improvements in their business based on the benefits of the cloud. By offering services more quickly and efficiently, while leveraging technology such as AI applications, processes can be automated, improving the customer experience and lowering institutions’ expenses and effort. So, does your CIO have his head in the cloud? I certainly hope so, because consumers and your competition do.
Vetter can help you on your way to competitive advantage. Contact us today to learn more!