By embracing public cloud, financial services companies are able to realize significant gains in terms of speed to market, cost savings, and enhanced data security.
In our white paper, “Securing PII Data in the Cloud for Financial Services,” we took a deep look at the current conditions for cloud migration in the financial industry, including the current rate of adoption, overall industry trends, best practices and benefits that financial firms can realize by securely embracing this flexible, powerful and cost-effective technology suite. In this article, we turn the lens to the real-world results that one customer experienced as it embraced public cloud and describe the long-term benefits of such a move.
Speed, Savings and Security
Maven Wave was able to partner with a large fintech “unicorn” as it began to move sensitive data for its more than 80 million customers from its data center to the public cloud. As a result, the client was able to realize significant gains in terms of speed to market, cost savings, and enhanced data security.
- Speed: “Moving at the speed of cloud” is not just a catchy saying; it’s a real possibility. In addition to gaining the ability to dynamically scale up or down in response to performance needs and demands, the flexibility of resources afforded in cloud allows the enterprise to increase velocity. In this case, we estimate that this specific client is now able to develop and ship code five times faster than before. It’s the difference between incremental improvements for the enterprise and exponential growth. This gain has decreased time to market and differentiated the value and experience provided to its customers.
- Savings: “Ditching the data center” has obvious cost benefits in terms of capital expense but savings arise in other ways as well. A reduction in both physical assets and human operations lowers cost and allows for redeploying resources to more productive activities. In this case, the company forecasts a 30% reduction in infrastructure costs over the next three years and estimates 50% of its manual technology operations work has already been shifted toward new work activities, including DevSecOps and site reliability engineering (SRE)-oriented improvements.
- Security: Common perception holds that security is compromised in the public cloud when, in fact, just the opposite is true. Following the implementation of Maven Wave’s 11 best practices, the company brought in a third-party penetration testing team that concluded the implementation was secure and even used the term “invisible” in its report. Thus far, we estimate that there has been a 60% reduction in threatening security incidents based upon the new cloud architecture and an ability to identify and isolate incidents twice as fast as was possible in the data center.
While public cloud platform offerings are certified and secure, enterprises need to deploy a funded and coordinated migration initiative that includes many aspects of the operating model. It may sound obvious, but education and incentives must be universally aligned to successfully tailor best practices for the public cloud to the company’s needs. Done properly, a move to the public cloud can lead to widespread and profound results.
It’s a Journey, Not a Destination
It’s often been said that transformation is a journey and not a destination, and the same concept applies to the migration from traditional, on-premise, hardware-based compute resources to the public cloud. While public cloud stands in stark contrast to traditional services, the real measure of the promise and potential of the cloud is dynamic. It will be realized over time and in ways that allow a business to become more flexible, embrace new tools and techniques, and create new opportunities in a more secure way. Making the move to public cloud is just the beginning.
Additional articles from Maven Wave on public cloud in financial services:
- Public Cloud Is Ready for Financial Services, But Is Financial Services Ready for Public Cloud?
- Trends in Cloud Migration for Financial Services
- Migrating to Public Cloud: What Are the Benefits for Financial Services?
- 4 Ways to Make the Move to Cloud Effective in Financial Services
This article initially was published on the Maven Wave Fusion Blog.