Are you making the most of the cloud?
Traditional banks are among the few industries that still rely on mainframe computers, but that appears to be changing. CIOs of financial institutions appear bullish on the cloud when it comes to apps. Some 44% of respondents say that, over a 12-month period, they've invested in re-platforming applications to move to the cloud. Just over 40% have put money into cloud migration to help their companies adapt to changing business conditions.
Commercial banking is far behind consumer banking in the migration process. The operating model for commercial banks is about relationship management. But in a distributed work environment, such as the one created by the pandemic, banks won't be able to maintain strong bonds with commercial customers without more cloud-based features, services, and apps.
CIOs in the financial industry should be proud of their accomplishments with respect to pandemic response, but they can't afford to rest on their laurels.
They need to stay focused on keeping their IT infrastructures running smoothly. They must make better use of data and analytics to improve business decision-making. And they must be sure to make the most of the cloud for their institutions. Focusing on these key areas will ensure that financial institutions can weather any storm that is to come.
This article was authored by BK Kalra and first appeared in BAI Banking Strategies.