Moving to the Cloud: Three FSI Examples

“To the cloud and beyond,” well that’s not exactly what Buzz Lightyear said in the beloved Toy Story movie but when I think about financial services institutions shifting workloads to the cloud it makes me think of Buzz because the possibilities are infinite (infinity in Buzz’s case). It is sometimes perceived that moving to the cloud will be the panacea to all that ills an institution. Yet as moving to the cloud gets more palpable the decisions get more complex and costlier. Do mission-critical workloads stay on-prem in order to meet security or data sovereignty regulations? Or do managing operations across multiple public cloud and on-prem resources become burdensome?

In Accenture’s 2022 Banking Cloud Rotation Index, banks have nearly doubled the percentage of their workloads in the cloud. For core functions, they have more than doubled. However, the progress they’ve made so far represents only 15% of overall workloads. Which is why cloud computing is a top-five 2023 spending priority for more than 40% of U.S. bank executives who responded to the Arizent/American Banker survey released in December 2022. Eighty percent of respondents said they expect to have at least 20% of their computing in the cloud in 2023.

With figure like that it is no wonder it is top of mind for customers and we want to help them on their cloud and computing journey. Recently Mahesh Natarajan, Senior Director of Product Management of Cloud and Compute, wrote a series of financial services blogs about cloud computing in three different sub-verticals: Retail Banking, Insurance and Payments.

1. Cisco Solutions Accelerate and Simplify Hybrid-cloud Operations for Financial Services Enterprises

The first blog in this series focuses on digital innovations and the most common IT challenges. It is through the lens of use cases in retail banking, and how advancements in technological capabilities help banks manage these modern challenges around hybrid-cloud operations, starting with digital banking.

2. Advances in Cisco Cloud and Compute Technology Solve Challenges for Insurance Companies

This second blog focuses recent trends in predictive analytics, along with advanced storage capabilities, for insurance companies that ensures they have the data processing power and scalability needed to launch new offerings and keep happy and loyal customers.

3. Hybrid Cloud Operations in the New Era of Digital Payment Applications

The final blog talks about a few challenges of managing hybrid cloud operations for payment firms. It discusses how payment firms stay at the forefront of innovation by continuously meeting consumer demand for speedy, flexible, secure, and seamless payment experiences.

If you are interested in reading more then please check out the Cisco Hybrid Cloud page and also the 2022 Global Hybrid Cloud Trends Report, sponsored by Cisco, that highlights the trends and what other organizations are doing to navigate cloud complexity.

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