With the rise in challenger banks, the banking space has transformed. The years of going into your branch to ask for a loan, or trading in person at the NYSE are over. Now, overdrafts can be approved automatically over apps, artificial intelligence can lend unprecedented predictive value to your trading and in some cases, traditional established banks are losing their foothold in the market. Keeping up with the changes is hard for any business, but with the current global climate brought on by this epidemic it’s important to stay ahead of the curve while getting in line with updated compliance regulations and ensuring the tightest security possible. However, updating current systems and implementing entirely new systems is expensive, and the pace at which things are moving means updates will have to occur with more regularity.

The cloud provides an efficient, agile way to ensure long-term scalability and encourage a competitive edge. With the cloud, you no longer have to manage and control your infrastructure using on-site, expensive resources, something that’s become increasingly difficult. Machine resources can now be expanded and contracted using cloud technology at an agile pace, and with greater efficiency, preparing your business for touch-free workflows. Costs are reduced long-term due to the flexibility of cloud infrastructure and the scalable nature ensures costs usually associated with growth are cut, creating more space for expansion and development. The cost savings aspect of cloud technology provides significant value to our clients, freeing up more capital for innovative, revenue boosting projects like AI predictive technology implementations.

Cloud technology also helps prevent silos and enhance collaboration across businesses, creating a business that works together seamlessly across country borders, delivering strong value to innovation and teamwork. Moreover, with newer, more efficient technology spread across the business in a more seamless way, systems are less at risk.

Laying the right foundations for digital transformation

The past decade has seen billions of dollars wasted on ineffective digital transformation. AI that doesn’t provide value, projects left incomplete and new tech that doesn’t really do anything. Digital transformation provides immense value to financial businesses, when done properly. Migrating your current systems onto the cloud provides the solid groundwork for developing your digital transformation out further, secure in the knowledge you have a robust framework supporting your future developments and improvements.

For example, implementing DevOps enables continuous delivery, creating a seamless workflow, enabling stronger security procedures and encouraging the quick and easy release of regulatory compliance updates, among many other benefits designed to bring your banking processes in line with clients’ needs and expectations. However, it’s difficult to implement DevOps processes into your business without laying the groundwork with cloud migration. The cloud provides important first steps in bringing your business into the digital, collaboration and experience age.

Finding the right provider

Effectively implementing cloud technology doesn’t have to be difficult. CPQi provide cloud migration managed services without the fuss. Our years of experience in technology and banking ensure we understand not only what technical work needs to be done, but how to leverage the implementation to create the opportunity for growth and efficiency in your business. We currently work with many of the top banks across the Americas and have extensive experience in digital transformation. Give us a call today to find out how migrating over to cloud technology can enhance and secure your business processes.

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