BANKING: Banking on open hybrid cloud

For many years now, banking leaders have been looking at cloud to meet their infrastructure needs for both business flexibility and the rigors required for security and compliance. According to a 2020 report on cloud usage in the industry, 91 percent of financial institutions are actively using cloud services today or plan to use them in the next six to nine months—double the number four years ago.

However, very few mission-critical regulated banking workloads have shifted to a public cloud environment—only an average of 9 percent according to one report, which is lower than the average of other industries. The scalability and agility available through a cloud-based
infrastructure can better equip an organization to rapidly make adjustments and respond to market changes, such as those associated with the pandemic.

Pragmatic leaders are taking this lesson a step further with an open hybrid multicloud approach, embracing multiple interoperable platforms that offer the combined security features and flexibility required. A successful migration to an open hybrid multicloud environment requires examining, through the
lens of the banking industry’s unique requirements, which platform is appropriate for each application or service.