Expert: Adrian Mountstephens, Equinix. Facilitator: John Chapman, Orion Consultancy
Key Takeaways:
- We are in the middle of an IT revolution
- There are clear benefits of moving to the Cloud
- If you haven’t started your cloud journey yet, you should start planning
Context
The legacy solution of banks having on premises data centres is no longer the future. We have seen with the advent of new banking firms and services being provided online via mobile apps that they are a more nimble, client focused service for the future. The movement of services to the Cloud is clearly the future for banking and financial services
Key Takeaways in more detail:
1. We are in the middle of an IT Revolution
Five waves of technological revolution:
- Agricultural Revolution 1600-1740
- Industrial Revolution 1780-1840
- Technical Revolution 1880-1920
- Scientific Revolution 1940-1970
- IT Revolution 1985-2015
Banking application stacks are moving to The Cloud.
2. There are clear benefits from moving to The Cloud
The benefits of moving to the Cloud are:
- Competitive Advantage
- Cost Savings
- Security
- Mobility
- Global Reach/Scale
- Sustainability
3. If you haven’t started your cloud journey yet, you should start planning
Legacy systems are what banks had on premises data centres. The future is very different and primarily cloud based.
Some organisations are fully cloud based today and others haven’t started their journey. However, the advantages are clear and if you haven’t started, you should start planning!
