Simplifying the industry’s journey to cloud
Table of contents
An industry opportunity
Adoption of cloud-based solutions in the financial industry has grown rapidly in recent years. And no wonder. The increased flexibility and scalability of cloud over on-premise solutions allows financial institutions to gain greater speed and agility in deploying the next generation of services to their customers.
But while many institutions have developed ‘cloud-first’ strategies, others are struggling to realise the full value of shifting their enterprise systems to the cloud, as this needs to be accompanied by a wider digital transformation strategy within the organisation.
Understanding the challenges
With mounting pressure to meet customer expectations and deliver greater efficiencies, financial institutions are looking to migrate quickly to the cloud.
However, there are a number of challenges:
- A unique IT challenge: Migrating legacy systems to the cloud – often made up of complex webs of applications stacked on top of the other over time – can pose a unique multi-faceted IT challenge to organisations.
- Migration security: While cloud providers have demonstrated high levels of security, the process of migrating on premise applications to the cloud poses significant challenges in maintaining security and data privacy.
- Regulatory compliance: In many countries, regulations have not kept up with the pace of technological change and moving certain infrastructures to the cloud may not comply with all applicable guidelines.
- Internal resistance: As with any new technology, there is often resistance to change within organsiations as it can disrupt current structures and practices.
- Organisational-level risk: There’s a lot at stake when migrating mission-critical applications to the cloud. Failure could impact the smooth running of the organisation and lead to significant public relations challenges.
Co-creating industry solutions
We are working closely with our community of financial institutions, cloud service providers and others to overcome these challenges.
To enable financial institutions to safely migrate legacy application to the cloud and unlock the myriad of opportunities that it can offer.
What we’re doing
- Our Digital Connectivity Initiative is helping customers migrate SWIFT connectivity infrastructure and components in hyper-scale public cloud platforms, such as Microsoft Azure, Google Cloud Platform and Amazon Web Services.
- Our Alliance Cloud solution enables customers to migrate their on premise messaging interface to SWIFT’s cloud environment, outsourcing the management and operation of this complex software to SWIFT.
Innovate with SWIFT
We are constantly looking for new ways to help financial institutions simply their journey to the cloud and are always open to hearing about innovative ways to overcome this significant challenge.
Have an idea to discuss or a challenge you need help overcoming? Get in touch with your SWIFT account manager or let us know.