A need for hybrid and multicloud strategies for financial services
The financial services industry is a dynamic space that is constantly testing and pushing novel use cases of information technology. Many of its members must balance immense demands—from the pressures to unlock continuous innovation in a landscape with cloud-native entrants, to responding to unexpected surges in demand and extend services to new regions—all while managing risk and combatting financial crime.
At the same time, financial regulations are also constantly evolving. In the face of the current pandemic, we have seen our customers accelerate in their adoption of new technologies, including public cloud services, to keep up with evolving regulations and industry demands. Hand in hand with growing cloud adoption, we’ve also seen growing regulatory concerns over concentration risk (check out our recent whitepaper on this), which have resulted in new recommendations for customers to increase their overall operational resiliency, address vendor lock-in risks and require effective exit plans.
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