The need for Cloud migration assurance in the financial services industry

1. The need for Cloud migration assurance in the financial services industry

2. The need for Cloud migration assurance in the financial services industry • When Cloud computing started making inroads into the industry around 2010, financial services firms were skeptical about moving their applications to the Cloud. The common reasons cited were regulatory restrictions, security concerns, and loss of control etc. However, in 2021, the Cloud has become an integral part of the digital strategy of all financial services organizations. One Forbes study states that about 83% of enterprise workloads are on the Cloud by 2020 and will reach 95% by 2022. Even regulators like the Financial Industry Regulatory Authority (FINRA) have moved 90% of their data to the Cloud to capture, analyze and store a daily influx of 75 billion records. There is no better endorsement of the Cloud than a regulator moving their data to the Cloud. We now have financial institutions born on the Cloud and remain fully digital in their operations.  • How does a hybrid cloud strategy benefit financial institutions?  • Financial institutions are moving to a hybrid cloud, enabling them to support a new generation of banking services without losing their “community” centered relationship-based model. The common drivers of benefits are  • The ability to plug into emerging financial services ecosystems, e.g. Trade finance platforms like Marcopolo and Voltran, have emerged as a fast-growing ecosystem that traditional banks need to plug into to participate in the future of business.  • Reduced time to market for rolling out new services or applications and mobile apps, e.g. Google Pay, has started to push smaller banks’ time deposits as a threat to large, established banks. Such moves need fast counters or, better yet, proactive measures from existing banks. 

3. The need for Cloud migration assurance in the financial services industry • How does a financial institution do the much-needed cloud migration yet not be distracted from its core business? • A valuable solution to the above is to engage IT service partners with fast and reliable cloud migration solutions. A comprehensive migration service will ensure the below outcomes: • • Optimization of costs based on rightsizing of computing resources and infrastructure • • Modernization of the infrastructure for greater security • • Ease of accessibility • • Leverage newer technologies to modernize the architecture of legal applications • A comprehensive cloud migration assurance strategy covering infrastructure, applications, and data is essential to ensure the outcomes listed above. • The common attributes of a comprehensive Cloud migration assurance strategy? • Infrastructure assurance • Application assurance • Data Assurance

4. The need for Cloud migration assurance in the financial services industry Cigniti’s Cloud Migration Assurance services comprises pre-migration advisory, Migration assurance and post-migration validation. We have the Cloud Assurance Platform (CLAP) built on top of our AI-enabled quality engineering platform, BlueSwan, which will provide comprehensive testing services across the migration lifecycle. Our Cloud assurance solution, Independent testing services, early warning signals, and deep BFSI domain knowledge in understanding business processes and requirements across the industry helps us create value-added solutions. Cigniti’s CLAP Platform, automated reusable test scripts, and automated test approach are our key technical differentiators. Cigniti’sCloud Migration Assurance Services can help you get the best out of your Cloud transition. Schedule a discussion with us to consult with our experienced team of cloud migration assurance experts Read Full Blog at: https://www.cigniti.com/blog/cloud-migration-assurance-financial-services