The inaugural Financial Cloud Summit hosted by Finextra featured Piers Linney, entrepreneur and CEO of Moblox, who set the tone for discussions on cloud strategy, migration, and optimization.
Linney addressed the audience on the key steps financial institutions must take for success, including performance measurement and integration within the broader ecosystem. Drawing from his decade-long experience in the cloud sector, he highlighted that innovation typically progresses gradually before experiencing an acceleration as technology matures.
He noted his efforts to combat “FUD: fear, uncertainty, and doubt” surrounding cloud adoption, addressing common concerns such as security, cost, migration feasibility, and the timing of cloud implementation. Linney emphasized that change is now exponential rather than linear, with customer demands driving how banks leverage technology to enhance value, rather than allowing technology to dictate their capabilities.
Cloud technology offers scalability, enabling financial institutions to evolve their infrastructure effectively. Relying on outdated models can create excessive technical debt and jeopardize jobs. Linney stated that effective cloud adoption would distinguish successful institutions from those that struggle, urging the development of comprehensive strategies for migration and modernization.
Avinash Kumar, product director at Temenos Banking Cloud, discussed a study where 72% of IT executives in banking recognized that cloud capabilities align with their business priorities. He explained that banks face unique challenges in modernizing while also striving to enhance revenue and streamline costs. The cloud is crucial for differentiating offerings and maintaining competitive pricing.
Kumar also addressed the challenge of banking as a service within the traditional banking model, which has historically been closed. With consumers spending significant time online, banks must evolve towards more open technological approaches to remain relevant and secure.
In closing, Kumar emphasized that each bank will follow a unique path towards embracing a progressive banking model through technology that enhances their modular capabilities and accelerates their market readiness.
Orlando Fernández from the Bank of England examined effective cloud migration models, including rehosting, replatforming, and refactoring, before Ben Scowen from Kyndryl UK & Ireland presented on hybrid cloud strategies. Scowen noted the growing complexity businesses face in transformation efforts, highlighting the importance of agile processes to prevent the accumulation of technical debt.
Scowen outlined crucial objectives for businesses — revenue growth, cost optimization, risk management, and sustainability — while underscoring that transformation is essential for adapting to digital opportunities.
He concluded with ten strategic points for achieving cloud optimization success:
1. Own and master your transformation.
2. Unify your hybrid cloud by integrating hyperscaler technology.
3. Adopt a conscious multi-cloud strategy.
4. Implement a platform-centric approach to digital productivity.
5. Embrace low-code and SaaS solutions.
6. Leverage data, insights, and observability.
7. Adopt modern security practices.
8. Foster strategic talent development.
9. Automate and codify processes wherever feasible.
10. Establish a modern culture and operational framework.
These insights provide a clear roadmap for financial institutions looking to navigate the ever-evolving landscape of cloud technology effectively.