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Blog· 3min March 24, 2023
Discover the top 8 essential steps to achieve success with cloud optimisation, from owning your transformation to establishing a modern culture. Learn how to maximise the value of your cloud investments and drive digital transformation in your organisation.
This year's Financial Cloud Summit 2023 was hosted earlier this month in London. As leaders within the industry took to the stage to discuss the ways in which cloud is being utilised in the financial services, it was still a question to many as to why many are still hesitant to migrate their core business-critical workloads in payments, clearing and settlement to the cloud. With frameworks being proposed as to how to make cloud optimisation work, we at Form3 have put together our own take on how financial institutions can maximise the value of your cloud investments and drive your organisation towards digital transformation.
Taking charge of your cloud transformation is crucial in ensuring its success. Analysis, planning, and execution are essential to ensure the strategy aligns with your payment goals and future roadmap. This includes:
By owning and mastering your transformation, you can ensure that your cloud initiatives are well-planned and executed, ultimately leading to increased efficiency and cost savings.
A multi-cloud strategy allows your organisation to run a single platform across multiple cloud providers with full data consistency across the providers.
Integrating services across multiple cloud providers in a single cluster ensures seamless operation, as all services are deployed from a common code base. This approach allows customers to load balance requests across cloud providers at all times, eliminating uncertainty regarding the operational state of the infrastructure within each provider. As a result, the platform becomes more resilient and reliable.
Furthermore, by spanning services across cloud providers and availability zones within each provider, the platform can withstand the loss of an entire cloud region or provider. In the event of a failure, requests are automatically re-sent to the endpoint in the alternative cloud, without the need for manual intervention. Additionally, real-time data consistency across cloud providers guarantees that the state of the data remains unaffected by the loss of a cloud provider or region, ensuring uninterrupted access to crucial information and services. To adopt a successful multi-cloud approach:
By taking a conscious multi-cloud approach, your organisation can benefit from increased agility, reduced vendor lock-in, and improved resilience.
A platform-centric approach offers a framework comprising best practices and proven patterns that have been successful across multiple organisations. The platform serves as a foundation, providing essential capabilities and features to optimise and innovate within a cloud-native environment. In order to accomplish this, keep these points in mind:
By taking a platform approach, you can ensure that your organisation has the necessary tools and infrastructure to support scalable, agile, and efficient operations.
Low-code development and SaaS solutions can play a crucial role in enhancing your cloud optimisation efforts. To integrate these technologies into your cloud strategy, consider the following steps:
By embracing low-code and SaaS, your organisation can drive innovation, accelerate digital transformation, and reduce IT complexity.
Data-driven decision-making is essential for successful cloud optimisation. To harness the power of data, insights, and observability:
By being driven by data, insights, and observability, your organisation can make informed decisions, reduce operational inefficiencies, and improve the overall performance of your cloud infrastructure.
Robust security measures are vital to protecting your organisation's data and applications in the cloud. To implement and maintain a strong security posture:
By embracing modern security practices, your organisation can safeguard its valuable assets and maintain customer trust.
Automation, codification, and software engineering can significantly enhance your cloud optimisation efforts. To take advantage of these practices:
By automating, codifying, and software engineering wherever possible, your organisation can reduce human error, increase efficiency, and ensure consistency across your cloud environments.
A supportive culture and effective operating model are critical components of successful cloud optimisation. To develop a modern culture and operating model:
By establishing a modern culture and operating model, your organisation can adapt quickly to changing market conditions, drive innovation, and maximise the benefits of cloud optimisation.
Moving to the cloud necessitates careful planning, but the benefits it can bring to payment solutions are undeniable. An increasing number of banks are exploring and transitioning to the cloud, with a growing interest in adopting a multi-cloud model. This model offers enhanced resilience and aligns with regulatory drivers that encourage banks to adopt a multi-vendor approach. As more and more banks embark on their cloud journey, it is crucial to have a clear roadmap, a skilled team, and a commitment to continuous improvement. By doing so, you can unlock the full potential of the cloud, paving the way for a more agile, efficient, and competitive business in the ever-evolving financial landscape.