Card issuers aren't getting what they need from the cloud
Migrations to cloud environments are on the rise. But are migrations to cloud environments meeting expectations?
These expectations are based on a number of factors, such as ease of migration and deployment, availability of features and services that mesh with the institution’s goals and priorities, security management, flexibility of new product and service development using APIs (application programming interfaces), and positive cost-benefit results.
Financial institutions and card issuers of every type and size are embracing cloud environments. They are migrating according to a careful examination of the benefits cloud-based services can offer and the investments and risks associated with such a migration.
Some institutions use cloud services extensively, though to this point, many institutions have taken a more measured approach to their overall cloud adoption strategies. Some issuers use public cloud services, while others build their own private cloud environments. And some have a blend of legacy on-site systems and cloud services.
Regardless of the deployment of cloud services, organizations are increasingly recognizing the need to embrace the cloud, based on current and future business and computing needs, product development and overall growth strategies and commitment to regulatory compliance.
Most important, though, cloud represents a huge advantage in terms of the speed and range of services offered – and the opportunity to deliver a better customer experience cannot be overlooked.
Unisys recently unveiled results of its Unisys Cloud Success Barometer, which looked at trends and developments related to cloud adoption in the financial sector. Overall, nearly one-third of financial institutions (29%) said that their cloud adoption was failing to meet their expectations. However, the study also noted a direct correlation between success with the cloud and the degree to which the cloud deployment had been accounted for as part of the company’s broader business transformation strategy.
When it came to where cloud was largely falling short, the survey found that organizations most frequently failed to meet expectations related to increasing revenue (37% said expectations were somewhat met/below expectation), improved staff productivity (30%) and managing or reducing costs (29%).