Cloud adoption in financial markets continues to gather pace, but transitioning to the hybrid cloud isn’t easy. Here are some steps that can ease the hybrid cloud migration process.
Today, most financial institutions have deployed the cloud, yet some are at a relatively early stage of adoption. But, with the apparent advantages of the hybrid cloud, many financial leaders are showing deep interest in migrating their operations to it.
According to the Markets and Markets report, the hybrid cloud market highlights a significant rise of USD 97.6 billion by 2023,
primarily driven by demand for agility, security, and cost-efficiency factors.
Some financial services leaders who migrated to the cloud early are now reaping the benefits of early adoption. One of the advantages of hybrid cloud migration to the finance sector is the ability to develop and launch multiple new products rapidly and at scale. Also, the migration enables the development of AI-based cyber-defense capabilities to improve customer security.
As the financial industry has both—early hybrid cloud adopters and new migrators (since most businesses have been tentative about moving to the hybrid cloud), there are easy solutions for them to migrate to the hybrid cloud setup. Since the adoption process is uniquely complex, following these easy steps can ease the journey and accelerate the pace of cloud practices at scale.
Three Steps to Accelerate Hybrid Cloud Migration
Financial businesses seeking to grow with the advantages offered by the hybrid cloud need to know about the three easy steps to accelerate the migration journey.
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Proven Migration Strategies and Management
Financial businesses now need to step forward—from ‘experimenting with cloud’ to accepting that ‘hybrid cloud is the future.’ This includes capturing the value and potential of the cloud across the organization. Persuading with the right cloud support and capability building at scale is a big unlock. The best RoI from the hybrid cloud is the reduced cost of operations which can speed innovations in the development of cloud-based applications.
Striking the right strategies to migrate into the hybrid cloud can lower the cost barriers and signal a commitment to the cloud across the organization.
A well-managed and well-executed migration program is crucial that includes designing and building data centers for migrating workloads with the help of increased automation, AWS adoption, and network segmentation. These ways of migrating to the cloud minimize the radius of operations.
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Adopting Business Domain
A finance business looking ahead to hybrid cloud migration might require a range of IT expertise. This initiative will necessarily have the following aspects—
First, the migration will require modification in the operating model of a financial business. Some IT development, such as shared networks, applications, and other relevant approaches, can align business imperatives to the hybrid cloud migration process, making deployment non-disruptive to the business, and ensuring zero downtime.
Second, beginning with the migration at the business domain level, including the aspects such as security, developments, and more, will mean the most. In short, one business domain can be migrated into the hybrid cloud with all these functionalities to hit the ground running, making operations deliver more value and endure practicality to customer results.
Also Read: Ways Financial Organizations Can Overcome DT Pitfalls
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Investing in Migrating Apps
Investing in migrating apps ensures a robust hybrid cloud foundation. This creates a secure underlying approach for the migration process, delivering an equal scale of speed, flexibility, transparency, and automation. Migrating to an adequate hybrid cloud infrastructure requires doing a variety of things, such as setting up the right number of operational layers to limit errors affecting other operations. There are more successful migrating process requirements—
- Infrastructure as code (IaC)
- Development of codes to facilitate frictionless finance operations.
- Adoption of “policy as code” (PaC) and “security as code” (SaC)
Lastly, adding DevOps and site-reliability-engineering (SRE) practices can also be other steps to go forward with an efficient hybrid cloud migration process. They can set the stage for financial firms operating in more than one business domain.
Leaders decided to approach hybrid cloud migration to build valuable and authentic technical capabilities that are ready to progress faster in the future.
Allied Market research report on hybrid cloud in BFSI highlights expectancy reach is $36.15 Billion by 2030.
Thanks to these steps, financial sector CIOs can now expect to deliver a successful migration to the cloud, streamline the governance process and automation, minimizing manual efforts to stay ahead of the competitive curve in the digital era.
