Banks around the world are in a race to migrate their applications to the cloud as a way to gain access to cutting edge technology capabilities, improve time-to-market of new offerings and reduce IT costs. Traditionally held back by outdated legacy systems, the Cloud has become a fundamental catalyst to help traditional financial institutions reshape their operating model, their products and the customer experience. Banks that don’t approach their cloud migration holistically and don’t employ full capabilities the cloud has to offer, may find it hard to extract the full value from their transformation.
BCG Platinion had worked with the bank on a business-led agile transformation and a DevOps program to improve new product development productivity and to reduce the time it took to launch these new products in the market. However, the bank realized that its on-premises infrastructure was still holding it back, and that the existing cloud program was not moving fast enough to solve these problems. It had to adopt cloud at scale and embrace the inevitable evolution towards operating entirely on a cloud-based IT architecture. The bank came back to BCG Platinion to define its cloud objectives and principles, build an overarching business case for cloud and draft a 5-year roadmap for cloud migration. A team of BCG and BCG Platinion expert was assembled to drive this project.
Looking to the Future
Whilst many banks are exploring specific cloud solutions, our client is embracing a total cloud-based transformation in order to expedite its pivot into a truly digital organization.
At the same time, it has shored up its security and compliance, and delivered improved efficiency and cost savings, allowing it to remain competitive in a rapidly evolving business environment.
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