Solid solutions on the cloud | KPMG | UK

Solid solutions on the cloud

Solid solutions on the cloud

It may have started in financial services but adopted in a smart way, the cloud can fundamentally change the role of IT in any organisation.

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Solid solutions on the cloud

Cloud technology, which hosts data online, allows organisations to provide better services at a lower cost and with increased efficiency.

For financial institutions, moving back-office functions to the cloud is no longer seen as a risk. In fact, the Financial Conduct Authority issued its final guidance on outsourcing to the cloud this year. The technology is seen as enabling both costs to be saved and financial enterprises to respond effectively to an increase in regulation. 

Avoiding the disruption of on-site major IT upgrades, the cloud solution lets companies get on with providing flexible and streamlined services for clients.

KPMG in the UK Financial Services Partners Lisa Fernihough and Peter Luscombe as well as our Financial Services Director Maurice Lips discuss how the cloud can benefit businesses and how to successfully adapt to the new system.

 

Key points include:

Financial institutions make the move

  • According to the Financial Conduct Authority, there is “no fundamental reason why cloud services (including public cloud services) cannot be implemented”. 
  • The benefits to financial institutions are clear: running operations in the cloud is cheaper, more flexible and, crucially, more secure.

Customisation is key

  • Scalable cloud systems can be 80% ready-to-go, with clients able to customise the remaining 20% themselves.
  • In many cases limiting the customisation of a cloud solution allows for a quicker roll-out and more stable outcome, and forces organisations to think carefully about which processes can be refined.

Implementing changes

  • Moving to the cloud can provoke widespread transformation within a company.
 
  • On your board agenda: How do we align our process around potential cloud implementations to maximise our flexibility? Stripping out “customised” processes and proprietary systems that add no value compared to best-of-breed solutions is an essential preparatory step. 
  • Anticipate tomorrow…: With a cloud platform, the business instantly becomes more scalable and flexible– freeing up opportunities to grow without artificial constraints from a system’s capacity. How could your business exploit that?
  • …deliver today: Cloud does not need to be a big bang. Picking discrete processes – or even whole functions, such as HR or finance – to migrate, gives organisations valuable experience.

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