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.
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: