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How Financial Services and Banks Can Migrate to the Cloud | Cockroach Labs

Banks are trying to be competitive and remain relevant by modernizing operations and leveraging the same technologies as the aggressive fintech startups. What is required for a move to the cloud?

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Fintech companies are disrupting the staid world of traditional banking. Financial services institutions are trying to keep pace, be competitive, and become relevant by modernizing operations and leveraging the same technologies as the aggressive fintech startups. Such efforts include a move to cloud and the increased use of data to derive real-time insights for decision-making and automation

While businesses across most industries are making similar moves, banks have different requirements than most companies and thus must address special challenges. 

Banks must keep pace with changing customer desires and market conditions is driving the need for more flexible and highly scalable options when it comes to developing, deploying, maintaining, and updating applications. That’s where cloud helps. It offers a low(er) cost delivery path versus traditional on-premises models. Additionally, customers are demanding highly responsive data-rich applications. The modern economy is built on such applications. 

Why is the risk profile of banks so much higher?

A major differentiator when banks develop applications or move to the cloud is that the stakes are much higher in that the transactions they support and the business they conduct are the bedrock of the global economy. Banking applications are typically distributed and use many types of different data. They must easily scale, be always on, have low latency access to data, and have data that is always correct. 

Read this guide for insights into:

  • Why banks should model their infrastructure after Google
  • How cloud-native infrastructure provides resiliency and performance required of banks and financial services companies
  • How the risk profile of banks and financial services companies makes migrations ever more important