This is a cross-promoted blog post, originally posted on the VMware blog. View the original blog post here.
From machine learning and automation to blockchain and beyond, the banking sector is undergoing huge shifts. User expectations are changing all the time: what seems like a unique luxury feature or service today quickly becomes a minimum requirement tomorrow.
Naturally, banks need to stay ahead of the game. The pace of change is increasing all the time. Think of some of the technologies that have transformed all of our lives in the last 100 years—the telephone, powered flight, credit cards, even electricity itself. All of these took at least 20 years or more to reach their first 50 million people.
Compare these to the internet, smartphones and contactless credit cards. They all reached their first 50 million people in less than 10 years. We live an accelerated world, a world that punishes those who fail to adapt and change, a world in which every business is now a software business.
Nimble banks are built on the cloud
Today’s finance organizations need a robust, secure, and flexible cloud service. One that relieves them of the burden looking after costly and highly specialized hardware while retaining the agility of in-house technology.
This is why VMware, in association with IT services provider Atos, has developed ‘Now Banking’, a complete cloud service based on our fully managed Digital Private Cloud (DPC) platform. Now Banking gives banks and financial services organizations a significant edge in the race to deliver better services without causing costs to spiral. Now Banking is designed specifically for any financial sector organization looking to stay ahead of the curve and give their customers the services they demand, today and in the future.
Not only does it help you add new services and features, make full use of the cloud helps deliver IT operational savings of around 20-30% by retiring legacy applications and transforming applications to the cloud.
What’s more, this resilient cloud technology will be running the Tokyo 2020 Olympic Games, demonstrating the robust yet flexible and secure capabilities financial organizations demand.
Digital transformation is the question. ‘Now Banking’ is the answer.
Almost every organization across every industry is undertaking some kind of digital transformation. In short, digital transformation is the process of moving from just ‘making use of digital technologies’ to actually building an organization’s structure and operations around digital.
This could, for example, mean reducing or eliminating the number of paper-based processes, or transitioning from traditional landline telephones to device-based voice over IP services like Skype for Business. Or it can involve the moving from legacy applications to a whole new suite of software, fundamentally changing how employees and customers interact with a brand.
As you can imagine, these projects take serious time and effort. But today it’s not optional—it’s a business imperative. In fact, Gartner reports that CIOs expect digital revenues to grow from 16% to 37% over the next 5 years. Digital transformation is necessary to ensure the future growth and survival of the financial sector.
The VMware/Atos Now Banking Digital Private Cloud difference
1. Old can talk to the new
Legacy apps can co-exist with modern cloud applications without compromise.
2. Easy security and control
Consistent cloud policies can be extended and adapted across applications and users in real-time.
3. Develop apps with ease
Effective management is achieved as Dev goes to Ops with a single click.
A secure bank with the flexibility of a FinTech
Hybrid cloud adoption among organizations tripled in the last year, rising from 19% to 57%. And for good reason—not only are there security and control advantages, cloud technology helps larger banking organizations be as technologically nimble as smaller FinTech startups. This is because a hybrid cloud platform delivers a single, unified architecture, where legacy applications can co-exist with modern, cloud-native applications and mobile applications without compromise, all managed through one pane of glass. If a hybrid cloud platform isn’t on your radar, it might time to consider your future technological roadmap.
Become a business center that drives business growth
If you need to take control of your cloud services and are interested in streamlining your costs, talk to one of VMware’s finance sector cloud experts today.