With cloud-enabled platforms, cutting-edge technology, and generation-skipping change, KRA teams assist financial services firms in rethinking business processes and operating paradigms. The foundation of digital innovation is cloud adoption.
What KRA can do for you
The advantages of cloud computing are undeniable. In addition to its advantages, cloud technology assists in addressing some of the most urgent issues facing financial organizations, such as:
- building customer-attracting digital platforms
- using data as effectively as possible
- joining the financial services ecosystem without disruption
- establishing secure connections with suppliers, staff, and customers
- achieving scalability, innovation, and cost-cutting
- bringing together the internal business and technology teams
The KRA cloud approach is built on platform thinking.
With generation-skipping transformation, cloud-enabled platforms, emerging technologies, and business process rethinking, EY professionals assist you.
Platform thinking offers businesses the chance to integrate their strengths into a more comprehensive digital strategy. Companies can then develop fresh experiences and offer cutting-edge goods and services to clients, partners, and personnel.
While going to the cloud, boards, senior management, chief digital officers, and other important leaders will need to address the following four issues:
- Control risk as you progress in your cloud transformation.
The current challenge facing financial institutions is securing their cloud migration. Cloud usage is accelerating due to IoT, machine learning, and AI, but these technologies are also raising issues about risk management, such as security, compliance, cybersecurity, and reliability. Pre-built solutions are available from third parties, however they frequently involve additional risk factors.
Financial institutions must prioritize security, compliance, cybersecurity, and resilience while putting forth every effort to maintain their competitiveness. Businesses must evaluate their current technology while ensuring that controls and governance are in place and easily accessible through an expanding risk and compliance perspective.
Early on in any agile product development and process, risk integration is required. With the use of the cloud, this reduces risk inefficiencies and makes sure that cloud-related risk processes and techniques are carried out in accordance with established organizational risk standards.
- Take cost reduction and legacy transformation into account.
Financial institutions may update their operations and fully embrace all facets of digital transformation thanks to cloud technologies, including platform thinking, a crucial element. By doing this, IT spending becomes more effective while also enhancing the experiences of customers and employees.
Financial services companies have the chance to reconsider how their business services relate to technology through an application portfolio audit. Should they switch to a “lift and shift” model or utilize cloud-native technology during the migration?
By selecting when and when to update their legacy systems, processes, and operations using cloud-enabled platforms and emerging technologies, EY teams assist the clients in lining up their business strategy with operating models.
- Deliver enterprise cloud transformation and governance
Although financial services leaders are aware of all the advantages of moving to the cloud, a basic problem still exists: managing organizational and people change can be challenging.
We conduct a risk and benefit analysis based on portfolios to help identify adjustments that need to be made and to determine the operational viability of moving. This results in less setup and management work and more effective and dependable performance.
In addition to conducting the risk/benefit analysis, we advise Our customers on how to create training initiatives that improve their staff members’ cloud infrastructure-related skills. Employee confidence is increased by this upskilling, which also facilitates a more seamless corporate transformation.
- Embrace innovation and disruption
Companies can access additional data power after moving to the cloud, enabling digital transformation on all levels. Financial institutions will inevitably require the power of the cloud as data points multiply in order to analyze information, make choices, and match competitors’ customer service.
Instead than waiting, financial organizations could start migrating and conducting cloud-based experiments. Starting in the cloud has been advantageous for many small- to medium-sized businesses, which gives them a seamless client experience and threatens traditional businesses. The moment has come for major businesses to embrace the cloud so they can test out new ideas and platforms, stay up to date, and even move ahead of the curve.