October 29, 2018 / GuidesFor Team
Goods and services have been digitized to meet the needs of a more mobile clientele. While almost every industry has made the cloud shift, the financial services industry seems to be lagging behind. Obviously, as these institutions deal with sensitive financial data, the transition wasn’t done as quickly as others.
Tipwire noted a report published by ENISA in December 2015 wherein, data confidentiality, data breach, compliance, and legal issues were raised as major concerns of financial services institutions. Aside from being the primary target of hackers, the sluggish cloud adaption of FSIs is greatly influenced by the legacy systems that would take a tremendous amount of time to migrate.
As changes are the only constant in this world, FSIs are not spared from embracing the cloud. These fears should be dismissed as the Cloud Native Computing Foundation spearheads the usage of cloud in various systems and other non-core applications, it is not a far-fetched idea to have cloud-native financial services applications soon, too.- Crischellyn Abayon
Posted In: Research