Move fast, deliver value and stay compliant with cloud-native

Say My Name

“Look in my face; my name is Might-have-been;
I am also call’d No-more, Too-late, Farewell.”
– Dante Gabriel Rossetti, The House of Life

In the business world, many “might-have-been” opportunities fly away just because of a leader’s hesitation. The secret to business success is to grab the opportunity when it knocks the first time.

But if you’re in a highly regulated industry like banking or finance, you might think this is easier said than done. “It’s hard to follow the latest trends like other industries” you’re probably thinking. “Change comes slowly in our industry. It takes time to come up with solutions that factor in compliance and security requirements.”

And I couldn’t agree more. These are perfectly valid points . . . if you’re still using on-prem legacy systems. However, modern problems need modern solutions, and modern solutions demand modern tools. And when I say modern tools, I’m referring to the cloud and the services that are enabled by it.

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Fighting with one hand

Now, it’s one thing to shift your applications off premises and on to the cloud. From that you get benefits like scalability and cost savings. That’s undeniable. But stopping there is like fighting a battle with one hand behind your back.

The pandemic accelerated financial services organizations’ cloud adoption of productivity tools like email, messaging, and office suite. Then they moved to point solutions for specific banking applications, such as fraud detection.

It’s time to move to holistic cross-service model banking solutions that support core banking and other mission-critical applications.

Be native to move fast

To achieve business velocity and increase the rate of innovation, organizations in the finance industry need to adopt a cloud-native approach to building and delivering solutions.

Refer to our blog to understand how an existing legacy core banking system can be broken down into a discrete service that can be independently built, deployed, scaled, and maintained, yielding the following benefits and limitless possibilities.

Increased time to market
Stronger Security & Compliance
Cost Optimization

Increased Time to Market

By design, legacy banking systems evolve slowly, and lengthy development and release cycles make it hard to support frequent changes. Empowering them with cloud-native services and re-usable components makes the system more agile. As a result, new features can be built and released to market more frequently. In addition, increased time to market provides a competitive advantage. New ideas can turn into code, and the code-to-cloud journey could happen in a matter of days, and also, leveraging the vertical cloud offerings, new features can go to market in a few hours.

Stronger Security & Compliance

Being compliant is the primary concern of the organizations operating in regulated industries, and cloud providers understand this obligation well. Hence, they offer simplified native services for seamless data security and compliance. In combination with automatic data analytics and artificial intelligence, a cloud monitoring system can detect and prevent malicious activities in near real-time. In addition, industry-specific cloud-native offerings address compliance out-of-the-cloud. So it’s manageable for banks to maintain compliance with new data storage, processing, and usage regulations and they can work closely with regulators during inspections.

Cost Optimization

Bank’s legacy system taxes them heavily regarding software or hardware updates, and finding engineers with unique system maintenance skill sets imposes an additional financial burden. Cloud-native system design simplifies the upgrade process and reduces costs. In addition, a mature build pipeline can streamline the whole software supply chain. On-demand auto scaling allows for adjustment of the cloud resource allocation so that banks can only pay for the utilization.

What Relevantz Can Do for You

Relevantz can be the partner you need for holistic cross-service model banking solutions that support core banking and other mission-critical applications. With our business-first, outside-in modernization approach, Relevantz can help your application modernization initiatives, including the rehosting, replatforming, refactoring, rearchitecting, rebuilding, and replacing of your current enterprise systems. We can also separate the applications from legacy infrastructure, modularize intermingled business processes, liberate data from legacy systems, and innovate new digital systems.

Do you want to deliver value with cloud-native?

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