Motivated by many different compelling factors, an increasing number of banks are moving their operations towards Cloud-based platforms.
A major factor catalyst is the substantial cost-saving potential it presents. Cloud computing
empowers financial organisations to slash both their operational expenses and capital expenditures by eliminating the necessity for extensive physical infrastructure and the accompanying maintenance expenses.
The Cloud offers unparalleled levels of customisation and scalability, enabling businesses to quickly adapt their resources to meet evolving demands. This flexibility is further bolstered by the availability of XaaS (Everything-as-a-Service) solutions, which make deployment processes and operations smoother and easier.
Cloud providers usually offer robust redundancy and uptime service-level agreements, ensuring service reliability. Additionally, security and compliance concerns are comprehensively addressed within Cloud environments, with providers offering advanced security measures and compliance assurances.
These advantages position Cloud computing as a highly efficient option for banks and other businesses that significantly mitigates the complexities and challenges associated with traditional infrastructure management.
Cloud transitions in the banking sector
Banks today face a pressing imperative to adapt to the escalating demands of digitisation, efficiency, and innovation to maintain their competitiveness. However, juggling cumbersome legacy tech stacks whilst navigating a complex regulatory landscape, data security and protection concerns, and an array of other concerns are (understandably) likely to evoke a sense of apprehension about the unknown.
Technology leaders in banking are confronted with a multitude of priorities. Enhancing products and propositions, ensuring compliance with regulations, modernising legacy systems, and optimising speed and agility. They also need to enrich the customer experience, boost operational efficiency, reduce costs, fortify security and operational resilience, and exploring novel business and operating models.
Broader business imperatives also come into play. Environmental, Social, and Governance (ESG) considerations continue to be a priority for the finance sector. They significantly influence technological decisions – underscoring a collective responsibility towards sustainability.
The extent to which cloud migration can support sustainable IT is a topic of discussion. According to Microsoft, transitioning to the Cloud could result in being up to 98% more carbon efficient. This stems from consolidating computing resources within data centres equipped with clever cooling mechanisms and energy-management protocols.
Engineering in quality for successful migrations
It is widely reported that restrictions on transferring legacy systems, organisational culture, and Infrastructure requirements are three of the biggest hurdles for banks transitioning to the Cloud.
These concerns carry substantial weight, as any missteps in these areas can trigger substantial and significant repercussions. This underscores the paramount importance of comprehensive testing throughout Cloud migration to preserve data integrity, optimise the performance of applications, and avoid unexpected costs or performance glitches in the new cloud environment.
Whilst testing plays an undeniably crucial role in cloud migration, embracing a Quality Engineering approach goes above and beyond conventional testing methods and offers additional risk mitigation benefits. Implementing Quality Engineering within the banking industry is crucial, particularly in addressing perceived limitations in cloud transformation.
The Quality Engineering approach integrates stringent practices throughout the delivery lifecycle to ensure the successful completion of projects within budget and schedule. By proactively identifying and resolving issues early on, Quality Engineering mitigates the risks associated with cloud migration, ensuring that the new cloud infrastructure not only meets functional requirements but also adheres to performance, security, and scalability standards. Furthermore, the lessons learnt can be transferrable leading to continuous improvement for future technology projects that brings long-term operational benefits.
This alignment of business objectives with technical outcomes empowers banks to navigate the complexities of cloud migration more efficiently, enhancing the reliability, resilience, and overall success of cloud initiatives.
Tips for Successful Cloud Migration:
- Tailor your strategy. Develop a comprehensive strategy specifically addressing the unique challenges and risks faced by your business during cloud migration. A tailored approach is essential for mitigating potential obstacles.
- Embrace Quality Engineering. Adopt a Quality Engineering approach that starts early and spans the entire software-delivery lifecycle to minimise risk.
- Leverage automation. Utilise automation tools and performance testing to further mitigate migration risks and streamline the testing process. Automation enhances efficiency and accuracy while reducing the likelihood of errors.
- Prioritise transparency. Implement transparent reporting mechanisms to provide
stakeholders with real-time visibility into testing progress. Informed decision-making is
crucial for navigating cloud migration successfully. - Partner with experience. When embarking on Cloud migration, consider the resources and capabilities that will be crucial for success. If you need that additional knowledge and
capacity, choose a provider with a proven track record in seamlessly migrating applications
and services, from IaaS and PaaS, SaaS to ensure quality outcomes.
For further information on Roq’s Quality Engineering services for firms in sectors including retail, banking, healthcare, automotive, public sector and more, visit www.roq.co.uk.
Chief marketing officer of Quality Engineering company, Roq.