The transition to cloud deployment is a crucial milestone in the digital transformation journey for financial institutions. By migrating from on-premises or third-party hosted solutions to the cloud, banks can accelerate the introduction of new services and enhance the customer experience by reducing friction.
Each bank will adopt its unique approach and timeline when transitioning to the cloud. Whether a financial institution is at the initial stages of this transformative journey or has made significant progress, the following considerations can assist banks in successfully navigating the cloud migration process.
Take a step-by-step approach
As financial institutions embark on this journey, it is important that they keep a bold vision at the center of their approach while still moving forward with small steps as opposed to giant leaps.
Cloud architecture is not the same as an architecture designed to be deployed on-premises. Monolithic architectures do not adapt well to the Cloud. Microservices and containerization are examples of these small but steady steps, whereas any other alternative will be a missed opportunity because instead of building a Cloud infrastructure, with all the advantages that entails, you will simply be migrating to another data center.
Container orchestration tools offer a convenient solution for creating, updating, and removing applications without the need to focus on the underlying infrastructure. This makes them particularly valuable for DevOps teams engaged in projects that involve numerous microservices, which are small software components. Leveraging these microservices simplifies the orchestration of services, encompassing deployment, storage, networking, and security aspects.
In line with this progress, the Latinia Container Class products for cloud deployment not only harnesses the inherent advantages of the cloud, such as scalability and cost savings, but also offers the utilization of open-source products in lieu of third-party licensed solutions.
Moving to the cloud allows applications and customers to scale horizontally, enabling autoscaling features to meet the requirements of rapid growth. Modular architecture based on cloud-native microservices on orchestrators fully adapts to the business load needs in an elastic way with the best market practices based on auto-scaling.
Horizontal scalability not only facilitates customer acquisition but also enables banks to expand their geographical reach effortlessly. Additionally, it expedites the introduction of new products and services, empowering banks to remain agile in a competitive market.
Delegate cloud service management tasks
A barrier to faster cloud adoption lies in reskilling existing IT teams and hiring new talent to drive cloud strategy. One way to ease the IT staffing burden is managed cloud service. Delegating cloud service management tasks helps organizations make the most of cloud services while reducing the associated manpower and costs.
Latinia Managed Cloud Service allows banks to focus on growing their business while Container Class product operations are taken care of by Latinia itself. Benefits include uninterrupted service with a proven 99.9% uptime, automatic deployment of the latest updates, and maximum protection against the latest security vulnerabilities.