Canadian financial institutions that understand the importance of cloud computing are in an excellent position to tap into the full potential of this revolutionary technology. There’s no time like the present to accelerate cloud implementation with a keen awareness of the banking industry’s needs.
As part of an overall cloud-adoption strategy, banks must tap into the expertise and experience that cloud providers have accumulated. When viewed as partners, service providers can handle the onerous and expensive chores so banks can focus on what they do best.
Although the imperative for cloud adoption is universal, Canadian banks face a unique financial market and regulatory environment with particular norms and procedures.
“Compared to international counterparts, especially U.S. financial institutions, Canadian banks are slightly behind cloud adoption in a general sense; however, we’re picking up pace quickly,” said Shashi Prabhu, Senior Client Partner at Publicis Sapient in Toronto. “By adopting cloud-based architecture and technology, banks can accelerate the pace of innovation.”
Financial institutions in Canada should align their cloud investments with business and innovation strategies that fulfill the needs of an evolving competitive landscape with strong oversight. Prabhu said Canadian banks should prioritize a few areas when moving to the cloud: innovation, engineering, maintenance, customer experience and regulations.
Despite unique challenges, Canadian banks are in a great position to break new ground and thrive with cloud.