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Understanding Cloud Technology and its ‘True’ Benefits
Cloud technology is high on the agenda, but it is not as simple as selecting a “cloud solution”, particularly with legacy systems playing catch-up to their marketing pitch.
It’s well documented that it is on almost every IT department’s plan to migrate their business to the cloud by a certain date in the future. Wealth managers want to focus on their core business of protecting and growing clients' wealth for the future and not on being an IT company concerning themselves with endless on-premises installations that they need to maintain at high costs.Hosted enterprise systems are not fully cloud solutions despite the often conflicting marketing message. They are often legacy technology following a lift-and-shift strategy, repurposed and deployed in a data centre for you to access through a dedicated line or connection. This concept of “cloud-washing” solutions has grown over the last decade, and many firms have been victims of this approach to software deployment. Ultimately, these deployments do not yield the same cost savings and economies of scale as native SaaS solutions that are born in the cloud.
These true cloud solutions stay market-leading and ever-green, and the cost savings of this type of technology deployment are passed back to the client. Upgrade projects are seamless and have robust change control processes around them, so firms are not stuck in a complex and never-ending upgrade cycle with expensive consultancy fees. Whilst all the time, the microservice-based technology on offer means your core operating platform is adaptable to market and regulatory changes.
Key Question 4.“Is this just legacy technology with a new face, or has the entire system been built with a cloud-first mentality that my firm can access safely and securely without the need for a dedicated line or connection?"
