Introduction#

Technological modernization makes it easier to carry out various business operations within a second. One can manage different tasks by adopting leading computer software.

The financial services industry is one of the world's most heavily regulated and complex industries. As such, choosing a software as a service (SaaS) tool to help manage their operations can be a challenging task. This article will discuss some of the most significant challenges financial services companies face when choosing a SaaS tool and what they can do to overcome them.

What is SaaS?#

SaaS stands for "Software as a Service." It is a model of delivering software applications over the web browser. Cloud providers host this software and associated data. Instead of installing and maintaining software on individual computers or servers, users access the software through a web browser. This allows them to access the software and their data from any device with an internet connection. According to businesses, 70% of the business software they use today is SaaS-based. They further say that by 2025, this will rise to 85%.

Some examples of popular SaaS applications include customer relationship management (CRM) software such as Salesforce, email platforms like Microsoft Office 365 and G Suite, and project management software like Asana. Many small businesses and startups also use cloud-based accounting software like QuickBooks, Xero, and Wave.

Challenges Faced by Financial Services#

Regular Compliance#

Compliance is one of the biggest challenges that financial services companies face when choosing a SaaS tool. Financial services companies must comply with a wide range of regulations, including data privacy, data security, and anti-money laundering. To ensure compliance, financial services companies must choose a SaaS tool that meets all regulatory requirements. This can be difficult, as many SaaS tools on the market are not specifically designed for the financial services industry and may not meet all of the necessary regulatory requirements.

Data Security#

Another significant challenge that financial services companies face when choosing a SaaS tool is data security. Financial services companies handle sensitive customer information, and it is essential to keep this information secure. In order to ensure data security, financial services companies must choose a SaaS tool with robust security features, such as encryption, multi-factor authentication, and regular security updates. However, finding a SaaS tool that meets these requirements can be difficult. Cloud computing for banking is challenging as many SaaS tools on the market do not have the necessary security features.

Integration#

A third major challenge that financial services companies face when choosing a SaaS tool is integration. Financial services companies often have a wide range of systems and applications in place, and it can be difficult to find a SaaS tool that integrates with all of them. In order to overcome this challenge, financial services companies must choose a SaaS tool that can integrate with their existing systems and applications or that can be customized to meet their specific needs. However, finding a SaaS tool that meets these requirements can be difficult, as many SaaS tools on the market are not designed to be easily integrated with other systems and applications.

Scalability and Flexibility Challenge#

Financial services companies may also face challenges in terms of the scalability and flexibility of the SaaS tool. As the financial services industry is a rapidly evolving field, it is crucial for the SaaS tool to evolve and adapt to the company's changing needs. This includes the ability to handle an increasing amount of data and transactions and integrate new technologies and features as they become available.

Lost Productivity#

Many financial organizations and banks are striving to join the cloud revolution. Cloud computing for banking is now easier than it has been ever before. The majority of firms, however, do not have the expertise or funding to utilize cloud technologies. Most banks are still considering moving their outdated monolithic systems to the cloud. Older systems-dependent businesses miss out on cloud apps' productivity advantages. As banks race to transition to the cloud, there may be hours or days of server downtime, which will damage both consumers and employees.

Dealing with Challenges#

In order to overcome these challenges, financial services companies must do their research and carefully evaluate the various SaaS tools on the market. Though Cloud computing for banking can be difficult, it can be improved by following below given steps:

• Have a strong customer support team to respond to and address customer concerns quickly.
• Continuously monitor and analyze customer feedback to identify patterns and common issues.
• Implement a robust testing process to catch and fix bugs before they reach customers.
• Have a disaster recovery plan to minimize downtime and data loss in case of unexpected outages.
• Regularly update and improve your service to stay ahead of competitors and meet changing customer needs.
• Have a clearly defined process for handling and addressing security concerns to protect customer data and minimize risk.
• Develop a plan for scaling the infrastructure as the number of users increases.
• Keep track of industry trends and updates in the software to stay ahead of the curve and anticipate potential problems.
• Use analytics to measure the performance of the software and identify areas that need improvement.
• Be transparent with your customers, keep them informed of any issues or planned maintenance, and involve them in resolving any issues they face.

Conclusion#

Choosing a SaaS tool for a financial services company can be challenging due to the industry's highly regulated and complex nature. However, by thoroughly researching and evaluating the various SaaS tools on the market and working with a vendor. They should look for SaaS tools that meet all of the necessary regulatory requirements, have robust security features, can be easily integrated with existing systems and applications, and are scalable and flexible enough to evolve with the company's changing needs. Additionally, they can also consider working with a vendor who specializes in providing software solutions to financial services companies, as they will better understand the industry's specific needs and requirements.

Private 5G is a special framework of 5G designed for big organizations to benefit from high speed, low latency, and seamless connectivity. Read the full article to know about the business benefits of 5G.

Introduction#

The Fifth Generation Cellular network or 5G is not only going to change the lives of individual people but it is also going to revolutionize how financial enterprises control their data in the near future. It is better than 4G in every aspect whether it is speed or connectivity. Its fast speed, seamless connectivity, and low latency make it the perfect option for big enterprises.

Private 5G will be very beneficial for large enterprises with thousands of employees and terabytes (TB) of data. To get a better understanding of private 5G architecture and its benefits, read the article till the end.

What is Private 5G?#

A private 5G/enterprise 5G is a private network setup by large organizations to work more efficiently. Large enterprises like Google, Facebook, Twitter, and many other organizations with thousands of employees and millions of terabytes of data use this network to benefit from low latency, fast speed, and seamless connectivity features.

Unlike 4G, 5G can handle millions of users in the same area. Moreover, it also can transfer big chunks of data in seconds. Different organizations use different CBRS spectrums to build their own network.

A private 5G network requires its users to set up small cellular towers built close together like wifi access points to transfer data efficiently. This type of network architecture will help universities, big plants, and warehouses to work more efficiently.

Benefits of Private 5G#

It provides many amazing features that can benefit organizations in different ways.

Firstly, the data security feature it provides is amazing. Organizations will have full control over everything that happens because they don't need to connect to a telecom now.

Apart from security, this network architecture is also cost-effective. No cables are needed, you can now get a fast and reliable wireless connection that provides seamless connectivity.

It also provides various customizations to organizations to build an infrastructure like Micro Slicing. These customizations are not available for the public version. They help these organizations to work efficiently on numerous projects.

Private 5G also allows organizations to connect various devices with latency as low as 1 millisecond. This helps them access any kind of data in seconds. Moreover, it also gives businesses the opportunity to power IoT and big data projects.

5G also provides financial enterprises to use different commercial 5G carrier services like the low band, mid-band, and high band.

Business Benefits of Enterprise 5G Network Architecture#

With its low latency and great speed, 5G can provide great benefits to financial enterprises. Here is a list of financial enterprises that will benefit from private 5G.

Health Care#

No other enterprise will benefit from 5G more than hospitals. After Covid broke, a rapid increase in demand for infrastructure emerged. After this medical emergency for the first time in decades, it was noticed that hospitals are short on ICU beds and other technologies required to treat patients. This shortage of beds and basic tech led to the death of thousands of people.

But with private 5G and its seamless connectivity and fast M2M data sharing, future breakouts can be prevented and many diseases can be cured on time. This technology will also minimize the number of deaths.

Manufacturing#

Most manufacturing plants are dependent completely on tech, some wired and some wireless. With 5G, this financial service sector can be fully automated with robots operating manufacturing plants and warehouses. This innovation is not possible with regular wifi or a 4G network because they are limited. While private 5G provides fast speed, connectivity, and low latency that will help improve efficiency in these manufacturing plants.

Private 5G opens gates to endless possibilities of advancement in the manufacturing sector like powerful IoT and a cloud computing system. Moreover, it will also help different financial enterprises increase their production.

Automated Stores#

Private 5G also provides opportunities for fully automated stores to improve their user experience with a fast M2M connection. With private 5G, data can be processed many times faster than with 4G, and results can be delivered in seconds. Fully automated store networks can greatly benefit from private 5G network architecture. As these stores work on real-time user input and 5G makes the real-time connection between devices 100 times better than 4G.

Moreover, these stores can also integrate AR or VR technologies in their stores to further enhance the user experience.

Logistics#

Logistics is another area where financial enterprises can benefit from private 5G. All e-commerce businesses use logistics to track the behavioral pattern of their consumers. Moreover, logistics are also used to track down every step of the product from product dispatch to delivery. All of these logistics work can be more efficiently done using 5G.

This technology will also help businesses automate their facilities and get rid of extra workforce. The automated devices with Private 5G will be more efficient.

Smart Facilities#

Private 5G is also beneficial to use in smart facilities like airports, offices, malls, etc. These facilities can benefit from ultra-low latency, fast speed, and seamless connectivity. Private 5G will not only improve the overall IT infrastructure of these facilities but also enhance the customer experience.

Private 5G will also enable these smart facilities to stream smooth 4K in real-time without any delay.

Conclusion#

Private 5G is going to innovate the big organization. The infrastructure of big companies will be revolutionized with it. It will provide all the big enterprises with such seamless connectivity, high speed, and ultra-low latency that all of their operations will be completed in the blink of an eye.

Private 5G is different from public 5G; it provides its users with security and many different customization options. It helps different financial enterprises benefit from its connectivity, speed, and latency. It has various useful applications in healthcare, manufacturing, IT, and smart facilities.

What is 5g technology?#

By 5g it means the fifth generation of mobile network technology. It is designed to provide faster speeds, lower latency, and more reliable connections than previous generations of mobile networks (such as 4G and 3G). It is important to note that 5G is an emerging technology and it is still being rolled out in many countries, including India.

It may take some time for 5G to be widely available and fully adopted, but it is expected to become the dominant mobile network technology in the near future. 5G technology also has the ability to support new use cases such as Internet of things (IoT) devices, autonomous vehicles, and virtual and augmented reality applications.

Additionally, 5G can provide more consistent coverage and better support for high-density areas. Cost-effective: 5G networks are expected to be more cost-effective than previous generations in the long term, which will make them more accessible to more people and organizations. Greater capacity: 5G networks can support a much larger number of devices than previous generations, which will be important for the growth of the Internet of Things (IoT).

How it is useful as a gaming aspect?#

5G technology has the potential to greatly impact the future of gaming companies in India. With its faster speeds and more reliable connections, 5G can open up new possibilities for game developers and publishers. 5G technology is set to revolutionize the gaming industry in India, offering faster speeds and more reliable connections for players.

One of the biggest benefits of 5G for gaming is its ability to handle high-bandwidth activities such as streaming and online multiplayer gaming. With 5G, players can expect faster download and upload speeds, as well as lower latency, which means less lag during gameplay. This will allow for smoother and more immersive gaming experiences, even on mobile devices.

5G also has the potential to change the way games are developed and distributed. With faster speeds and more reliable connections, developers may be able to create more complex and detailed games, while also allowing for more seamless updates and downloads. Additionally, with 5G, there may be an increase in cloud-based gaming, which would allow players to access high-quality games on lower-end devices.

Another advantage of 5G for gaming is the potential for increased accessibility. With faster speeds and more reliable connections, more people will be able to access online gaming, regardless of their location. This could lead to a wider and more diverse gaming community in India.

One major benefit of 5G for gaming companies is the ability to create more complex and detailed games. With faster download and upload speeds and lower latency, developers will be able to create more immersive and interactive gaming experiences. This can lead to increased innovation in game design, and also potentially increase the revenue for gaming companies.

However, the adoption of 5G in India is still in its early stages, and it may take some time for the technology to be widely available, especially in rural areas. Additionally, 5G networks may be more expensive to access, which could limit its accessibility for some players.

Overall, while 5G has the potential to greatly impact the future of gaming companies in India, it is important to consider the challenges that may arise with its implementation and adoption. Nevertheless, 5G technology has the potential to open up new opportunities for gaming companies in India and it will be interesting to see how the industry evolves in the coming years.

Here are a few ways 5G can help gaming streamers#

● Faster streaming:#

5G's faster download and upload speeds can enable gaming streamers to stream at higher resolutions and with less buffering. This will provide a better viewing experience for their audience and potentially attract more viewers. This will allow players to experience more detailed and realistic graphics, animations, and sound.

● Low Latency:#

5G's low latency means less lag during streaming, which can result in a more seamless and immersive experience for the viewer. This is especially important for streamers who play fast-paced or competitive games.

● Increased mobility:#

With 5G, gaming streamers will have more flexibility to stream from different locations, such as outdoor environments or on the go.

● Better support for mobile streaming:#

5G is expected to improve the mobile streaming experience, making it more feasible for gaming streamers to use mobile devices to stream their content.

● Cloud gaming:#

5G has the potential to bring new opportunities for cloud gaming, which allows players to access high-quality games on lower-end devices. This could lead to a wider market for gaming streamers, as more people will be able to access their content without needing to invest in expensive hardware.

● E-sports:#

5G's low latency and high bandwidth will enable the growth of Esports, allowing players to compete in high-quality and smooth gameplay even in remote locations.

● Greater capacity:#

5G networks can support a much larger number of devices than previous generations, which will be important for the growth of the Internet of Things (IoT) and for enabling large-scale multiplayer gaming.

● Improved reliability:#

5G networks are designed to be more reliable than previous generations, which will be important for applications that require a consistent, high-quality connection. This will ensure that players can enjoy an uninterrupted gaming experience.

These online games like Valorant, call of Duty, PUBG, etc. You can play all of these games more smoothly and have fewer ping issues. Better internet will ultimately lead to a smooth gaming experience (device matters too). As so many times poor connection of the internet make gamers frustrated, 5G will be beneficial in that way too by providing a smooth connectivity experience.

Other than gaming in day-to-day life 5G will be beneficial for viewing YouTube or any streaming platform content. With fast speed, this will make it possible to do

DevOps in finance is one of the most innovative development practices in the financial sector.

Moving quickly in response to market developments is essential if you want your firm to remain relevant in the current digital world. This is especially true for the financial services sector. In the financial sector, sustaining services while meeting client expectations is more important than ever.

And, DevOps technologies, methods, & concepts have developed as the mechanism to drive this change from pattern recognition to the discovery of new income streams. It covers governance, risk, security, and compliance methods and enhances the quality of application releases. In this article, we will discuss some best practices and case studies for implementing DevOps for finance services.

What is DevOps?#

DevOps is the combination of the words "development" and "operations." It is a software development methodology that emphasizes collaboration and communication between development and operations teams. It aims to improve software development, deployment speed, quality, and efficiency. In the financial industry, DevOps can be especially valuable for improving the performance and scalability of financial systems and reducing the risk of errors and outages.

Best Practices for DevOps in Finance#

1. Increase in Collaboration and Communication between Teams

One of the key best practices for implementing DevOps in finance is to focus on collaboration and communication between development and operations teams. This can be achieved by creating cross-functional teams that include development and operations members and implementing tools and processes that facilitate communication and collaboration. For example, an issue-tracking system like Jira or GitHub can help development and operations teams stay on top of bugs and feature requests. In contrast, a chat tool like Slack or Microsoft Teams can help teams stay in touch and share information quickly.

2. Automation Process

Another best practice for implementing DevOps in finance is to focus on automation. Automation can reduce the risk of errors and outages and improve software development and deployment speed and efficiency. Automation tools such as Jenkins, Ansible, and Puppet can help automate repetitive tasks and reduce manual errors. Automation can also help with testing and deployment by automating the testing process and deploying code to production quickly and efficiently.

3. Continuous Integration and Continuous Delivery (CI/CD)

Continuous integration and continuous delivery (CI/CD) are also important practices for DevOps in finance. CI/CD is a methodology that emphasizes the continuous integration of code changes and delivery of new features to production. This can be achieved by implementing a continuous integration server like Jenkins or Travis CI and automating the testing and deployment process.

4. Infrastructure as Code (IaC)

Infrastructure as code is another important practice for DevOps in finance. Infrastructure as code is a methodology that enables the management of infrastructure as code rather than as manual configurations. This can be achieved using tools like Terraform and Ansible, which enable the provisioning and management of infrastructure as code. This can help reduce the risk of errors and outages and improve the scalability and performance of financial systems.

5. Monitoring and Logging

Monitoring and logging are also important practices for DevOps in finance. Monitoring and logging help to ensure that financial systems are working properly and that any issues are identified and addressed quickly. Monitoring tools such as Prometheus and Grafana can help monitor system performance and resources. In contrast, logging tools such as Elasticsearch and Kibana can help analyze log data.

Various Case Studies about DevOps#

1. JPMorgan Chase:

JPMorgan Chase is one of the largest financial institutions in the world and has implemented DevOps for financial services to improve the speed, quality, and efficiency of software development and deployment. They have implemented a continuous integration and delivery pipeline, automated testing, and deployment. They have also implemented infrastructure as code and have a dedicated team for monitoring and logging. This has helped them to reduce the risk of errors and outages, as well as improve the scalability and performance of their financial systems.

2. Barclays DevOps Adoption

In 2015, Barclays announced that DevOps was being used as part of its digital transformation strategy. At the moment, Barclays is in charge of managing payments, which make up over 30% of the UK's GDP. The leadership team credited DevOps at Barclays with significantly reducing the complexity of their programs, which allowed them to lower delivery risk and, in turn, improve the quality of their services. Developer satisfaction and code quality increased as a consequence.

3. Capital One:

Capital One is a financial services company that has implemented DevOps for financial services improvements such as performance and scalability. They have implemented a continuous integration and delivery pipeline, automated testing, and deployment. They have also implemented infrastructure as code and have a dedicated team for monitoring and logging. This has helped them to reduce the risk of errors and outages, as well as improve the scalability and performance of their financial systems.

4. DevOps the Lunar Way

An experience that shows Kubernetes doesn't require a large organization to be used. The large monolithic application was divided into more manageable microservices as the first step in their cloud-native DevOps journey. Ansible, Terraform, and Jenkins were used to spin up these microservices and deploy them as a single unit.

They then suddenly began encountering some of the microservices' scaling problems. They thus did not gain in any way from microservices.

They thus began seeking solutions to this complexity by reorienting their attention from machine-oriented to application-oriented design. They didn't care where the containers were operating and instead picked Kubernetes and AWS as the abstraction layer, which allowed them to manage microservices and unleash their velocity. Additionally, they chose Kubernetes for its security features and to describe how the apps should function. With the help of Kubernetes, they currently manage over 80 microservices in production.

Conclusion#

Companies in the financial services industry are under a lot of pressure to embrace sophisticated and demanding software development methodologies that satisfy stringent corporate and regulatory standards. With DevOps, the financial sector can deploy software faster than ever to keep up with demand and outperform the competition they face.

FinOps tools help cloud-based organizations allocate resources and achieve their business goals effectively. Read the full article to get an understanding of FinOps.

All About FinOps from a DevOps Perspective#

Modern-day businesses always try to integrate new practices to make their businesses more efficient, cost-effective, and consumer-friendly. Ever wonder as DevOps what happens when someone forgets to shut down a sizable project on the cloud? The goal of FinOps is to prevent any kind of financial disaster by improving the cloud infrastructure by monitoring everything.

FinOps is not only cost-effective but it tends to make the dev team work smarter to deliver quality work. FinOps practices also lead the way to a better customer experience. Read the full article to understand everything about FinOps from a DevOps perspective.

What is FinOps?#

FinOps (Financial Operations) is a practice adapted for cloud models to optimize the cost of business. All of the FinOps operations happen in a collaborative manner to effectively reduce expenditures while maintaining the same quality. FinOps does the same thing to financials as DevOps does to development.

FinOps is a very effective cost management practice and its implementation is dependent on tools of the cloud and an understanding of operations. It provides extensive information about spending, where the money is used, why it is used, and who is responsible.

Phases of FinOps Implementation#

FinOps distributes its work in phases like DevOps. All of these phases are repeated until the set goal is achieved. Following are the phases of FinOps.

Inform:#

In this phase, all the necessary information about the operations of different teams and departments is gathered. This information includes operation size, cost, and forecast. This phase helps estimate the total expenditures and all the other information like where they are coming from and where they will be used. This phase of gaining knowledge and controlling resources gives stakeholders a clear view of everything going on.

Detailed information helps the FinOps team to keep an eye on every small and big expenditure and optimize all unnecessary expenditures. It also helps them estimate the business value.

Optimize:#

After the necessary information is collected, the optimization phase begins. In this phase, a deep analysis of the gathered information is conducted. This analysis helps the FinOps team to separate liabilities. Once all unnecessary expenditures are identified, these expenses are cut down by using different methods. Some unnecessary projects are shut down to invest in good projects.

The FinOps team also optimizes team size and tools used to optimize the cost of a project rather than shutting the whole project down. These optimizations help these teams achieve their goals smartly.

Operate:#

In this phase, the FinOps team monitors all the cloud utilization to ensure the achievement of a set goal. The FinOps team also helps teams overcome their problems to ensure they reach their goals. All the information regarding the progress of teams is also shared with stakeholders to show them business progress.

What are FinOps Tools?#

Various tools are needed to track the billing, invoices, expenditures, and track progress. Different enterprises use different FinOps tools to help the FinOps team go over the above-explained three phases. These tools are used to track the progress of different departments and teams in an organization, estimate expenditures, track cloud usage, and create detailed reports.

These tools provide all the necessary information needed to optimize and operate. Team sizes, cost, and cloud usage are all decided based on the data provided by these tools. Moreover, projects are shut down based on the information provided by FinOps tools.

Features of FinOps Tools#

Here are some of the amazing features of FinOps tools that help FinOps teams Inform, Optimize, and Operate the cloud effectively.

Tags#

Tags allow FinOps teams to allocate tags and arrange them. These tags can then be used for efficient budgeting, tracking performances and purchases, etc. Apart from that, different cloud resources can be labeled for use accordingly.

Detailed Reports#

Each FinOps team member is responsible for a part of the cloud resource. To understand complex billing and cloud resources, FinOps teams use detailed reports on resources. These reports help these engineers understand the flow of money. On the basis of these reports, FinOps members make important decisions.

Performance Reporting#

FinOps tools also offer a performance reporting feature. This feature works by applying different metrics to all the employees of the organization. Based on the pre-defined metrics, a rating number is assigned to every department in the organization. This rating determines their performance.

This performance reporting helps FinOps members identify strong and weak departments. This data is then used to cut costs and help weak departments reach their goals.

Easy Budgeting#

FinOps tools evaluate different factors to set up cloud budgets and forecast. These tools help the team analyze the area where costs can be cut down. Moreover, these budgeting tools also provide data that helps assign reasonable budgets to different departments.

Benefits of FinOps#

The rise of cloud computing has undoubtedly brought agility and many other benefits. As more and more organizations are transforming to cloud-based systems, it is becoming more and more difficult for them to control their spending and achieve their goals. Over 70% of organizations that have transformed to hybrid and multi-cloud offerings are short on their goals.

FinOps is the best practice that, with collaboration with DevOps, can not only help these organizations achieve their set goals but also help these organizations cut their expenditures to become cost-effective.

FinOps provides a framework that lets DevOps perform their tasks with agility and speed. Hence, building trust across departments.

Conclusion#

The complex cloud structure can be a difficult cost management system for organizations. Many factors have to be taken into account and carefully examined to make any decision in that environment. This not only makes the business harder but also slows down the growth of an organization. Therefore, FinOps is a practical cost management solution for cloud-based businesses.

FinOps handles these complicated cloud businesses by dividing the work into different phases. These phases are repeated until the set goal is achieved. Different FinOps tools are used to collect information and allocate resources. This framework is very beneficial for businesses to take full control.

Multi-cloud migration is the process of moving an organization's IT resources and workloads from one or more traditional on-premises environments to multiple cloud computing environments or you can understand it as Multi-cloud migration is the process of moving workloads and applications from a single cloud infrastructure to multiple cloud providers. This approach provides businesses with greater flexibility, scalability, and cost savings.

For traditional businesses, this typically involves moving applications, data, and other resources from their data centers to one or more public cloud providers, such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP).

This can bring many benefits to traditional businesses, such as increased scalability, flexibility, and cost savings, as well as improved disaster recovery and data backup options.

Moving a business to the cloud involves several steps and considerations#

● Assessment:#

The first step in a multi-cloud migration is to assess the current state of the business's IT infrastructure. This includes identifying the current workloads and applications that need to be migrated, as well as any dependencies or constraints that may impact the migration.

● Planning:#

Once the assessment is complete, the next step is to develop a detailed migration plan. This includes identifying the target cloud environments.

● Prepare your environment:#

Before migrating your workloads to the cloud, ensure that your environment is ready by configuring network and security settings, creating accounts and permissions, and setting up monitoring and logging after this.

● Choose a cloud provider and a migration:#

Decide a cloud provider, such as Amazon Web Services, Microsoft Azure, or Google Cloud Platform then, move your data to the cloud using a variety of methods, including data replication, backup and restore, or lift and shift.

Once your data is in the cloud, test and validate your applications and services to ensure they are working correctly.

● Deployment and Go-live:#

Once the migration has been successfully tested and validated, the final step is to deploy the applications to the target cloud environments and go live.

This includes configuring the cloud environments, setting up monitoring and management tools, and providing support for the users.

● Monitor and optimize:#

After the migration is complete, monitor the performance of your applications and services to ensure they are meeting the needs of your business. Optimize your cloud environment as needed to improve performance, reduce costs, and increase efficiency.

● Continuously improve:#

Cloud migration is not a one-time event. Continuously look for opportunities to improve, to adapt to changing business needs and new features offered by your cloud provider.

● Maintenance and Optimization:#

Once the applications are live, it's important to continuously monitor and optimize them to ensure they are running at peak performance. This includes monitoring for any issues, troubleshooting and resolving problems, and making adjustments as needed to optimize performance and cost efficiency.

By following these steps, businesses can ensure a smooth transition to a multi-cloud environment and take advantage of the benefits that it offers. However, it's important to note that each business is unique and the steps may vary depending on the specific requirements of the organization.

Traditional businesses that are looking to adopt a multi-cloud strategy have several options available to them. One approach is to use a cloud-agnostic platform, such as Kubernetes, to manage the deployment and scaling of workloads across multiple cloud providers. This allows businesses to easily move workloads between different cloud environments, without having to re-architect their applications.

Overall, while multi-cloud migration can be a complex and challenging process, it can also provide traditional businesses with significant benefits in terms of flexibility, scalability, and cost savings. By carefully planning and executing their migration strategy, businesses can ensure a smooth transition to a multi-cloud environment.

Let us have a look at an example - Netflix's Cloud Migration#

Netflix emerged as one of the best streaming services globally. It plays a leading role now in its field. But, before achieving this position, Netflix went through a lot of struggles and miseries.

In 2008, Netflix got a major change in the operations of its databases. It was then based on costly hardware and the Oracle database. But, the hardware failure resulted in a new strategy. The company realized that there is no need for expensive hardware. Instead, cost-efficient cloud infrastructure is more suitable.

A year later, after implementing this strategy, the company had huge growth. Very soon, it was in a need of more data storage. But, it could not predict the requirement and the future, as its past data was based on DVD shipping.

Netflix assumed a thousandfold increase in its streaming services. With quick growth, it encountered the need for more data centers. Now, it had two options. One: estimate data requirements and build a high-end data center. Two: use Amazon Web Services. It conducted several tests over the platform and signed a license agreement with AWS.

By moving to AWS, it became easy for Netflix to get on-demand data capacity. Later, they moved all of their time-critical operations to AWS. From simple API sequences to all of their web pages are based on the cloud.

Netflix we see and use today exists just because of cloud computing. Migration to cloud computing ensured the success of the company. Nowadays, any company could simply and easily migrate to the cloud.

Some other examples include:#

● Walmart:#

The retail giant has migrated its e-commerce platform to a multi-cloud environment to improve scalability and reduce costs.

● BMW:#

The automaker has adopted a multi-cloud strategy to improve the scalability and security of its manufacturing and supply chain operations.

● Adobe:#

The software company has adopted a multi-cloud strategy to improve the scalability and performance of its creative cloud services.

● FedEx:#

The courier delivery company has adopted a multi-cloud strategy to improve the scalability and performance of its logistics and transportation operations.

The specific date or year when these companies adopted multi-cloud migration, as it varies from company to company and it's not always publicly announced. Some companies have been gradually transitioning to multi-cloud environments for several years, while others may have made the switch more recently.

Additionally, companies may have adopted multi-cloud migration in different areas of their operations at different times.

Merits of Multi-Cloud Migration#

There are several benefits of adopting a multi-cloud strategy for businesses. Some of the key merits include:

● Flexibility:#

By using multiple cloud providers, businesses have greater flexibility in terms of the services they can access and the way they can deploy and scale their applications. This allows them to choose the best provider for each specific use case and to easily move workloads between providers as needed.

● Cost Savings:#

By using multiple cloud providers, businesses can take advantage of the different pricing models and services offered by each provider. This can help them to reduce costs and optimize their overall cloud spending.

● High availability:#

By distributing workloads across multiple cloud providers, businesses can achieve higher levels of availability and disaster recovery. In case of an outage or a problem with one cloud provider, the workloads can be easily shifted to another provider, minimizing the risk of service interruption.

● Reduced Vendor lock-in:#

A multi-cloud strategy reduces the dependency on a single cloud provider, minimizing the risk of vendor lock-in. This gives businesses more control over their IT infrastructure and the ability to easily move workloads to other providers if needed.

● Compliance:#

A multi-cloud strategy allows businesses to comply with data sovereignty laws and regulations by storing data in the cloud providers that operate in the same jurisdiction.

● Specialized Services:#

By using multiple cloud providers, businesses can take advantage of the specialized services offered by each provider. For example, some providers may have specialized services for artificial intelligence, machine learning, big data, or IoT.

De-merits of Multi-Cloud Migration#

● Complexity:#

Managing multiple cloud providers can be complex and requires additional resources, such as specialized staff and tools, to ensure a smooth transition and ongoing management.

● Security Risks:#

By using multiple cloud providers, businesses may introduce additional security risks, such as increased attack surface and difficulty in managing and monitoring security across multiple environments.

● Integration Challenges:#

Integrating different cloud providers and their services can be challenging, requiring significant time and resources.

● Lack of standardization:#

Each cloud provider has its own set of services and tools, which can make it difficult to standardize processes and procedures across the organization.

● Limited support:#

If the organization is not familiar with a cloud provider, it might face challenges in getting support and troubleshooting problems.

While multi-cloud migration can bring many benefits to a business, it also has its own set of de-merits. It's important for businesses to carefully consider these de-merits and weigh them against the benefits before embarking on a multi-cloud migration. Additionally, having a well-planned strategy and the right tools and resources in place can help to mitigate these de-merits and ensure a successful multi-cloud migration.

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How can BFSI companies leverage the latest cloud technology?#

What does BFSI stand for?#

BFSI stands for “Banking, Financial Services, and Insurance” companies. It refers to companies that operate in the financial sector, including banks, insurance companies, and other organizations that provide financial services. These companies may offer a wide range of services, such as banking, lending, investment, wealth management, and insurance.

BFSI companies play a crucial role in the economy by providing various financial services to individuals and businesses. Banks, for example, provide services such as managing current and savings accounts, loans, credit cards, etc. Insurance companies, on the other hand, offer protection against potential financial losses from events such as accidents, illnesses, and natural disasters.

BFSI companies are heavily regulated by government agencies to ensure that they operate in a safe and sound manner and protect the interests of their customers. They also use advanced technology and data analytics to manage risks and make better business decisions. They play an important role in the flow of money and financial transactions, and they also help businesses and individuals manage their finances and plan for the future.

BFSI companies adopting Cloud Technology#

The BFSI sector has played a significant role in the development of fintech, which refers to the use of technology to improve and automate financial services. Banks and other financial institutions have been some of the early adopters of fintech, using it to improve their internal operations and enhance the services they provide to customers.

One of the key areas where BFSI companies have embraced fintech is digital banking. Banks have introduced online and mobile banking platforms, which allow customers to access their accounts, transfer money, pay bills, and manage their finances from anywhere using their smartphones or computers. It has enhanced the convenience and accessibility of banking services for customers.

BFSI companies have played a major role in shaping the fintech landscape and continue to be major players in the industry. They are leveraging technology to improve their operations, increase efficiency, and offer better services to customers.

The BFSI sector has played a significant role in driving digital transformation in the financial industry. Digital transformation refers to the integration of digital technology into all aspects of an organization, which can lead to significant improvements in efficiency, cost savings, and customer experience.

Additionally, the BFSI sector has been increasingly adopting cloud architecture in recent years, in order to improve their operations, reduce costs, and increase scalability. Cloud architecture refers to the use of remote servers and data centers, accessed through the internet, to store and manage data and applications.

BFSI companies are also using cloud-based services such as SaaS, PaaS, and IaaS to improve their customer engagement, analytics, and compliance. Services like Salesforce, Workday, Adobe, and AWS provide an end-to-end solution for customer relationship management, human resources, and compliance, which can help BFSI companies improve customer engagement and streamline internal operations.

The BFSI sector is leveraging cloud architecture to improve its operations, reduce costs, and increase scalability by using remote servers and data centers to store and manage data, and by using cloud-based platforms to develop and deploy new applications. This has led to a more efficient and adaptable financial industry, which is better able to meet the needs of customers and adapt to the changing digital landscape.

Insurance companies are using cloud-based platforms to automate and digitize their back-office processes, such as underwriting, claims processing, and policy management. This has led to significant improvements in efficiency, cost savings, and reduced risk of errors and fraud. Cloud-based analytics and machine learning tools are used to identify risks and detect fraud in real-time, which helps insurance companies take proactive measures to protect their customers.

Use of Big Data and AI#

Due to big data, AI has become increasingly important in the BFSI sector, as financial institutions look for ways to gain insights from large amounts of data and improve their operations. BFSI companies are also using RPA to automate repetitive tasks like data entry, customer service, and compliance, which reduces the risk of errors, improves efficiency, and reduces labor costs.

Hyper automation in the BFSI sector refers to the use of advanced technologies, such as artificial intelligence (AI), robotic process automation (RPA), and machine learning, to automate and optimize business processes. Hyper automation is an advanced form of automation that uses a combination of technologies.

It also provides better compliance. Hyper automation can help BFSI companies meet the regulatory requirements for data security and privacy. For example, by using AI and machine learning to detect and prevent fraud, financial institutions can comply with regulations such as the Payment Card Industry Data Security Standards (PCI-DSS).

Cloud migration provides security in the BFSI sector#

Data encryption, multi-factor authentication, and compliance (Cloud providers also offer compliance certifications, like SOC2, PCI-DSS, and HIPAA, which are mandatory for BFSI companies. This helps them meet regulatory compliance for data security and privacy, without having to invest in the compliance infrastructure.), etc. As well as by allowing for more effective disaster recovery and business continuity planning. This can lead to a more secure and compliant financial industry, which is better able to protect sensitive customer data and maintain operations in the face of cyber threats and other disruptions.

In addition, BFSI companies have also used fintech to improve their risk management and compliance processes. By using advanced analytics and machine learning algorithms, they can identify potential fraud and other risks more quickly and accurately, helping to protect their customers and the overall financial system.

Cloud is not limited to technology. It will play a major role in how BFSI companies will function in the future. With changing customer expectations, new technologies, and new business strategies, BFSI companies should start adopting new strategies for the future. By the year 2030, we will see BFSI companies operating in an entirely different manner.

We have seen a lot more digital transformation globally in recent years. Cloud computing has become an increasingly popular technology in the banking industry. Banks use cloud computing to improve their operations, reduce costs, and increase efficiency. In this blog, you will learn about various cloud infrastructures, how the banking industry will grow using cloud computing services, and what challenges they face while working on cloud computing. So let's get started with our very first topic.

Various types of Cloud Infrastructure are needed to get BFSI.#

The banking, financial services, and insurance (BFSI) sector rely heavily on technology to conduct day-to-day operations. These operations include processing transactions, managing customer data, and analyzing financial data. To ensure continuous operations, BFSI organizations need to have a robust and reliable cloud infrastructure in place.

BFSI organizations can use several types of cloud infrastructure to achieve continuous operations. These include:

Public Cloud:#

Public cloud infrastructure is provided by third-party providers such as Amazon Web Services (AWS), Microsoft Azure, and Google Cloud Platform (GCP). These providers offer a wide range of services, such as storage, computing, and networking. Public cloud infrastructure is ideal for BFSI organizations that do not want to invest in building and maintaining their data centers.

Private Cloud:#

The organization owns and operates private cloud infrastructure. BFSI organizations with strict security and compliance requirements typically use it. Private cloud infrastructure allows organizations full control over their data and applications, which is crucial for the BFSI sector.

Hybrid Cloud:#

Hybrid cloud architecture combines public and private cloud benefits. It allows organizations to use public cloud infrastructure for non-sensitive workloads and private cloud infrastructure for sensitive workloads. This approach is ideal for BFSI organizations that must balance cost and security.

Multi-cloud:#

The Multi-cloud infrastructure allows organizations to use multiple cloud providers for different workloads. This approach is ideal for BFSI organizations that want to take advantage of the strengths of other cloud providers. For example, an organization may use AWS for storage and GCP for computing.

Another important aspect of cloud infrastructure for BFSI organizations is disaster recovery (DR). This refers to the ability to recover from a disaster or outage quickly. BFSI organizations need to have a DR plan that allows them to restore operations in case of an outage promptly. This can be achieved using cloud-based DR solutions such as AWS Backup and Azure Site Recovery.

In addition, BFSI organizations need to ensure compliance with various regulations, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS). Cloud providers such as AWS, Azure, and GCP offer compliance solutions that allow organizations to meet these regulations.

How Cloud Computing is Used in Banks#

One of the main ways that banks are using cloud computing is through the use of cloud-based storage solutions. Banks must store and manage large amounts of data, including customer information, transaction records, and other sensitive information. Cloud storage solutions offer a cost-effective and scalable way for banks to store this data, allowing them to increase storage capacity as needed easily. Additionally, with cloud storage, data is stored in a centralized location, making it more secure and easier to manage.

Another way that banks are using agile and adaptive cloud computing is through the use of cloud-based applications. Cloud-based applications, such as customer relationship management (CRM) and enterprise resource planning (ERP) systems, allow banks to access and use these applications without maintaining them on their servers. This reduces the need for expensive hardware and software licenses and will enable banks to scale the number of users accessing the applications easily.

Cloud-based analytics is another important area where banks are using cloud computing. Banks use cloud-based analytics to gain insights into customer behavior, transactions, and other data. This information can be used to improve marketing efforts, detect fraud, and identify potential risks. Additionally, with cloud-based analytics, banks can access real-time data and insights, allowing them to make more informed decisions.

Banks are also using cloud computing to improve the customer experience. Banks are using cloud-based mobile banking and online banking solutions to allow customers to access their accounts from anywhere at any time. Additionally, banks are using cloud-based chatbots and virtual assistants to provide customers with 24/7 support and assistance.

Finally, banks are also using cloud computing to improve their security. Cloud-based security solutions, such as firewalls and intrusion detection systems, can be used to protect banks' networks and data. Additionally, banks can take advantage of the latest security technologies and best practices with cloud computing without investing in expensive hardware and software.

Hence, cloud computing is being used by banks in a variety of ways to improve operations, reduce costs, and increase efficiency. By leveraging the scalability and flexibility of cloud computing, banks can serve their customers better, reduce risks, and stay competitive in the ever-changing banking industry.

Challenges faced by the Banking Industry that come with cloud computing.#

Several challenges come with implementing cloud computing in the banking industry, including:

Security:#

Banking and payment sector handle sensitive financial information and must ensure that this information is protected from cyber threats. Cloud providers must meet strict security regulations, and banks must trust that the cloud provider can adequately protect their data.

Compliance:#

Banks must comply with various regulations such as the Gramm-Leach-Bliley Act and the Dodd-Frank Wall Street Reform and Consumer Protection Act. These regulations can be difficult to navigate and comply with when using cloud services.

Integration:#

Banks often have legacy systems and infrastructure that can be difficult to integrate with cloud services. This can be a significant challenge for banks looking to move to the cloud.

Reliability:#

Banks must ensure that their systems and services are always available to customers. Cloud providers must provide a high level of service availability to meet the needs of banks.

Cost:#

While cloud computing can offer cost savings, it can also be expensive, depending on the services and providers used. Banks must carefully evaluate the cost and benefits of cloud computing to ensure that it is the right fit for their organization.

Data sovereignty, data privacy, and data residency issues:#

Banks need to ensure that their data is stored in a compliant location and also should be in control of their data.

Conclusion#

BFSI organizations must have robust and reliable cloud solutions to ensure continuous operations. Several types of cloud infrastructure can be used, including public, private, hybrid, and multi-cloud. Organizations must also have a disaster recovery plan and ensure compliance with various regulations. By having a well-planned and executed cloud infrastructure, BFSI organizations can ensure their operations remain uninterrupted and their customers and partners can rely on them.

When talking about the past two decades, most businesses have opted for a single public cloud services provider to handle all of their digital infrastructure requirements. But in this technological era, the digital world has given rise to modern cutting-edge multi-cloud systems.

Regardless of their business size or the mixture, most businesses rely on this platform to reach high availability. Also, many financial institutions have discovered how cloud and multi-cloud computing services may benefit them.

As technology goes on increasing, there is an increment in cyber threats. These cyber-threats can destroy any business and make them left with zero. There's a Multi-Cloud technology that protects financial businesses and other businesses from security loopholes. So let's dive deeper to discover more about it.

What is Multi-cloud, and how does it protect the financial services sector?#

Multi-cloud is the use of multiple cloud providers and platforms for different workloads. This approach allows organizations to take advantage of the strengths of different cloud providers and create a more robust and secure environment. Multi-cloud is particularly useful in the financial services sector because it allows organizations to protect against single points of failure and minimize the risk of data breaches.

The financial services sector relies heavily on technology to conduct day-to-day operations; thus, the security of their systems and data is of utmost importance. However, with the increasing number of cyber threats and data breaches, it's become clear that traditional security measures are no longer enough to protect financial organizations. This is where multi-cloud comes in as a solution to solve critical security risks.

Yes, it's true that cybersecurity is continuously working to eliminate cyber threats but we need to be very careful of some threats which are left over. That's why it's recommended to the financial services sector to use cloud security.

Multi-cloud Security#

The most crucial problem with multi-cloud connections might be security. For instance, dynamic resource provisioning between several cloud providers might expose enterprises to a variety of hazards if they don't have enough security controls in place. Although there are several approaches to multi-cloud security, some of them, like VPNs, might increase the attack surface. Thus it is crucial to have a thorough full cloud security strategy.

Private cloud vs public cloud#

When it comes to multi-cloud environments, most people confuse private and public clouds. But what does this term mean?

It's very simple. A public cloud is a cloud environment that is usable by other people. For instance, SaaS solutions are often hosted by public cloud service providers. Typically, these vendors provide managed services like routine maintenance and redundancy. The application can be viewed and used by anybody outside of the company that developed it, even though security safeguards are likely in place to protect sensitive user data.

Multi-tenancy, or configuring an application to serve several users, is one of the main characteristics of the public cloud (or "tenants"). Several users can share the public cloud provider's computing, storage, and network resources. Even when cost-effectiveness improves, this could pose data security or protection issues, especially when ensuring that only genuine owners and authorized users have access to sensitive data.

On the other hand, a private cloud environment is only available internally, creating an on-premises experience on the cloud. Private cloud is widely used by financial and healthcare organizations that want the comfort and processing power of cloud infrastructure but don't want to give up the amount of security and control they have with on-prem solutions.

Do Multi-cloud benefits the financial sector?#

There are several financial benefits to scaling, adding new services, and inventing. There are security and resilience benefits that can be difficult and expensive to replicate on-premises, especially for smaller institutions trying to keep up with rapidly changing requirements.

One of the main advantages of multi-cloud is that it allows financial organizations to spread their risk. Organizations can use multi-cloud security providers to ensure that if one provider experiences an outage or a data breach, their operations will not be completely disrupted. This is particularly important for financial services organizations, as they handle sensitive customer data and must ensure that they can always provide services to their customers.

Another advantage of multi-cloud is that it allows organizations to take advantage of the different security features offered by different cloud providers. For example, a financial organization may use AWS for storage and Azure for computing, taking advantage of the security features of each provider. This allows organizations to create a more robust security environment by using the best features of each provider.

Additionally, multi-cloud allows financial services organizations to comply with various regulations and standards, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS). By using multiple cloud providers, organizations can ensure that they are meeting the requirements of these regulations and standards, which is crucial for the financial services sector.

One of the most critical security risk that multi-cloud addresses are the risk of vendor lock-in. Vendor lock-in is when an organization becomes dependent on a single vendor for a particular service or product. This can be a significant risk for financial services organizations, as they rely heavily on technology to conduct their operations. Organizations can avoid becoming dependent on a single vendor by using multiple cloud providers and switching to another provider if necessary.

Another critical security loophole that multi-cloud addresses are the risk of cloud vendor vulnerabilities. Cloud vendors are not immune to security breaches, and vulnerabilities within cloud vendor systems can lead to serious data breaches. By using multiple cloud providers, organizations can reduce the risk of a security breach by using the best security features of multiple providers.

Conclusion#

In conclusion, multi-cloud is becoming an increasingly important solution for financial services organizations to solve critical security loopholes. It allows organizations to spread their risk, take advantage of different security features offered by different cloud providers, comply with various regulations and standards, avoid vendor lock-in and reduce the risk of cloud vendor vulnerabilities. By implementing multi-cloud, financial services organizations can ensure that they are providing a secure environment for their customers and partners.

Thus, it becomes necessary for every financial services industry to implement Full cloud strategies to get relief from various threats prevailing in this technological world.

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As the financial services industry continues to evolve and adapt to new technologies, many organizations are turning to cloud computing as a way to modernize their IT infrastructure and gain a competitive edge. However, not all cloud providers are created equal, and many financial services organizations are finding that a multi-cloud strategy is the best way to take full advantage of the benefits of cloud computing by minimizing the risks.

One of the main reasons why multi-cloud is becoming the go-to strategy for financial services organizations is the need for business continuity and disaster recovery. Financial services organizations handle sensitive customer data and are subject to strict regulatory requirements. A single point of failure in their IT infrastructure could have serious consequences. By spreading their data and workloads across multiple cloud providers, they can ensure that their systems will continue to function even if one provider experiences an outage or face any other issue.

The advantage of multi-cloud is the ability to comply with a wide range of regulatory requirements. Financial services organizations are subject to a variety of laws and standards, such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI-DSS). Going for the multi-cloud option by spreading data and workload across multiple cloud providers, it becomes simple and easy to comply with these regulations by default.

Beyond business continuity and compliance, financial services organizations are also turning to multi-cloud to take advantage of the best performance options available. Quick turn-around gives an overall smooth experience to the users.

Different cloud providers have different strengths and capabilities, and by spreading their workloads across multiple providers, financial services organizations can ensure that they are taking full advantage of these capabilities. For example, one provider may be better suited for running large-scale data analytics, while another may be better for running high-performance trading systems.

Of course, cost is always a major concern for financial services organizations, and multi-cloud allows them to take advantage of different pricing models and cost-saving options offered by different providers. The savings could be reinvested by the company for some other operations.

For example, they may choose to run certain workloads on a provider that offers a pay-per-use model, while running other workloads on a provider that offers a reserved capacity model. It allows financial services organizations to be more flexible and adapt quickly to changing business needs. As new technologies become available, they can take advantage of them without being locked into a single provider.

Why is multi-cloud the first choice?#

● Geographical diversity:#

Financial services organizations often operate on a global scale and may need to comply with different laws and regulations in different regions. Multi-cloud allows them to store their data and run their workloads in different regions, which can help them to comply with local laws and regulations and reduce the risks associated with data sovereignty.

● Global reach:#

Multi-cloud enables companies to use providers with data centers in different geographic locations, providing better performance and reducing latency for global users. By having a hotspot of service at different locations in different countries they can provide their services seamlessly and smoothly to customers and service providers. By cloud, we can reach any country because it won't be required any infrastructure to provide services or be limited to any particular place. It can get a diversified audience.

● Cloud agnostic:#

Multi-cloud can also be considered as a cloud-agnostic approach, which means that organizations can select the best cloud provider for their specific use case without being limited by the technology. This allows them to leverage the best-suited provider for each workload based on the required performance, security, and cost, without the limitations of a single provider.

● Scalability:#

Multi-cloud allows financial services organizations to scale their IT infrastructure as needed, without being limited by the capabilities of a single provider. This can be especially important for organizations that need to handle large amounts of data or support high-traffic workloads.

● Customization:#

Multi-cloud allows financial services organizations to tailor their IT infrastructure to their specific needs, without being limited by the capabilities of a single provider. This can be useful for organizations that need to run specialized workloads or use specific technologies. It also enables financial services providers to act as per the latest system running at that time by providing the latest features.

● Cloud Brokerage:#

Multi-cloud enables companies to use a third-party service that can manage and optimize their cloud usage across different providers. Which allover makes it easy to calculate where and how much amount we spent with help of third-party services.

● Cloud-Native:#

It refers to the design and development of applications specifically for deployment in cloud computing environments. Multi-cloud allows companies to take advantage of the latest cloud-native technologies and practices, such as containers, serverless, and Kubernetes. By using multi-cloud, companies can take advantage of the latest cloud-native technologies and practices to improve their agility, scalability, and cost-efficiency.

The financial services industry is increasingly turning to cloud computing to shape its IT infrastructure as per present-day needs and expectations. Technology has made it necessary for everyone to adapt new strategies for staying in the market. According to a study by Accenture, 84% of financial services organizations are already using cloud computing, and this number is expected to grow in the coming years.

In conclusion, multi-cloud is becoming the first choice for financial services organizations looking to become cloud-native. It allows them to ensure business continuity, comply with regulatory requirements, take advantage of the best performance options, control costs, and adapt to new technologies. With multi-cloud, financial services organizations can have more control over their IT infrastructure and take advantage of the strengths of multiple cloud providers, while minimizing the risks associated with relying on a single provider.