Partner content funded by Jade.
Cloud modernisation programmes are a necessity for finance service providers wanting to compete in tomorrow’s world. Digital-first fintech startups are growing into thriving businesses, and pressure is mounting on enterprises to deliver experiences pioneered by the likes of Netflix, Amazon, and Xero.
You may think startups have an unfair advantage in this realm, but enterprises have advantages too. They have access to significant data and insights, stable revenue streams, robust systems, and brand equity and awareness.
Distilling these benefits, whilst leveraging the full suite of cloud intelligence tools from the likes of AWS and Azure, gives enterprises the digital difference needed to achieve sustained success.
So, how can enterprises increase their confidence in their cloud modernisation programmes?
1. Uplift legacy systems
Legacy systems often get a lot of flack for being too inflexible and slowing down innovation. Cloud-native systems have their share of issues too. These days, you no longer need to take an extreme view on the subject because there is a sweet spot in the middle, thanks in part to the rise in platforms and ecosystems, API development, containerisation, and the decentralisation of data.
Modernising your core applications in the cloud is a way to respect the technology that has got you and your customers to this point, whilst unlocking your ability to deliver de-risked, customer-centric digital experiences in the future.
Transitioning core applications into your choice of cloud environment enables you to retain many benefits, such as a wealth of data, platform experience, competitive advantages, and so forth.
Also consider your employees’ knowledge. Your people have built up considerable domain expertise in your existing technology stack, which is transferrable in a cloud modernisation programme. The same can’t be said when moving to an entirely new system.
2. Iterate and enhance for constant value
Another frustration many people have with digital transformation is a lack of progress – particularly considering the costs associated with defining an initial transformation strategy.
Taking an iterative approach to cloud modernisation is one way to mitigate such frustrations. This doesn’t mean embarking on a programme without knowing where it is going. Instead, this approach gives businesses the flexibility to adapt their approach and incorporate learnings as the project progresses, whilst keeping an end goal in sight.
3. Get stakeholder assurance – prove it works
Getting approval for transformational projects in highly regulated environments can be difficult. If the system isn’t ‘broken’, why fix it? If applications help achieve your compliance obligations, why change them? If customers are using your existing channels, why invest in more channels or improving existing ones?
There are plenty of excuses for not undertaking projects, even when there is room in the budget. The key to moving forward is producing business cases that stakeholders can’t refute.
Executive sponsors can use a suite of user experience design and technical tools – such as rapid prototyping, discovery workshops, and customer testing and validation – to define projects, get input from end-users, bring other executives along on the journey, and get an early indication of how the end product or service might perform. Importantly, this can all happen without incurring significant expense.
A technology supplier’s credibility and track record (especially in the finance sector) will also be a factor in winning over sceptical stakeholders. Also consider whether they have long-term customers. That’s a good sign that a technology business can deliver sustained success.
Move your modernisation programme forward with confidence
Transitioning from the strategic phase of your transformation journey to the tactical, roll-out phase is an exciting time. Whether you are ready to begin, have started, or want to move forward faster, our team at Jade has the skills and expertise to help you de-risk your pathway to digital difference. Once you’ve started, you’ll never look back.
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