Over the years, the benefits of using cloud have only grown. Cloud technology affords businesses the capability to accelerate innovation, offer better customer experiences, control costs as well as scale and leverage their data move effectively – these are all the vital ingredients for success in the digital, always-connected era.
But while the journey to cloud can be rather tricky for many organisations, for those in the financial industry, like a global bank, for instance, the level of challenge and complexity when it comes to cloud migration is on a different scale entirely.
After all, banking is a business built on trust and banks deal with large sums of money, as well as private, sensitive and confidential information of their customers. The fact that many of them have been around for a long time and typically rely on legacy systems only adds to the complexity.
Nevertheless, as BNP Paribas has demonstrated, even a long-serving bank that has operated for over 170 years and has presence in 72 countries is able to migrate its mission-critical workloads to public cloud while meeting over 200 compliance and security requirements.
Lowering the Risk of High-stakes Cloud Transformations
BNP Paribas actually began its digitisation journey back in 2013. However, it soon discovered that its private cloud structure was holding the company back in terms of developing and innovating its digital banking offerings to customers. While public clouds allowed enterprises to obtain the necessary resources to develop their apps in minutes, it took BNP Paribas several weeks to do the same.
Hence, BNP Paribas worked with experts from IBM for a way to have the best of both worlds. With the Dedicated Cloud approach, whereby IBM created portions of the IBM public cloud dedicated to the bank, it was able to gain access to the scalability, elasticity and advanced services of a public cloud, with the high security of a private cloud.
Most importantly, it enabled the bank to enjoy additional security features such as extra compliance controls, specialised data protection and bring your own key (BYOK) encryption options.
IBM also drafted a contract to demonstrate how BNP Paribas adheres to all 200 of the data regulation and compliance requirements – including regulations from the European Banking Authority, French rules around disaster recovery as well as the EU’s General Data Protection Regulation (GDPR).
IBM states that successful cloud transformation, which leads to business transformation, is possible when a sound plan is in place, as well as when there’s a clear reason for moving to the cloud, strong organisational support, and a full understanding of the technology concerns.
Organisations in the financial industry are arguably the ones taking the highest risk in migrating to the cloud, considering the level of legal and regulatory requirements they have to adhere to and the potentially cataclysmic consequences of failure.
BNP Paribas and IBM have shown, with their successful migration to cloud, that with the appropriate know-how, tools and strategy, it’s absolutely possible for any company to move to the public cloud with confidence.