Digitalisation has long been setting the pace in the financial industry. Technological innovations and digital transformation are driving market participants. Most, if not all, financial services companies are currently striving to extend their digital capabilities because this is the only way they can continue to meet changing customer needs and expectations. The use of cloud services is an important prerequisite for this, because they provide the necessary flexibility. Cloud technologies have therefore become an essential part of the digitalisation agenda and IT strategy of financial service providers.
Cloud on the rise
The cloud is making IT virtual, and this also changes the business model of financial service providers. Not only cheaper, better, and faster, the cloud also primarily enables innovation and reduces barriers to entry in new business areas and models. It has already revolutionised the way the financial industry works and competes. Being in the cloud has shifted from being a competitive advantage to becoming an operational necessity
How KPMG can support you
To carry out a successful cloud project, various kinds of expertise are needed. For this reason, we include a broad range of skills in our expert teams in order to be able to offer you holistic consultancy. We cover the industry specifics of Financial Services, as well as the technology issues relating to Cloud Services.
Our experts can help you navigate your journey to the cloud – starting with your cloud strategy, to designing and planning a suitable IT/cloud architecture – taking IT security and compliance requirements into account – through to assisting you in your cloud transformation projects.
Cloud strategy & design
The strategic approach to cloud services within your company is an important element in your digitalisation, IT and sourcing strategy. What direction, areas of application, and economic and technological goals and benefits of cloud services are being pursued? We are happy to assist you in the analysis of these issues, and will work with you to derive an appropriate cloud strategy.
Based on this, we can then develop a suitable cloud target structure and design. What should the future IT architecture look like using cloud services, especially considering IT security, compliance and regulatory requirements? Working with our cyber security experts, we develop your “cloud-ready” security architecture and support you in its implementation.
Cloud & sourcing governance
The use of cloud services in a company can quickly gather its own momentum, or develop a “shadow IT” that involves significant risks. Enterprise-wide or group-wide cloud governance defines clear frameworks, roles, responsibilities and processes for the deployment of cloud services and ensures sustainable controls. We will not only help you define the structure and process, we will also help you along the path to successfully getting it established.
Cloud compliance & regulation
The financial services industry is subject to a high level of regulatory requirements – especially when using cloud solutions. Proper outsourcing management allows cloud outsourcing to be monitored and controlled. In addition, the measures that result from Compliance & Regulators need to be implemented jointly with the cloud provider. We can help you with the analysis and design of solutions that meet regulatory requirements at both national and European levels (KWG, MaRisk/MaGO, BAIT/VAIT/KAIT, EBA Guideline on Outsourcing, GDPR, etc.).
Cloud transformation
Growing and complex IT architectures are the typical reality in large financial services firms. The challenge is to make applications “cloud-ready”, and so transform them into the cloud. We help implement cloud architectures and migrate existing solutions to the cloud.
Take the step to the cloud with us
We’re here to help you with the specific challenges you face as you move to the cloud. For each stage of the project and every level of maturity, we can provide the necessary expertise. Just get in touch with us.
