Financial services companies once had a reputation of being slow to adopt new technologies. They were risk averse, and for a long time they felt safer staying with the status quo rather than hazarding change.
That’s no longer the case: These companies are now embracing technology advances to deliver leading-edge customer experiences and drive growth. They understand that to remain competitive, they need to innovate—and the cloud is where innovation happens today.
In recent years, even mid-sized financial services companies have seen the potential for moving to the cloud. To make that shift, they engage experts from consultancies like Deloitte, a VMware partner that is tightly aligned and collaborative with VMware. In fact, Deloitte just received the VMware Partner Achievement Award for Partner Collaboration for the third consecutive year.
Benefits of the Cloud for Financial Services
Many of the cloud benefits that financial institutions gain are like those experienced by other industries. For example, banks want to rely on AI-driven chatbots to simulate in-person service interactions. This means companies can answer customer questions much faster, more efficiently, and at a lower cost than handling calls in call centers. Financial services companies also want to use robotic process automation to automate more routine, typically manual processes, such as reviewing credit card applications.
In addition, banks need to leverage the vast amounts of data they generate to improve financial decisions, detect fraud, prevent loss, and meet regulatory and compliance requirements. AI-enabled applications can help them with these important tasks, performing them faster and with fewer errors than when done manually.
Many of these advanced applications are designed to work in cloud environments. That’s why financial institutions using aging on-premises infrastructure and saddled with substantial technical debt are migrating to the cloud rather than investing more in their existing on-premises infrastructure. They are looking to the cloud to quickly get access to critical applications and get their own modern banking and financial applications to market.
At the same time, financial services companies are increasingly moving primary on-premises and secondary disaster recovery data centers to the cloud for a more robust disaster recovery solution. This allows their engineering and product teams to focus on creating groundbreaking customer applications and services rather than managing onsite data centers. The elasticity of the cloud makes it easier than ever to right-size the disaster recovery solution and provide greater availability to business applications.
An added benefit of moving to the cloud is that financial companies are better positioned to attract and retain top engineers, developers, and IT and operations staff. Given today’s competitive talent marketplace, this can be critical for building the teams needed to support compelling customer experiences that fuel business growth.
Deloitte Delivers Cloud Benefits Using VMware Technologies
With its master services competency in VMware Cloud on AWS and a long history of working closely with VMware, Deloitte is well-positioned to help financial services companies realize the benefits of the cloud using VMware technologies. In fact, they’ve already helped many mid-sized financial services companies achieve their goals—for example, they’ve migrated some financial services companies to the cloud in under a year and others in a just handful of months.
They’ve shifted workloads from on-premises data centers and co-location facilities to VMware Cloud on AWS, using VMware HCX to move applications to the cloud without impacting availability. Deloitte has also used VMware Site Recovery Manager to orchestrate disaster recovery capabilities in the cloud, enabling financial institutions to fully recover from an outage and run production applications in the cloud—even making business-critical applications available in just minutes.
But sometimes a financial services client is just starting its cloud transformation journey. These clients have turned to Deloitte to make the business case for moving to the cloud. In these engagements, Deloitte has defined an enterprise IT infrastructure and cloud transformation strategy based on VMware technologies that increases agility, drives operational efficiency, and reduces recovery time in the event of a disaster or outage. Once the business case is made and stakeholders and decisionmakers decide to move forward, Deloitte has served as an extension of the client’s team to implement the plan and provide ongoing support.
Serving a range of companies, Deloitte has also helped financial institutions that have undergone mergers and acquisitions consolidate multiple cloud platforms and on-premises data centers to VMware Cloud on AWS. This consolidation reduces the institution’s infrastructure footprint and increases utilization of computing resources. When working on these projects, Deloitte defines the current technical architecture, creates a roadmap for consolidation, develops an exit strategy from on-premises data centers to the cloud, and prepares the cloud infrastructure for the migration.
Given their significant experience migrating financial services companies to VMware Cloud on AWS and helping set up robust disaster recovery in the cloud with VMware Site Recovery Manager, Deloitte has proven ability to quickly deliver customer outcomes. But when that experience is added to Deloitte’s tight collaborations with VMware and other partners, financial services companies can confidently engage the consultancy to realize the benefits of the cloud.
Learn More
Learn more about how Deloitte and VMware can accelerate your move to the cloud using VMware technologies, including VMware Cloud on AWS, Site Recovery Manager, vRealize Operations Manager, HCX and NSX-T. https://blogs.vmware.com/partner/2020/12/deloitte-and-vmware-accelerating-cloud-platform-transformation.html
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VMware, vRealize, HCX and NSX-T are registered trademarks or trademarks of VMware, Inc. or its subsidiaries in the United States and other jurisdictions.
About Deloitte
As used in this document, “Deloitte” means Deloitte Consulting LLP, a subsidiary of Deloitte LLP. Please see www.deloitte.com/us/about for a detailed description of their legal structure. Certain services may not be available to attest clients under the rules and regulations of public accounting.
