The promise of the cloud—whether private or public—is tantalizing for banks. The stated benefits are many, including sustainability, resource elasticity, reduced capacity planning, improved resiliency, increased efficiencies, and lower costs. The arguments for why banks should consider replacing their data centers with the cloud are compelling. In fact, of the 264 banking executives we interviewed face-to-face as part of our 2021 CGI Voice of Our Clients program, 60% are planning to migrate at least 21% of their applications to the cloud over the next 2 years.
However, with data sets that are comprised of almost 100% personally identifiable information (PII) and the negative impacts of any compromise, security is a huge issue for banks. While many banks view the private cloud as less of a security risk, most banks have been reticent to move their core systems—or “crown jewels” as one of our clients calls them—to the public cloud because of its unique security issues.
Protecting core assets is not the only concern of banks in moving to the public cloud. There also are legal security and regulatory requirements to consider. In light of these challenges, it is clear that unleashing the rewards of moving your payments to the public cloud can seem as complex and even overwhelming.
At CGI, we have a long history of helping clients do complex things well—from securely steering satellites, to delivering valuable defense data, to innovatively processing passports, to implementing market-leading payment systems. Our latest payment deployments have involved both the private and the public cloud, and three fundamental capabilities have helped our clients break free of the obstacles holding others back:
- Platform: a fit-for-purpose, multi-cloud-native, and cloud-agnostic payments platform
- Experience: extensive infrastructure and application management experience
- Security: advanced cloud security coupled with a strong risk management approach
Separately, these fundamentals are not rocket science, but bringing them together requires intense focus and dedication. By combining these three capabilities, our clients have been able to move their payments to the public cloud securely and seamlessly.
Read our paper to learn more.