Is There A 'Right' Cloud Strategy For Banking?
IBM News, Wednesday, June 14,2023
As public cloud technology and hybrid multicloud architectures are being adopted in financial institutions at an increasing rate, we're observing that their counterparts in the public sector- central banks-are a long way behind, due at least in part to a profoundly risk-averse approach.
While central banks have a very different mission from commercial banks, what they do have in common is the need to modernize their IT operations to support digital transformation, contain costs, source key skills and mitigate operational and cybersecurity risks.
To get a better understanding of how central banks compare to private sector organizations in how they think about public cloud and approach their cloud migration strategy, we partnered with the team at OMFIF to produce a first-of-its-kind report that looks at the opportunities and challenges of public cloud services seen through the lens of central banking officials.