Although financial industries have been known to not allow data to go off-premises in order to retain direct control, especially in case of a failure. However, it would seem now that they are allowing some data in the cloud so as to speed AI and data management.
With the current state of the world and the ever-increasing competition, these industries need to adapt to more relevant systems in order to store customer information and incorporate unstructured big data collected from the Internet and others. Financial institutions usually connect unstructured data together with traditional structured data, so as they are able to perform analytics and artificial intelligence (AI) on mixed customer information. However, this process makes it hard to scale and store the increasing amount of data.
This is why they need to start using more scalable cloud services that deliver value. Financial organizations would only benefit from allowing data in the cloud, especially when it comes to control, security, and governance.
Moreover, digital transformations are enabling companies to move to data quicker to the cloud and to do so in a pay-per-use model that can trim operational and capital expense overhead. The cloud can also offer many AI and machine learning (ML) services and that can only be beneficial to them. Hence, all of this allows financial industries to bring big data and AI applications to market quicker than if they were on their own.
Companies who are using the cloud should also consider a live data backup strategy which allows them to reduce the risk and costs of legacy data migration approaches as well as ensuring continuous data migrations. Yet, if organizations consider a long-term strategy of moving data to the cloud, it is necessary that they do it gradually.