Banking
Cloud

Volume 1

Altimeter

What does it mean
to be a bank in the
cloud?

“They need the ability to stand up and take down things like virtual call centers in a matter of days and create websites that can handle immense scale.”

Mike Abbott

Mike Abbott

Accenture Global Banking Lead

During the pandemic, banks
learned the true power of cloud.
Adoption is next.

FOREWORD

What does it mean to be a bank in the cloud?

This past year, we’ve seen disruption on an unprecedented scale. The pandemic was devastating to lives and the economy. But it also forced financial institutions to move to digital more aggressively than they thought possible, as everything from work to shopping to investing has moved online.

That push to digital has made it very clear to most banks that, in order to keep up, they’ll have to move to the cloud in some shape or form. Cloud migration was already happening pre-pandemic, but like so many things, COVID has supercharged that transition.

While some banks have gone far on their journey, others are just getting started. And almost all are asking themselves some fundamental questions. How much of my data should be in the cloud? How can I keep everything secure? How can I capture the full value of cloud?

With that in mind, we’re proud to announce Volume 1 of the Banking Cloud Altimeter — an inside guide to banking in the cloud. With this publication we’ll share our latest insights and best practices from across the globe.

Our goal is to show you not only how far the banking industry has come, but also how far it has yet to go. We want to highlight the successes, but also point out the hurdles. And we’ll talk a lot about how banks can succeed in a rapidly changing cloud landscape.

As we start this journey, we think it’s worth asking first: “What does it mean to be a bank in the cloud?” The truth is that cloud computing is nothing new — it’s been around since companies were sharing mainframe computer time in the ‘70s. So with all the hype right now around moving to the cloud, what do we really mean?

That push to digital has made it very clear to most banks that, in order to keep up, they’ll have to move to the cloud in some shape or form. Cloud migration was already happening pre-pandemic, but like so many things, COVID has supercharged that transition.

While some banks have gone far on their journey, others are just getting started. And almost all are asking themselves some fundamental questions. How much of my data should be in the cloud? How can I keep everything secure? How can I capture the full value of cloud?

With that in mind, we’re proud to announce Volume 1 of the Banking Cloud Altimeter — an inside guide to banking in the cloud. With this publication we’ll share our latest insights and best practices from across the globe.

Our goal is to show you not only how far the banking industry has come, but also how far it has yet to go. We want to highlight the successes, but also point out the hurdles. And we’ll talk a lot about how banks can succeed in a rapidly changing cloud landscape.

As we start this journey, we think it’s worth asking first: “What does it mean to be a bank in the cloud?” The truth is that cloud computing is nothing new — it’s been around since companies were sharing mainframe computer time in the ‘70s. So with all the hype right now around moving to the cloud, what do we really mean?

There is no definitive version of cloud...

and as the technology advances it becomes evermore complex and nuanced. But that is the purpose of the Banking Cloud Altimeter: to help you make sense of all this complexity so that you can work out what strategy is best for your organization and plan a successful migration.

You might be wondering how your organization stacks up against others… in this volume, we'll provide a snapshot of precisely where banks are on their cloud journey. Our Banking Cloud Rotation Index shows what percentage of workloads across each functional area have migrated so far, as well as variations by geographic area – where the leaders are compared to beginners. We’ll also hear from Accenture’s global banking lead, Mike Abbott, in a Q&A where he expands on the Banking Cloud Rotation Index and the overall state of cloud in banking.

In future volumes, we’ll hear from other members of the Accenture Banking team and industry front-runners who are leading the journey to cloud. We’ll also share market insights and track the progress of global banks and other financial institutions.

Have your own question?

Ask our Cloud Crowd

The Banking Cloud Altimeter is intended to be a tool to help you navigate your journey in the cloud. We welcome your input — please get in touch to share your experiences, pose questions to our cloud experts, and let us know how we can improve this publication.

Send us an email: banking-cloud@accenture.com.

In the meantime, enjoy Volume 1; there’s plenty more to come.

Q&A With Mike Abbott,
Accenture Global Banking Lead

INDUSTRY Q&A

Defining characteristics to help banks
navigate their way into the cloud

What’s the motivation behind a banking cloud publication?

We spend a lot of time talking to clients and leaders in the financial services industry. These days, every bank is asking themselves a very simple question: “What does it mean to be a bank in the cloud?” When we started to look at this we realized that, right now, there really is no single answer to that question. So we created the Banking Cloud Altimeter to help banks learn, discover and navigate their way into the cloud. To look at the topic from a broad, strategic perspective as well as zooming in on more specific aspects with greater detail. And because this is such a fast-moving theme, where today’s needs and possibilities quickly make yesterday’s advice outdated, we decided to make this a regular publication. So now we can provide the latest information as it emerges, and as banks advance.

Dig into the research findings of the Banking Cloud Rotation Index:

Workloads migrated to the cloud vary by functional area*

Workloads migrated to the cloud vary by functional area*

Workloads migrated vary by region, with North America in the lead

Workloads migrated vary by region, with North America in the lead

*Note: Weighted average, calculated using the following weights: Enterprise (10%), Surrounds (25%), Data & Analytics (15%) and Core (50%). Since there is a considerably high dispersion on the values of the sample, the weighted average might not be statistically significant at an industry level.

**The average by segment includes banks that are already migrating to cloud, the ones who are planning to migrate and the ones who didn’t migrate.

*** Growth markets = emerging, developing markets outside of NA, Europe and Japan.

Source: Accenture’s Banking Cloud Rotation Index survey, based on a sample of 100 respondents

Have your own question?

Ask our Cloud Crowd

“Over time, the cloud revolution will make the digital revolution look small.”

OTHER VOLUMES

Volume 3

Is your bank's culture limiting the
value of cloud?

Volume 2

Continuing the banking journey
to cloud

Volume 4

Volume 4 now available -
register to view the latest content

ABOUT US

Accenture Contributors

Mike Abbott

Mike Abbott

Senior Managing Director —
Strategy & Consulting, Banking Lead

 

Francesca Caminiti

Francesca Caminiti

Director – Accenture Research, Banking

 

Amish R. Anand

Amish R. Anand

Senior Manager —
Management Consulting

 

About Accenture

Accenture is a global professional services company with leading capabilities in digital, cloud and security. Combining unmatched experience and specialized skills across more than 40 industries, we offer Strategy and Consulting, Interactive, Technology and Operations services—all powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. Our 537,000 people deliver on the promise of technology and human ingenuity every day, serving clients in more than 120 countries. We embrace the power of change to create value and shared success for our clients, people, shareholders, partners and communities.
Visit us at www.accenture.com.

 

For more information on Accenture Banking Cloud Services visit: Accenture.com/BankingCloud

 

Have your own question?

Ask our Cloud Crowd