The Power of Cloud Native in Financial Institutions

The presentation discusses the use of cloud native tools and approach to build systems compliant with guidelines and regulations in the financial industry.

• The speaker discusses the importance of finding the border between what is cloud agnostic and what is not
• Risk assessment is a time-consuming but crucial part of building compliant systems
• Exit strategies should be comprehensive, documented, and sufficiently tested
• Governance is important and a cloud center of excellence team can help with risk assessment and exit plan creation
• Reference architecture for cloud native design and development is discussed

The speaker emphasizes the need for exit plans and the importance of making them easy to execute. They suggest testing the plan once a year and ensuring that it is simple, easy to execute, and cheap. The three main exit plans discussed are shutting down the system, migrating from one cloud provider to another, and migrating from a cloud provider to on-premise or private cloud. The speaker notes that most banks use a multi-cloud approach to have more than one cloud provider and build a private cloud.

Cloud Native architecture and public clouds have become the standard solution for modern IT for fast innovation, delivering more value to their customers, with dramatically less effort. This is a big challenge, especially for regulated financial sectors such as banking due to the complexity of their legacy systems, and compliance challenges including concerns raised by European regulators. For authorities (EBA, EIOPA, ESMA) having a flexible multicloud strategy and solid foundations for portability and interoperability has never been more relevant. In this session, Mateusz will present a good practice guide offering practical tips and tricks for designing and deploying Cloud Native business-critical systems in Financial Institutions fulfilling the assumption of having an easily portable architecture, with an easily tested Exit Plan and finally minimizing cloud concentration risk. Presented practical ideas can be used for designing from scratch and during migration to Cloud Native.Click here to view captioning/translation in the MeetingPlay platform!