Banks, asset managers, insurers and other firms are realising that using several cloud service providers (CSPs) instead of one gives them greater flexibility and agility. An agile business is  better able to address challenges and succeed in a financial services marketplace that has become increasingly competitive, less secure and more regulated.

The benefits of cloud – public, private and hybrid – are well-known. It is “always on”. Its applications are kept up to date. It is flexible because usage can be scaled up or down with ease, and firms only pay for what they use based on an “as-a-service” consumption model. 

There are risks, as with any IT infrastructure. One is cyber security. Yet CSPs have robust security and recovery procedures in place which are often better than what individual firms can manage themselves. And, with multi-cloud, if one provider goes down there are others ready to take up the slack. Another risk is regulatory compliance. European supervisors like the EBA, ESMA, EIOPA, and national supervisors like FCA and BaFin, have set strict guidelines for firms outsourcing to cloud providers. Yet they make sense and are comparatively easy to follow.

This live webinar, hosted by the Financial Times in partnership with Dell Technologies and Intel, brought together senior executives from major financial institutions and big technology companies. They discussed how a flexible, multi-cloud strategy could enhance business agility.

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