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Considering migrating data to the cloud? One of the primary concerns organizations face is data security. Although cloud providers have significantly advanced in areas such as authentication, asset management, encryption, secure deletion, archiving, and data masking, risk assessment remains a complex challenge.
At Yoter Up, we emphasize the importance of understanding the fundamental reasons behind migrating to the cloud. A key advantage is consolidating data from multiple on-premises platforms into a unified cloud environment. Centralizing data enhances reporting capabilities and allows for more efficient data utilization. However, this convenience introduces the critical question of data localization—deciding where exactly the data should reside geographically to comply with regulations and optimize performance.
Another challenge lies in differentiating core business data from data suitable for cloud migration. This task is particularly complex with front-office data due to intricate interdependencies between market data, bank reference data, and pricing models.
Navigating Jurisdictional Complexities
Global financial institutions operating across multiple regions must navigate fragmented regulations spanning various jurisdictions, further complicating data governance. Each category of data must adhere to the compliance requirements of its respective jurisdiction, which can reduce the benefits of centralized cloud storage.
Yoter Up advocates pragmatic strategies that balance regulatory compliance with business priorities, ensuring real-time access to high-quality data while effectively managing jurisdictional challenges.
Beyond Technical Migration: Business-Centric Cloud Adoption
Cloud migration is far more than a technical transition of moving on-premises data to the cloud. It requires a holistic approach that integrates business objectives with technology. The migration strategy must prioritize delivering tangible business value, especially focusing on revenue generation. Cloud projects that closely align with revenue-driving processes offer quick wins, enhancing operational efficiency and business performance.
Driving Cultural Transformation through Cloud
For financial institutions like banks and commodity firms, identifying use cases that monetize cloud-hosted data is essential. When cloud adoption contributes directly to revenue streams, it becomes embedded in the organizational DNA, reinforcing the necessity of integrating cloud migration strategies with business goals, beyond mere technical integration.
Innovating Revenue Channels by Thinking Beyond Traditional Models
Consider the insurance sector, where current consumers rely on comparison websites for product selection. However, options for purchasing financial derivatives like options or swaps through these platforms are lacking. Some treasury operations are experimenting with exposing product pricing data to third parties, enabling new revenue channels by allowing small and medium enterprises (SMEs) and high-net-worth individuals to purchase products directly through mobile apps or websites.
Managing Sensitive and Real-Time Data
In commodities trading, real-time data handling is vital. For example, when an oil tanker travels between ports, weather changes or unforeseen events may necessitate contract adjustments on the fly. This flexibility allows rerouting shipments to alternative harbors, saving costs and enhancing user experience. Such scenarios highlight the importance of secure, sensitive data management with immediate business value—something Yoter Up is expertly positioned to facilitate.
Strategic Commitment to Data Integration
Cloud technology is central to every financial institution’s digital transformation strategy. Senior decision-makers recognize the inevitability of cloud adoption and understand that initiating the migration early is advantageous. Visible leadership commitment is essential to sponsor cloud initiatives and guide middle management through challenges, ensuring focus remains on the tangible benefits of cloud integration.
Building a Smarter, More Resilient Business with Yoter Up
Leveraging expertise from trusted partners experienced in robust, 24/7 data security frameworks is critical. Yoter Up collaborates with industry leaders to deliver reliable cloud security and integration solutions.
Moreover, enhancing cloud data with artificial intelligence (AI), machine learning (ML), DevOps practices, and advanced tooling exponentially increases the value derived from data, empowering organizations to achieve superior business outcomes and sustained competitive advantage.