Published December 31, 2021 | Version v1
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Migrating Banking Applications to the Cloud: Strategies and Best Practices

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The paper has views on the migration of banking applications to the cloud, including relevant challenges and solutions, industry insights, emerging trends, and best practices. Challenges, including data security and privacy concerns, stringent financial regulations, and complex system integrations, will present themselves in the rush to use cloud technology by financial institutions in the high quest for enhanced operational efficiency and scalability by the bank. Such challenges can be effectively overcome with tight security protocols, compliance strategies, and comprehensive migration plans.

The paper gives unique practical insights from personal experience into the operational process and customer engagement implications of cloud migration in the banking sector. It also provides insight into nascent trends on the integration of Artificial Intelligence and Machine Learning that drive automated cloud management, hybrid and multi-cloud environments, and the evolution of cloud-native security.

The paper provides some of the best practices to migrate to the cloud successfully, such as phased implementation, reduced risks through planning and testing, and best practices for continuous optimization and governance. This synthesis document thus serves to be an end-to-end guide to help FIs overcome such complexities of cloud migration and leverage it for enhanced performance and growth.

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References

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