In Financial Services

EY teams help financial services organizations re-think business processes and operating models, through cloud-enabled platforms, emerging technologies and generation-skipping transformation. Cloud adoption is the backbone of digital innovation. 

Case Study
The better the question The better the answer The better the world works
Case Study

Enabling a leading global bank to thrive by embracing the cloud

We explored how public cloud can transform the finance function, without breaking the bank.

Case Study
The better the question The better the answer The better the world works
Case Study

How can public cloud transform the finance function, without breaking the bank?

For many businesses, the legacy of old IT infrastructure is a burden.

Too expensive to overhaul, yet costly to maintain. Years of upgrades have made it difficult to keep up with today’s demands, making it time-consuming for teams to do their jobs and add real value where it counts. 

Our client, a leading global bank, realized that to stay competitive and profitable, it had to modernize its entire finance function. Cutting costs was crucial, but above all, they recognized that their existing processes left them less able to fulfil customer and stakeholder demands. 

Previous experiences with technology had left them wary of change. Their question: how can we transform our finance function without breaking the bank? 

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Case Study
The better the question The better the answer The better the world works
Case Study

Focusing on long term goals and adding value where it matters

Over eight weeks, we invited the bank’s change leaders to EY’s dedicated Innovation hubs.

We brought together talent, capabilities and insights from across EY’s service lines to encourage innovative thinking and focus on the bank’s long-term goals. These sessions led to the design of 20 different tools enabled by public cloud technology. When delivered with the right training and cultural change initiatives we calculated powerful results, reducing the cost of the finance function by up to 30%. 

The move to public cloud was integral to this success. While many financial services organizations already use private cloud, this is managed by the business themselves, so subject to the same failings as traditional IT infrastructure. Public cloud vendors spend billions each year on their own infrastructure, workforce and cyber security. By embracing the possibilities of public cloud, our client can tap in to unlimited capacity available on demand, whilst paying as they go – safely and securely.

Public cloud will rapidly transform the business by advancing new systems and automating the more mundane aspects of the finance function – freeing up staff to spend more time on value-add tasks. The bank can now execute three times the amount of data in a quarter of the time, at 5% of the cost. This will give a transparent view of the business, with real-time access to numbers from across the organization, allowing them to attain quicker insights, manage risk and improve forecasting.

But cloud isn’t just a space for data. With technologies such as AI requiring huge processing capabilities, power and speed, cloud is the infrastructure that makes it possible. With their adoption of public cloud and new technologies, our client can focus on enabling a new eco-system that’s competitive, customer-centric and digitally enabled.

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Case Study
The better the question The better the answer The better the world works
Case Study

Meeting customers’ expectations in an ever-changing landscape

In an industry where the fastest competes with the biggest, cloud is an important part of the solution. Customers expect instant and personalised service no matter the size of the organisation.

Dramatic changes to the financial services landscape have made it necessary for traditional banks to adopt emerging technologies and public cloud can be the enabler. 

In helping the bank adopt public cloud in its finance function, we have given them the tools to be safer, more secure, more responsive and more efficient. This allows them to free up existing teams and investment to focus on activities that will make the most difference to their customers.

Public cloud was the silver lining needed to transform this finance function and it all started with a powerful question.

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Meeting customers’ expectations in an ever-changing landscape

What EY can do for you

The benefits of cloud technology can’t be contested. It’s less expensive, easier to use and in many ways, safer than private data centers. In addition to its benefits, cloud technology helps solve some of the most pressing concerns of financial institutions, including:

  • Creating digital platforms that attract customers
  • Making use of data in the best way possible
  • Seamlessly joining the financial services ecosystem
  • Securely connecting with vendors, employees and customers
  • Achieving scalability, and innovating while reducing costs
  • Bringing internal business and technology teams together

Cloud adoption is the backbone of digital innovation. It gives organizations access to on-demand resources—such as networks, servers, storage, applications and services—that can be rapidly provisioned and released with minimal management or service provider interaction.

Platform thinking is at the core of EY cloud strategy

EY teams help you re-think business processes and operating models, through cloud-enabled platforms, emerging technologies and generation-skipping transformation.

Platform thinking gives organizations an opportunity to consolidate their capabilities within a broader digital strategy. Firms can then create new experiences and provide customers, vendors, and employees with innovative products and services.

Boards, senior management, Chief Digital Officers and other key executives will have to address four key considerations when moving to the cloud:

1. Manage risks along the cloud transformation journey

The question for financial organizations now is how to migrate to the cloud securely. IoT, machine learning and AI are driving faster cloud adoption, but are also increasing risk management concerns including security, compliance, cybersecurity and resiliency. Third-party providers offer pre-built solutions, but these often come with additional risk considerations.

Financial institutions must make security, compliance, cybersecurity and resiliency their top priorities while making all efforts to remain competitive. Companies need to assess their existing technologies through an evolving risk and compliance lens while ensuring that controls and governance are in place and accessible.

Risk integration must take place early during any agile product development and processes. This brings risk efficiencies with cloud consumption and helps ensure that cloud-related risk processes and methodologies are performed in alignment with prescribed enterprise risk standards.

2. Consider cost improvization and legacy transformation

Cloud solutions allow financial institutions to modernize their operations and truly adopt all aspects of digital transformation, including a key component – platform thinking. Doing so increases the efficiency of IT spend, while improving customer and employee experiences.

During an application portfolio assessment, financial services firms have the opportunity to rethink how their business services relate to technology. Should they take advantage of cloud-native technologies during the migration or simply move to a “lift and shift” strategy?

EY teams help the clients align their business strategy with operating models by prioritizing when and where to modernize their legacy systems, processes and operations through cloud-enabled platforms and emerging technologies.

3. Deliver enterprise cloud transformation and governance

Despite being aware of all the benefits of migrating to the cloud, a fundamental issue remains for financial services leaders: people and organizational change management can be difficult.

To identify changes that need to be made, we conduct a risk and benefit analysis based on portfolios to help determine operational feasibility of migrating. This leads to reduced setup and management efforts and increased performance and reliability.

In addition to performing the risk/benefit analysis, we coach EY clients on how to build training programs that elevate their employees’ skills related to cloud infrastructure. This upskilling not only gives employees confidence, but also helps carry out a smoother enterprise transition.

4. Embrace innovation and disruption

Migrating to the cloud gives companies access to more data power, which enables digital transformation at every level. As data points proliferate, financial institutions will inevitably need the power of the cloud to crunch data, make decisions and provide customer service that matches their competitors.

Instead of waiting, financial institutions need to not only start migrating, but also experimenting in the cloud. Many small- to mid-size companies have had the benefit of starting in the cloud, which is leading to a seamless customer experience for them and is threatening legacy companies. It is time for large players to join the cloud so they can test new platforms and concepts, stay current – and even get ahead of the curve.

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