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.