EY Cloud for Financial Services

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 wavespace™.

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 cloud holds great promise for the financial services sector as a catalyst for digital transformation. Yet the journey to cloud can be challenging — with added complexities in managing risk, regulatory requirements, cybersecurity and resiliency. It takes a rare combination of knowledge and experience to move to the cloud in a way that is compliant, secure and at pace with rapidly evolving market demands.

EY Cloud for Financial Services helps firms safely harness the power of the cloud to propel their business forward and adapt with agility.

A smarter, safer path to cloud

As one of the most data-intensive and heavily regulated sectors in the global market, financial services firms face unique challenges when moving to the cloud.

EY Cloud for Financial Services brings together the full breadth of EY risk and regulatory acumen, industry and technology insights, and global ecosystem to help drive innovation through cloud-enabled services and solutions. We help clients adapt with agility by harnessing the power of people and technology to create a smarter, safer path to the cloud.

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What financial services firms can do with EY Cloud

Our business-first, technology-enabled approach equips financial services firms to achieve transformational results from a strategic shift to the cloud — elevate the customer experience, empower employees, modernize systems and manage risk.

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Drive outcomes faster

Our deep understanding of the financial services and regulatory landscape means we can help you resolve the most complex data and technology challenges quickly, cost-effectively and in a way that keeps you compliant.

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Accelerate cloud transformation

Leverage EY investments in an expansive cloud ecosystem of talent, technology, assets and collaborations to design and build a secure, resilient cloud foundation at speed and scale.

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Reduce risk from start to finish

Help reduce operational risk and meet regulatory requirements with the end-to-end EY framework for cloud data governance and control.

EY cloud global scale: experience, investments and depth

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See how EY Cloud helps to reshape results

Global investment management firm 

 The issue

To successfully realize a cloud-first business strategy, the management firm needed the right foundation for governance, risk, architecture and organizational change.

Leading US banking institution

 The issue

Aggressive growth goals pivoted on the bank’s ability to use data and deep insights involving machine learning in the cloud.

Leading US insurance company

 The issue

A multiyear initiative to migrate 1,000+ applications to the cloud was hampered by lack of buy-in from product and application owners.

 The solution

The EY team leveraged its business, regulatory and technology skill to help the client activate a newly formed cloud organization.

 The solution

EY professionals designed and implemented a cost-effective cloud environment using cloud-agnostic tools to upload, transform, migrate and protect data in the cloud.

 The solution

EY services helped accelerate the end-to-end migration and to establish value-based business outcomes for moving applications to the cloud.

 The outcome

The EY team delivered a comprehensive set of assets that helped accelerate the firm’s cloud journey by 12 months.

 The outcome

The client was able to quickly and effectively make decisions based on information from newly developed KPI dashboards while analyzing over 1 billion transactions per second.

 The outcome

The company was able to migrate applications effectively and safely, with cross-departmental controls and security checks in place and documented ROI.

EY Cloud industry recognition

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Leader in the IDC MarketSpace for Worldwide Cloud Professional Services 2020

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Leader in the Forrester Waveᵀᴹ: Innovation Consulting Services, Q2 2021

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Leader in 2021 Gartner Magic Quadrant for Data & Analytics Service Providers

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Leader in the ALM Pacesetter for Cybersecurity Services 2020

EY Cloud capabilities across the cloud ecosystem

EY Cloud alliances ecosystem

EY member firms collaborate with leading cloud providers to help organizations make the right technology choices at every phase of their journey to the cloud. Our providers include the following and more (ask us about all our alliances): 

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The EY and Microsoft alliance combines deep EY insights and experience in disruptive industry trends, new business models and evolving processes with Microsoft’s scalable, enterprise cloud platform and digital technologies. Together, we can help accelerate digital strategy and make it a reality to thrive in a digital world.

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EY and SAP collaborate to accelerate positive change, from fast tracking the adoption of intelligent technology and new ways of working, to pivoting quickly to evolve with changing consumer expectations, while creating more engaging experiences for employees.  The journey to a cloud-led architecture allows our clients to achieve their sustainability targets and long-term value, faster.

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IBM combines EY’s leading consulting practices and innovative IBM technology to help clients successfully migrate and manage complex and regulated workloads in a multi & hybrid-cloud world.

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Together, EY professionals and ServiceNow can quickly design, develop and deploy business solutions that automate once manual processes. By combining the ServiceNow platform with EY end-to-end business transformation experience, we help clients quickly find value by streamlining processes that improve the productivity, agility and scalability of their business.

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EY Cloud Enablement Center

Dedicated technology centers are designed to help clients leverage strategic guidance, change management, and cutting-edge technologies to accelerate cloud transformation.

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