CloudCamp Chicago April 2015 - Susan Emery's talk "Cloud Culture Shock in Financial Services"

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Cloud Culture Shock in Financial Services

Susan Emery

Product Management

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o Front Office • Retail Banking/Consumer Banking

• Corporate Banking/Business Banking/Commercial Banking

• Global Banking & Markets/Government/Global Corporation Banking

• Investment Banking/Wealth Management/Stock Brokerage (subsidiary)

• Insurance Selling

o Middle Office • Finance

• Operations & IT

• Security & Risk

• Legal

o Back Office • Administration

• Settlements, Confirmation, & Clearing

• Record Management

• Regulatory Compliance

• Accounting

What do Financial Services Organizations Look Like?

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Back O

ffice

Mid

dle

Offic

e

Fro

nt O

ffice


Challenges in Financial Services

o Volume of Data – speed of creation, storage of versions

o Diversity of Data – social media, IMs, audio, video

o Regulation & Compliance – complexity across LOBs, audits

o Diverse Workforce – CIO vs a Teller

o Public/Private – ethical walls and information barriers

o Distributed Workforce – branches, global offices

o International Records – data/records management rulings

o Information Governance & Disposition – don’t keep everything

o Reputation Risk & Fines – “one bad apple”

o Paper!

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Cloud Resistance

o Loss of jobs & budget - IT

o Unclear data ownership, jurisdiction

o Loss of perceived control

o Assumed increased risk

o Assumed decreased security

o Assumed additional costs

o Quality of service concerns

o Lack of cloud understanding &

lots of confusion

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Benefits of Moving to the Cloud

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o Money savings – growth, time, etc.

o Efficiency across less critical processes

o Infrastructure currency & tech refresh

o Visibility of service levels

o Realize opportunity cost, resource use

o Seamless cloud to cloud info flow

o Visibility, improved tracking, reporting,

internal billing


What FinTech is in the Cloud and Why?

o Ongoing Initiatives

• Efficiency

• Technology refresh

• Outsourcing

• OPEX vs CAPEX

o Specific Initiatives

• Paperless branch

• 360° view of customer

• Cloud First

Common Cloud Solutions

o Archiving & Imaging

o Confirmations & Settlements

o Research/Collaboration –

Bloomberg

o CRM – SalesForce.com

o Active Email – Office 365

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Be Prepared

1. Show you’re more secure– have a prepared security white paper

2. Standard contract with a contingency plan & clear ownership

3. Provide a back up and recovery strategy with defined test cycles

4. Focus on service aspects vs functionality

5. Include example reports, dashboard views, alerts

6. Prove your ROI, build a calculator or guide

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Be Prepared

1. Show you’re more secure– have a prepared security white paper

2. Standard contract with a contingency plan & clear ownership

3. Provide a back up and recovery strategy with defined test cycles

4. Focus on service aspects vs functionality

5. Include example reports, dashboard views, alerts

6. Prove your ROI, build a calculator or guide

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• Promote case studies

• Talk to all areas, LOBs that touch your process

• Don’t bother with the cold email blast


Future Vision

o It won’t be called cloud forever

o Common cloud vendors will play better together

o More “bank-owned” cloud solutions

o Front office will undergo drastic changes

o Larger breaches and bigger fines

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Questions?

Thank you

Susan Emery

Director of Product Management

Viewpointe, LLC

847-858-7328 (m)

[email protected]

visit us at: www.viewpointe.com/OnPointe

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mailto:[email protected]

http://www.viewpointe.com/OnPointe