Cloud Computing & The Banking Sector: Operational & Environmental Opportunity

How the hybrid cloud is advancing the banking sector 

The world is in the midst of a sustainability transformation. As new legislation is created and consumers become increasingly conscious, companies are searching for ways to reduce their impact.

However, the pathway towards sustainability differs from sector to sector. For the banking and financial industry, one pathway is through digital technology, specifically, exponential technologies. One key transformative sustainability technology is the hybrid cloud.

The hybrid cloud defined

Unlike legacy IT systems, which are reliant on in-house data centers, cloud set-ups consist of private and public cloud services and on-premise materials. The hybrid cloud is a storage, services and computing environment. It is pushing both the digital and sustainability transformation in the banking sector. 

Benefits of using the hybrid cloud 

Transitions from legacy to cloud systems services the industry on two fronts: operational & environmental.

Operational

1. Faster speeds 
2. Reduced costs – This technology provides opportunity to scale up or down depending on needs. Therefore, more can be invested on technologies that will increase capacity and ESG ratings. For example, Varo Bank claims that due to its cloud services, it can operate at a 75% cost reduction to a traditional bank.
3. Customer satisfaction – Banks can provide services despite time or customer location  
4. Increased operational efficiency

Environmental

1. Empowers companies to meet their sustainability goals and achieve higher ESG ratings  
2. Carbon footprint reduction – According to the IDC, between 2021 and 2024, cloud computing could eliminate a billion metric tons of CO2 emissions. 

Stakeholders and consumers are calling for innovative technology. Exponential technology that improves operational efficiency and environmental impact. Hybrid cloud systems answer this call and will help lead the banking and financial industry into the sustainability transformation. 

Adoption of the technology will continue across the globe in 2022, as a recent EIU study reported that “82% of banking IT executives said their organizations had a clear strategy for transitioning to cloud technology.” Sustainability must be seen as an opportunity in the banking industry, and through CDO research, it was concluded that “more than 80% of CEOs expect sustainability investments to drive improved business results within the next five years”. External pressure on transparency and sustainability from Board members, investors, and consumers is being felt by institutions and the financial sector must act. 

If you want to take initiative and be at the forefront of the sustainability transformation, register for CSE’s flagship training program, the Certified Sustainability (ESG) Practitioner Program. Upcoming programs include US Certified Sustainability (ESG) Practitioner Program, being held on September 22, 23 & 26 or the Leadership Version on October 27, 28 & 31 with a focus on Canada.

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