Weekly FinTech Tip: Conquering Your Fears of the Cloud is the Key to Taking Advantage of a Whole New Suite of Capabilities
How many times have you heard someone say, “Hey, we’re going to move everything to the Cloud”? Is it a friend or foe?
Unless you’ve been living under a rock, you’ve probably heard someone refer to the Cloud. Usually, it’s in a negative way like, “Gosh darn Cloud! It deleted all of my files”, or perhaps in a more positive way like, “The Cloud was the greatest thing that ever happened to us because it changed the way that we do business and information technology”.
So, which is it?
“The thing that hath been, it is that which shall be
and that which is done, is that which shall be done
And there is no new thing under the sun”
There is no new thing under the sun. I would submit to you that all of us have been doing Cloud-based activities for many, many years. We’ve outsourced our ATMs to the Cloud, some of us have outsourced our core services to the Cloud… it’s just your processing being done elsewhere. The difference with the current Cloud technology is that it’s even more revolutionary. So, what can you do to take advantage of the Cloud and remove your fears?
The Cloud allows you to scale, it allows you to aggregate your resources, and, most importantly, more effectively use your resources. It’s about moving things that are basically table stakes – email file services, your active directory, or your directory on how everyone logs in every day – up to the Cloud, allowing you to get your team focused on digital transformational services that will provide new features and utility to your customers or your members.
Who are the major players in the Cloud?
First, there’s Amazon. Believe it or not, the company that sells you books also has an incredible technology background called Amazon Web Services. Companies like Netflix and Citibank use Amazon Web Services. Of course, not to be forgotten, Microsoft has an incredible Cloud-based platform called Azure where you can buy all of your Microsoft technology needs and not ever buy a piece of hardware again if you do not want to. Finally, not to be outdone by the first two, Google has its own platform called Google Compute. Here’s the best part: you don’t just have to use one of these. You don’t have to pick one and that’s what you use forever. You can use all of them if you want. You can create redundancy like you’ve never seen before, and, more importantly, from a security perspective, you’re actually being protected by players who have far more money than you do to put into security services.
The Cloud is the future of financial services.
This has been a FinTech minute. Check out my new book, Breaking Digital Gridlock, available on Amazon or anywhere that books are sold.
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Premiered on May 9, 2019