Migrating to the Cloud in the Financial Services Sector: Worth it.

In his 2023 Forbes article, “Why Financial Services Firms Are Struggling To Succeed With Cloud Computing,” David Parker dives into the notoriously prevalent hesitation felt around moving data to the cloud - particularly in the Financial Services industry. 

Highlighting valid reasons for such hesitancy, such as the high cost of incrementally moving data to the cloud while maintaining in-house servers, the inconvenience of working through that transition process, and the risk of such a change to corporation-wide systems, Parker also highlights the importance of actually making the change, despite the risks and challenges. 

He writes, “These new cloud capabilities will have a profound effect on companies’ ability to adapt, innovate and grow. While executives should keep a close eye on the cost savings that cloud migration delivers, these savings are likely to be dwarfed by the financial returns as they become more responsive, relevant and competitive.” Simply put: it’s worth it. 

Read more from Parker’s Forbes article here.

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