The other week, I read an article about how the financial sector are turning to public cloud to enable AI software and this got me thinking about how many emerging technologies are now relying on the public cloud to function.
Data analytics, IoT and AI are no longer just buzzwords or mythical technologies we only see in Sci-fi films. They’re real, business-enabling technologies that are now being brought to life by powerful, ubiquitous cloud-computing networks.
Banks in particular are investing heavily in pioneering consumer technology in an effort to achieve competitive advantage. The sector is going through a difficult period as organisations battle to retain customer loyalty and compete for new customers.
To illustrate this point, the Bank of America recently unveiled ‘Erica’, a state-of-the chatbox which comes equipped with artificial intelligence, predictive analytics and cognitive messaging, essentially providing customers with their own personal, digital assistant. Erica may suggest moving money from one account to another to avoid you going overdrawn, she’ll help you improve your credit score or recommend ways to help you save for a rainy day, and she’ll do all this from your smart phone. The bank hopes that this technology will provide the much-needed solution to improving customer loyalty and system-wide productivity.
However, there was a time, not long ago, when banks didn’t dare move mission-critical applications to the cloud. But this is no longer the case as earlier this year, UBS Group, AG, announced it was moving risk management, the most important part of its business to Azure – a leap of faith that was absolutely critical to enable the organisation to further embrace digitisation.
Public Cloud, combined with connectivity and bandwidth forms the backbone of digitisation. The cloud’s ability to scale powerful computing power to support data analytics makes it a must-have technology which will ultimately create a faster route to insight-driven decision-making and business outcomes.
If your business ready to embark on a Public Cloud journey, we’re here to help make the transition as smooth as possible. To find out how ANS can help you migrate to public cloud, watch our lightboard video here.
Posted by Paul Sweeney