In his blog post last Thursday (March 27, 2014), Michael Barnes, Forrester Research, Inc.'s Vice President and Research Director, put forward some action points for AP banking sector tech executives to bear in mind as they set about moving their organisations onto the cloud.
"Despite some views to the contrary, all AP banks will ultimately leverage cloud-based services and capabilities; most already do. The real challenge is mapping workloads, processes, and data to the various flavours of cloud approaches-in other words, it's still a portfolio management exercise," Barnes wrote.
Barnes then mentioned certain factors adding to the complexity of the job. "Legacy application architectures and inflexible software licensing practices will certainly influence, and potentially hinder, cloud adoption," he wrote. "But while banking regulations will continue to heavily influence cloud strategies, they don't forbid them."
Considering these, Barnes wrote, "senior technology and business decision-makers in the AP banking sector should therefore consider": not waiting for "detailed guidelines from banking regulators before acting" but rather start on or continue to run exploratory efforts on the cloud; "extend existing best practices to identify logical starting points [by embracing] cloud-based services and capabilities by prioritising the relative importance of data, based in large part on data residency and privacy regulatory requirements, and start with less important data"; and, "leverage vendors to help ensure project compliance and clarify regulations."