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Migrating to the cloud: Views from the UK’s first cloud-based bank
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Abstract: The cloud is the future of banking technology and it is just a matter of time before all financial institutions move their technology to it. This paper explores OakNorth Bank’s journey to the cloud; the process of getting the move approved by the regulator; why they chose Amazon Web Services (AWS) and the benefits the bank is realising through the use of cloud technology. It outlines some considerations that businesses should bear in mind before moving to the cloud or choosing a provider to partner with, as well as highlighting a number of common factors that help maximise the chances of a successful cloud migration. It argues that in order for financial institutions to take advantage of the opportunities technology creates, and manage increasing cyber security risk, they need an IT infrastructure that provides them with greater flexibility at a lower cost. Now that a precedent has been set in the UK, and the Financial Conduct Authority (FCA) has published its final guidance on cloud computing, we will see more financial institutions migrating to the cloud over the next few years.
Keywords: cloud, banking, regulation, collaboration, FinTech
Graham Olive is the deputy CEO at OakNorth. He is a qualified international banker with a successful track record in management, business development, risk control, regulation and operations. He has over two decades’ experience in the banking industry and has held positions at a number of leading financial institutions, including Robert Fleming and Co. Ltd., Chase Manhattan and Natixis. He is also a non-executive board member for Thrive Homes, the housing association that owns and manages more than 4,000 rented and leasehold properties in Hertfordshire and Buckinghamshire.