By this point, the general benefits of going to cloud-type infrastructure are well known. At the same time, banking has always been a particularly tough sector for cloud because of regulatory hurdles and a general (and probably healthy) posture of risk aversion for the types of critical data management scenarios that literally underpin global economics.
Recently, adoption of Exadata Cloud@Customer has been accelerating within the banking sector. Several recent examples have been highlighted in public announcements, including:
So, why the renewed push toward cloud in banking right now? And how does Exadata Cloud@Customer meet the needs from a data management perspective?
Several trends are going on in banking data management which are accelerating cloud adoption, including:
- Economic factors related to both direct costs and operational efficiencies
- Rapid application development and advancing data science usage
- Trends toward near real time analytics
- Real time payments initiatives
- New/evolving regulatory requirements
At the same time, there are good reasons for risk aversion. This is banking data management we’re talking about, after all. Things are done in certain ways today for good reasons and as a result of ongoing evolution. There are many particularly challenging hurdles to the adoption of cloud infrastructure for banking data management, including:
- Data sovereignty requirements
- Critical legacy application environments
- Availability challenges
- Security policies and privacy concerns
- Regulatory compliance factors
The challenges presented in banking cannot be ignored. For many of our largest banking customers, Exadata Cloud@Customer turns out to be the contemporary answer as they look to migrate critical data management environments to cloud infrastructure. Exadata Cloud@Customer delivers many of the desired cloud benefits within today’s constraints and paves a path to a future of expanding cloud adoption within banking. Solutions to contemporary challenges include:
- A hybrid cloud product model with an on-premises data plane that addresses data sovereignty, latency, compatibility, and regulatory concerns
- A robust architecture for cloud security
- Options for fine-grained access controls for human operators
- Well-known and trusted Oracle Database security features
- Converged Database and consolidated workloads
- Centralized security management
- Advanced functionality, such as Oracle Machine Learning
- Compatibility for existing databases with proper availability
- Modernized cloud consumption features
Oracle developed Exadata Cloud@Customer with solving challenges of heavily regulated, risk-averse sectors in mind, making it possible to adopt modern cloud infrastructure for data management environments in some of the world’s most critical banking systems.
We recently published a paper that delves further into these topics. To learn more about Exadata Cloud@Customer as a modernization catalyst for banking data management, see our tech brief: Oracle Exadata Cloud@Customer for Banking.
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