Financial institutions are arriving at an important junction in their technological journey. As the world modernises at pace, customers demand more digital, always-on services. Are legacy, on-premises systems up to the task?
Maintaining legacy systems often requires technical expertise, high costs, and complex software and hardware requirements.
Additionally, these systems can experience resilience issues, leading to disruptive outages lasting for hours or even days.
Pismo has written before on the opportunity that the cloud provides for India’s institutions. But how does that extend beyond technology?
Capturing the next-generation of tech talent
There is an ongoing battle among leading organisations to acquire and retain the best talent. The skills of your IT teams can directly influence the effectiveness of your platform, while a platform lacking modernity could put off skilled applicants. In no time an institution can find itself stuck in a loop.
A young cohort of tech-savvy people are entering the marketplace. They’re looking to join companies that match their ambitions. They’re looking for agile, modern technology on which to flex their skills. If an institution can prove it is looking to implement the latest infrastructure, and adapt to a cloud-first future, it could have a greater chance of attracting top talent.
Another pull factor for new talent is the capabilities of the staff already in place at the company they’re joining. If an applicant feels they can learn new skills or develop it increases the attractiveness of an organisation. One way to do this is by upskilling your employees.
Tackling the upskill challenge
Every company has to start from somewhere, especially when looking to uplift their technological expertise. The first step should be analysing the capabilities and deficiencies of your existing staff. This is a process that firms should be undertaking anyway, but it takes on greater importance when considering a cloud journey.
This is where an organisation should consider the possibilities of upskilling or reskilling existing talent within the company:
- Upskilling
- Teaching existing employees new skills to optimise their performance
- Reskilling
- Training employees to adapt to a different post within the company to cover a skills deficiency
Transforming the capabilities of your existing workforce is a solution much closer at hand than many institutions may think.
A company willing to boost its cloud engineering capabilities can incentivise technical employees to pursue cloud computing certifications. AWS, Google, Microsoft, and other infrastructure providers offer courses and certificates focused on their respective cloud services.
Ride the wave
With a range of benefits – and risks from not transitioning to cloud – organisations should start to ride the wave of cloud adoption. The future is increasingly on the cloud, and companies ready and willing to take advantage will have a head start on those who hesitate.
As discussed, cloud transformation often requires high levels of skill and expertise. This is why Pismo prides itself on having migrated millions of accounts for large and small clients. Our teams are experts in their field, with real-world experience of ensuring smooth cloud transitions between various platforms and hosting scenarios. They support and guide our clients every step of the journey.
We also refuse to leave our customers in the dark: Pismo’s processes give real-time visibility to the customer during all stages. Monitor everything inside our platform during and after the modernisation. Whichever the chosen method, the client has total control over the information being transferred.
Meet Pismo at Global Fintech Fest 2024
Want to understand more about how the cloud can create an agile, scalable, and cost-effective future for your organisation?
Pismo is headed to Global Fintech Fest in Mumbai, India. The show, running from 28 – 30 August, will showcase the latest technologies and innovations in financial services.
Pismo’s Varun Dudeja will be at the show ready to talk about how the cloud is powering the future of our industry. Want to arrange a meeting? Just fill in the form below.
Sources:
- United Nations, “UN Population Fund”, accessed August 2024
