Designing a comprehensive cloud migration framework for high-revenue financial services: A case study on efficiency and cost management
1 S and P Global, Houston Texas, USA.
2 Etihuku Pty Ltd, Midrand, Gauteng, South Africa.
3 Deloitte Consulting LLP, Dallas, TX, USA.
4 Nigeria Inter-Bank Settlement System Plc (NIBSS), Nigeria.
5 Shoprite, Capetown, South Africa.
Review
Open Access Research Journal of Science and Technology, 2024, 12(02), 058–069.
Article DOI: 10.53022/oarjst.2024.12.2.0141
Publication history:
Received on 16 October 2024; revised on 20 November 2024; accepted on 23 November 2024
Abstract:
Cloud migration has emerged as a strategic priority for high-revenue financial services firms seeking to optimize operations, enhance scalability, and reduce costs. This review presents a comprehensive framework for cloud migration, specifically tailored to address the unique challenges and regulatory requirements of the financial sector. By integrating best practices in cloud strategy development, risk management, and performance optimization, the framework aims to facilitate a seamless transition from legacy systems to cloud environments. This explores key phases of the migration process, including assessment, strategy development, phased implementation, and ongoing optimization. Emphasis is placed on critical factors such as regulatory compliance, data security, risk mitigation, and cost management. Through an in-depth case study of a high-revenue financial institution, this review demonstrates how a well-structured cloud migration strategy can drive significant cost savings, improve operational efficiency, and enhance service delivery. The case study highlights practical challenges encountered during the migration, such as data integration and latency issues, and illustrates solutions for overcoming these barriers. Post-migration results show measurable gains in agility, scalability, and cost reduction, while maintaining stringent compliance with industry regulations. The findings underscore the importance of leveraging cloud-native tools, automated monitoring systems, and cost optimization strategies like rightsizing and auto-scaling. As the financial services industry continues to embrace digital transformation, this comprehensive framework provides a roadmap for institutions looking to modernize their IT infrastructure while managing costs effectively. Future directions in cloud computing, including Artificial Intelligence integration and green cloud initiatives, are also discussed, highlighting the potential for further innovation in optimizing financial services operations.
Keywords:
Cloud migration; High-revenue financial services; Cost management; Comprehensive framework
Full text article in PDF:
Copyright information:
Copyright © 2024 Author(s) retain the copyright of this article. This article is published under the terms of the Creative Commons Attribution Liscense 4.0