The pace of change in the banking industry is picking up speed. After years of slow and steady progress, banks are finally making more significant and more foundational investments to pivot their business models toward digital opportunities.
The hesitation makes sense. Regulations, data security, the challenges of transformation to the cloud, and the risks associated with outsourcing processes have discouraged many banks from moving faster.
Tampa National Savings and Loans (TNSL) is a prime example of this. They knew that using cloud services raises complex questions about compliance with regulations because processing sensitive information or client identifying data (CID) comes under strict rules.
They were also aware that cloud services extend the IT footprint of organizations, which might impact the risk of cyberattacks. They knew they needed robust arrangements for cybersecurity in place.
The question their CTO, Tom, was tasked with answering was how to update outdated infrastructure securely and compliantly.
While on this journey, he found a SaaS management platform.
Moving to the Cloud Securely
Migrating to SaaS from a custom environment is a tall order. The first step for TNSL was to find SaaS applications that provided the equivalent functionality of their legacy systems and migrate over.
They were able to identify SaaS vendors like Salesforce, SAP, and Microsoft and made the switch.
In the process, they identified several issues related to data compliance and security. Tom identified three significant areas of risk associated with SaaS apps, which he used to formulate the following questions:
- How does the bank prevent the proliferation of Shadow IT?
- How does IT control usage and ensure a secure environment?
- How do you ensure that there’s no wasted SaaS spending?
Most cloud management platforms manage cloud services from AWS or Google or Microsoft. What they don’t do is manage SaaS applications, which differ from infrastructure services.
That’s when Tom started using a SaaS management platform. He was able to create a view of all SaaS applications across the organization and ensure that they were all authorized. This provides a secure and compliant environment.
He was also able to set up an onboarding and offboarding process. Every time an employee comes, they get access to the right tools, and when they leave, they’re able to ensure they don’t have access to company information.
Finally, tracking usage means that there is no wasted SaaS spending on duplicate apps or unnecessary licenses.
The Results for TNSL Are Impressive
The move to a cloud-based IT architecture had other essential results. Overall
operating costs decreased and the time needed to bring new products to the market
Another benefit was that the bank reduced its reliance on
a group of subject matter specialists who were gradually “aging out” and leaving the organization via retirement.
Overall, Tom was able to update the company’s infrastructure without losing any sleep, thanks to his SaaS management platform.