Bank of Montreal begins 2nd phase of cloud migration and development strategy
Similar to its competitors, BMO wants the future development of financial services tools to be cloud-native. The bank expects 30% of workflows to be moved to the cloud within three years.
Just a decade ago, financial institutions were struggling with the idea of moving platforms and data to the public cloud. At the time, what won the argument was the need to cut costs after the global financial crisis and subsequent mounting regulatory reporting requirements.
That conversation has since evolved. While not easy, firms are moving beyond simplistic web and data hosting needs, to more alpha-driven ambitions, such as for portfolio management, trade order management, and data analysis
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