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Accelerating hybrid-cloud adoption in banking and securities

McKinsey & Company
McKinsey & Company
McKinsey & CompanyMcKinsey & Company

By overcoming common myths and challenges about cloud, banks can accelerate their adoption of cloud to capture its full benefits.

Accelerating hybrid-cloud adoption in banking and securities

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DOCUMENT INTENDED TO PROVIDE INSIGHT BASED ON CURRENTLY AVAILABLE INFORMATION FOR CONSIDERATION AND NOT SPECIFIC ADVICE
November 19th, 2020
Webinar
Accelerating hybrid-
cloud adoption in
banking and securities
McKinsey & Company 2
Polling results from our webinar indicate a clear desire to
aggressively adopt cloud in the next five years
Q1. What % of your environment is in public
cloud today?
Q2. What % of your environment are you
targeting to move to public cloud in the
next 5 years?
39
42
6
3
10
<5%
5–25%
26–50%
51–75%
>75%
% of respondents
12
33
27
27
0<5%
5–25%
26–50%
51–75%
>75%
% of respondents
McKinsey & Company 3
Let’s debunk some common myths around cloud
4
1
2
3
5
6
7
Realities
Apps can be cheaper in the cloud if appropriately remediated, if costs are
attributed properly, and if redundant costs are taken out.
You may get IT costs to break even, but the value that comes from the speed,
agility, innovation, and scalability swamps potential IT cost reductions.
Almost all off-premises vulnerabilities result from misconfiguration; security as
code is required to enable protection and agility.
Current architectural choices (eg, backhauling) can increase latency off-
premises, but different choices yield better results.
While smaller, an effective infrastructure organization is even more important off-
premises but requires an agile, product-based model.
Banks have different paths to success.
A range of options exist between lift-and-shift and complete refactoring, with
optimized infrastructure as a service (IaaS) and containerization potentially
attractive.
Applications suffer latency on public cloud.
Myths
Moving apps to cloud increases total cost of ownership.
You move to the cloud to reduce IT costs.
The security I can set up and control in my own data centers is
superior to the security on cloud.
Moving to cloud eliminates the need for an infrastructure
organization.
The most effective way to transition to cloud is to focus either on
applications or on entire data centers.
To move to cloud, you must either lift and shift applications as
they are today or refactor them entirely.
McKinsey & Company 4
The true driver of cloud is the multitude of
business benefits
ImpactCategory Value drivers
~90%
improvement in time
to market
~95%
time reduction for
adding digital
features
~80%
outage reduction
Source: McKinsey analysis
~10–15%
savings from
capacity
utilization
~5–10%
labor
improvements
D. Reduced risk
C. Efficient
scalability
A. Improved speed
and agility
B. Easier
innovation
Labor efficiency—application development and maintenance
Labor efficiency—infrastructure operations
Optimization of infrastructure unit costs
Data center optimization—utilization and consumption
Access to digital tools and ecosystems
Improved customer retention
Improved business resilience
IT cost visibility
Enhancement of existing products and features
Lower barriers to enter new markets or geographies
Ability to penetrate new channels quickly
Access to innovation from cloud providers
Lower barriers to experiment
Shorter time to market
McKinsey & Company 5
Developers report improved agility and resilience in cloud
environments
40
57
25
26
35
17
Prior to cloud
migration
100
Post cloud
migration
100
Release frequency
Average reduced from “every quarter” to “every
month”
22
48
11
11
22
719
22
26
11
100
Prior to cloud
migration
Post cloud
migration
100
Lead time to deploy
Average reduced from 1–2 days to 7–12 hours
7
14
30
50
11
11
26
2126
4
Prior to cloud
migration
Post cloud
migration
100 100
Mean time to recover (MTTR)
Average reduced from 12–18 hours to 4–6 hours
2 days or more
1 hour to 6 hours
18 hours to 2 days
Less than 1 hour
7 hours to 18 hours
2 weeks or more
Less than 4 hours
4 hours to 12 hours
2 days to 2 weeks
12 hours to 2 days
Twice a year and less
Every month to
every week
Every quarter to every
2 months
Multiple times a day
Note: Excludes respondents who answered “not applicable” for prior to cloud migration.
Source: McKinsey survey of 67 developers in T&D organization
McKinsey & Company 6
Unique challenges related to cloud faced by banks
Customer-
acquisition cost
and timing of
value
generation
from new
customers
Large
technology
debt
Archaic
development
and
operational
processes
Regulatory and
cybersecurity
constraints
Ad

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Accelerating hybrid-cloud adoption in banking and securities

  • 1. Copyright @ 2020 McKinsey & Company. All rights reserved DOCUMENT INTENDED TO PROVIDE INSIGHT BASED ON CURRENTLY AVAILABLE INFORMATION FOR CONSIDERATION AND NOT SPECIFIC ADVICE November 19th, 2020 Webinar Accelerating hybrid- cloud adoption in banking and securities
  • 2. McKinsey & Company 2 Polling results from our webinar indicate a clear desire to aggressively adopt cloud in the next five years Q1. What % of your environment is in public cloud today? Q2. What % of your environment are you targeting to move to public cloud in the next 5 years? 39 42 6 3 10 <5% 5–25% 26–50% 51–75% >75% % of respondents 12 33 27 27 0<5% 5–25% 26–50% 51–75% >75% % of respondents
  • 3. McKinsey & Company 3 Let’s debunk some common myths around cloud 4 1 2 3 5 6 7 Realities Apps can be cheaper in the cloud if appropriately remediated, if costs are attributed properly, and if redundant costs are taken out. You may get IT costs to break even, but the value that comes from the speed, agility, innovation, and scalability swamps potential IT cost reductions. Almost all off-premises vulnerabilities result from misconfiguration; security as code is required to enable protection and agility. Current architectural choices (eg, backhauling) can increase latency off- premises, but different choices yield better results. While smaller, an effective infrastructure organization is even more important off- premises but requires an agile, product-based model. Banks have different paths to success. A range of options exist between lift-and-shift and complete refactoring, with optimized infrastructure as a service (IaaS) and containerization potentially attractive. Applications suffer latency on public cloud. Myths Moving apps to cloud increases total cost of ownership. You move to the cloud to reduce IT costs. The security I can set up and control in my own data centers is superior to the security on cloud. Moving to cloud eliminates the need for an infrastructure organization. The most effective way to transition to cloud is to focus either on applications or on entire data centers. To move to cloud, you must either lift and shift applications as they are today or refactor them entirely.
  • 4. McKinsey & Company 4 The true driver of cloud is the multitude of business benefits ImpactCategory Value drivers ~90% improvement in time to market ~95% time reduction for adding digital features ~80% outage reduction Source: McKinsey analysis ~10–15% savings from capacity utilization ~5–10% labor improvements D. Reduced risk C. Efficient scalability A. Improved speed and agility B. Easier innovation Labor efficiency—application development and maintenance Labor efficiency—infrastructure operations Optimization of infrastructure unit costs Data center optimization—utilization and consumption Access to digital tools and ecosystems Improved customer retention Improved business resilience IT cost visibility Enhancement of existing products and features Lower barriers to enter new markets or geographies Ability to penetrate new channels quickly Access to innovation from cloud providers Lower barriers to experiment Shorter time to market
  • 5. McKinsey & Company 5 Developers report improved agility and resilience in cloud environments 40 57 25 26 35 17 Prior to cloud migration 100 Post cloud migration 100 Release frequency Average reduced from “every quarter” to “every month” 22 48 11 11 22 719 22 26 11 100 Prior to cloud migration Post cloud migration 100 Lead time to deploy Average reduced from 1–2 days to 7–12 hours 7 14 30 50 11 11 26 2126 4 Prior to cloud migration Post cloud migration 100 100 Mean time to recover (MTTR) Average reduced from 12–18 hours to 4–6 hours 2 days or more 1 hour to 6 hours 18 hours to 2 days Less than 1 hour 7 hours to 18 hours 2 weeks or more Less than 4 hours 4 hours to 12 hours 2 days to 2 weeks 12 hours to 2 days Twice a year and less Every month to every week Every quarter to every 2 months Multiple times a day Note: Excludes respondents who answered “not applicable” for prior to cloud migration. Source: McKinsey survey of 67 developers in T&D organization
  • 6. McKinsey & Company 6 Unique challenges related to cloud faced by banks Customer- acquisition cost and timing of value generation from new customers Large technology debt Archaic development and operational processes Regulatory and cybersecurity constraints
  • 7. McKinsey & Company 7 Many organizations are experiencing one or more failure modes as part of their cloud journey Success in implementing a few greenfield applications on public-cloud platform Pilot stall Inability to make business case to extend use of cloud into heart of technology environment supporting primary businesses But… Determination to use public cloud to drive innovation and scalability in core-tech environment Cloud gridlock Inability to build out automation or reference architectures required to use public-cloud platform services in a secure, resilient, and compliant fashion But… Companies have moved significant portion of tech environment to public-cloud platform Lift-and-shift without value Did so largely by replacing on- premises with off-premises virtual machines, resulting in few benefits in flexibility and, in many cases, increased operating costs However… Companies have left developers to their own devices in configuring cloud services. Cloud chaos Replicating absence of standards from on-premises environment in the cloud and creating significant security, resiliency, and compliance risks Resulting in… Note: Failure modes experienced by webinar participants: lift-and-shift without value (38 percent), cloud gridlock (19 percent), pilot stall (8 percent), cloud chaos (8 percent), and none (27 percent).
  • 8. McKinsey & Company 8 Organizations can break even on cloud programs through eventual run-rate savings Investment Savings Time horizon that extends typical business-case horizon in regulated industries (ie, ~5 years) Investments for existing on-premises infrastructure Investments in cloud infrastructure and assets Run-rate savings in Infrastructure Over and above this, there are tangible business agility and revenue benefits Rising costs of legacy infrastructure (eg, due to obsolescence)
  • 9. McKinsey & Company 9 There are multiple success modes for cloud adoption B. Domain-by- domain adoption Modernizing a business unit or domain (eg, payments—person-to- person transfers) C. Large-scale migration Cauterizing the core and migrating large portfolios of applications to the cloud Building a challenger brand or standing up a parallel stack for specific products (eg, digital attacker) D. Greenfield development A. Use-case or customer-journey enablement Use cases or journeys aimed at increasing revenue, reducing risks, and improving customer experience (eg, web and mobile-based experiences)
  • 10. McKinsey & Company 10 Transitioning a domain can provide ‘local critical mass’ in terms of speed and agility Illustrative, not exhaustive Potential need for agility only Third-party processing Not considered for cloud hosting Potential need for agility and innovation Card railsNon-card rails Sales and products Operations Enablers Prepaid card N/A ACH Wire RTP/ZelleCheck ATM/cash CreditBill pay Debit card Commercial card Servicing and call center Product configuration Fraud monitoring Exceptions, clearing, and settlement Processing Merchant acquirer Origination Data and analytics
  • 11. McKinsey & Company 11 Choices about archetypes drive transition and run-rate economics 1. IT benefits only (infrastructure and application development/maintenance); does not include business-acceleration benefits. Archetype 3 Archetype 4 Archetype 6Archetype 5Archetype 2 Increasing agility, automation, access to innovation, and scalability Driven by business decisionArchetype 1 (baseline) Low Medium N/AHighNegative to zeroBaseline% productivity increase vs IT spend 40 : 60 50 : 50 N/A70 : 3030 : 7030 : 70Change vs run ratio Monthly to every 2 weeks Every 2 weeks / as needed N/ADaily / multiple times a day QuarterlyQuarterlyTime to market Low Medium N/AHighLowBaseline% transition cost vs IT spend IT payback period1 (varies by workload type) 1–2 years 2–3 years N/A2–3 yearsMay not pay back N/A Run-rate benefits and KPIs One-time transition costs Consumption model Optimized infrastructure as a service (IaaS) Platform as a service (PaaS) Software as a service (SaaS) Function as a service (FaaS) Lift-and-shift virtual machines Traditional
  • 12. McKinsey & Company 12 Infrastructure teams need to provide numerous product-based services even after migration to cloud Tribe Product area Product A. Business- aligned tribe B. End-user tribe C. Developer-platforms tribe Collaboration Messaging Unified communications Content management Endpoint Windows Mac Mobile Virtual desktop infrastructure (VDI) CI/CD Automated deployment Configuration management Supply-chain management Continuous integration Continuous monitoring Automated testing CI/CD AI/RPA AI/ML tools RPA Configurable platforms Search CRM Power platforms Databases Integrations NoSQL databases Relational databases Data-governance tools ETL / data-ingestion tools Business- intelligence tools In-memory/cache data stores Database- management tools Enterprise service buses Real-time messaging Message queues API gateways File transfer Web/app middleware D. Cloud-platforms tribe Cloud foundation Cloud landing zones Cloud logging, network, compliance DevOps/CloudOps DevOps CloudOps System tooling Infrastructure as code tooling System management and monitoring tools E. On-premises tribe On-premises data storage and replication Backup and archival Tier 0/1 (SAN) block storage Tier 2/3 (NAS) network storage Object storage On-premises compute On-premises tooling Infrastructure toolingVirtual (VMware ESX) Physical (pSeries, Sparc, x86) Operating system (Linux, AIX, Windows) Compute Mainframe Mgd Solutions F. Network and security tribe Security Logging, monitoring, threat detection, and analytics Threat and vulnerability management Endpoint Boundary and perimeter Data-loss prevention Encryption and key management Access control Directories Enterprise access management Customer access management Credential management Privileged access management Identity Network/connectivity Identity governance and provisioning Certifications On-premises to cloud connectivity Data-center networks Reserve Bank networks Remote access DNS and load balancing Business unit 1 Business unit 3 Business unit 2 Business unit 4
  • 13. McKinsey & Company 13 The right security framework and automation can enable protection and agility Flow of framework use Standards defined by control area and classification Architecture and automation instantiate “security as code” Operating model builds and supports protections Cloud-security framework Cloud-based workloads (eg, Veeva, Workday, SAP) Standards, by control area, deployment model, and classification Compute Application Network IAM / access controls Data Monitoring/ operations C Workloads classified by segment and deployment model Deployment model SaaS, serverless, data platforms, CaaS, IaaS Risk classification High, medium, low A B Multi-cloud architecture Segmented by deployment model and control area D Cloud-security operating model Interaction model, processes, skills, structure, sourcing F Cloud-security automation Segmented by phase in application life cycle and further by use case E Integration with cloud strategy Implications of security model on broader cloud program G Framework elementsX Cloud-specific element This framework provides a means for: Classifying workloads and getting to a complete and specific set of standards per segment Providing an aspirational multi-cloud architecture by segment Identifying major automation use cases by application life cycle Defining a comprehensive operating model to instantiate the “security as code” vision
  • 14. McKinsey & Company 14 Today’s focus Transformation approach for each domain De-risk value capture Execute plan in 2‒3-week sprints Refine opportunity size and domain plan Refine productivity domains Program governance and value assurance Sprint 1 De-risk Disguised client example Identify biggest sources of value per domain Prioritize opportunities Define objectives and key results (OKRs) Set up 2-week agile sprints Multiple domains run in parallel Focus is on capturing quick wins while working toward long- term value pools Support financial infrastructure to track value capture Operationalize OKRs and align to enterprise strategy Transformation domains e.g., Agile Operating Model, Talent & Capability Building Modern, microservices- based applications Apps and platforms2 On-demand, fully scalable infrastructure Technology foundation 3 (eg, AI/ML, RPA, etc) Tech-enabled business processes 4 1 People and processes Program governance and value assurance 5 Centralized transformation office to orchestrate change management and provide governance
  • 15. McKinsey & Company 15 Get the latest on McKinsey perspectives on cloud at http://cloud.mckinsey.com