Institute of International Finance
Cloud Computing: A Vital Enabler In Times Of Disruption
Daniel Pujazón & Brad Carr

The Cloud computing advantages during the lockdown

This report explains how the covid-19 crisis has accelerated de adoption of cloud computing by the financial sector as part of its process of digitalization. The Cloud Arquitecture has played a key role in enabling operational continuity during the crisis, something particularly relevant bearing in mind that the provision of financial services, in many countries, has been considered “essential.”

Most financial institutions are still in early stages in the cloud adoption process, however, the covid-19 has been an accelerant of all digitalization strategies where cloud appears as a key enabler. The paper reviews the advantages offered by this technology and points out to the following aspects where cloud has played an important role during the covid-19 crisis:

  • Ensuring the smooth provision of services
  • Enabling the opportunity to provide additional new services in simple, cost-efficient fashion
  • Enabling the transition to new models of work, transitioning from physical to remote environments and managing volatile spikes in service demands

Scalability and elasticity of the cloud has shown the limitations of legacy applications and infrastructure to support the challenges in the global markets during the crisis. 

The report provides some real examples on how the cloud enables companies to overcome the challenges posed during the lockdown such as the case of Banco Santander which increased x4 the volumes of daily chats and x30 the daily video/calls connections to respond to employees’ needs.

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