To get a better understanding of how central banks compare to private sector organizations in how they think about public cloud and approach their cloud migration strategy, IBM partnered with the team at OMFIF to produce a first-of-its-kind report that looks at the opportunities and challenges of public cloud services seen through the lens of central banking officials.

Use of the public cloud is fast becoming ubiquitous in financial services, but central banks are lagging behind the private sector in embracing it. Nevertheless, they are increasingly receptive to the benefits of adopting public cloud architecture and are beginning to learn from and build on the experiences of commercial banks that have progressed further in their cloud adoption, with many of them leveraging a hybrid multi-cloud approach. 

The good news is that there is a solution for every cloud transformation challenge. By learning from the successes and challenges experienced by the private sector, the central banking community will unlock the benefits of public cloud faster than ever before by addressing inhibitors that may currently be holding them back and better informing their perspective on how best to manage the evolving risk dynamics in the financial services sector.