As financial institutions move to multicloud environments to address concentration risk, they actually open up more risks associated with compliance and security and resiliency.

Addressing these risks is critical, and the SEC now requires financial institutions to report their compliance and security posture as part of their earnings statements.

To meet these requirements, financial institutions need to prioritize third-party risk management and end-to-end compliance across their ecosystem of partners.

Many financial services companies have invested heavily in front-office capabilities over the past few years, but they haven't prioritized all the back-office platforms and services that are needed to modernize. That creates a lot of technology debt, which creates more fixed costs versus variable costs in their budgets.

These older technologies are harder to integrate with new services so there's a need to modernize core systems and shift from fixed cost budgets to more variable cost budgets. The modern core systems are easier to integrate and enable business partners and their firms to accelerate innovation and speed to market.