Metro Bank, a financial institution that has over 40 “stores” in Britain, has officially migrated its core banking IT infrastructure to a private cloud that will be managed by Rackspace.
While the bank is only six years old, it has relied heavily on systems that were on-premises. The cost of running the applications in-house were too high and the speed at which they processed information was too slow, making it difficult for the company to streamline its operations and grow its business.
Metro Bank currently has 850,000 customers and has set its eyes on the one million mark. The company also continues to aggressively expand its store network and hopes to open 100 new locations by 2020.
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According to Rackspace, the cloud has enabled the bank to reduce the time it takes for close-of-business processing by 50% and generate reports in half the time it took when its systems were on-premises.
In addition to reducing cost and increasing efficiency, Metro Bank, which prides itself on having one of the highest Net Promoter Scores in the industry, will be able to develop and roll out new products and services much more quickly because of its infrastructure.
The entire migration to the cloud took 12 months.
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