Banking

Market Commentary: Modern Consumer Experiences Run on Cloud

Cloud technology is on the rise in the world of banking and finance.

Traditional financial institutions (FIs) are moving to the cloud at an increasing rate, and challenger FIs are exploding onto the scene having only used cloud. Finance executives the world over are coming to the realization that cloud provides their organizations with the secure foundation needed to rapidly harness emerging financial technologies.

Cloud improves technology and service resilience, agility and responsiveness, and lowers cost of ownership while accelerating product innovation. Before the outbreak of COVID-19, all FIs professed to hold digital transformation as a strategic initiative. Since the spread of the coronavirus and its resulting lockdowns, digital channels have come under heavy usage and exposed the inadequacies of many FI technology ecosystems.

The majority of FIs now see digital transformation as an imperative for today — a catalyst for bringing omnichannel finance and communications to their institution. Cloud is the key to effectively expedite this transformation.

FIs using cloud are seeing a tangible ROI. Investment in public, private or even hybrid cloud technology is delivering revenue growth from new business channels and is improving client onboarding and retention. IT also enjoys savings on costs related to operational efficiencies and risk reduction.

As customer expectations are formed by exposure to all manner of exciting consumer tech, retail and consumer markets require best-in-class user experiences. FIs must leverage agile methodologies to create both robust micro services and open APIs designed for seamless integrations.

The past year may have been unpredictable, but it’s clear now that the future of finance is made up of enhanced banking experiences, accelerated innovation, and collaborative fintech ecosystems. Cloud Technology is how you’ll get there.

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