In meeting the growing need for digital transformation, many challenger banks and large financial institutions alike are choosing cloud as their operating platform.
According to Finastra’s study on cloud banking, the most pressing challenges faced by banks today are customer acquisition and retention, time to market, innovation, regulatory compliance, solution deployment, operations, and security.
The key incentive for banks large and small is reliable, accessible, and resilient infrastructure. Cloud’s elasticity is able to provide this foundation, while allowing for fast innovation; many next-generation technologies, from invoice discounting to fraud detection, are cloud-native.
Cloud’s availability, resiliency, responsiveness, and simplified management are some of the key features that make it an attractive solution for banks to address key challenges. The move is also cost effective, providing 30% IT savings and 50% revenue growth opportunities. Put together, cloud helps banks accelerate quickly and effectively in the race of digital transformation.
Download the white paper for an in-depth understanding:
- The reasons behind the rise of cloud adoption
- Why banks large and small are moving to cloud
- The key challenges for banks and how cloud directly addresses them