Cloud innovation is fast becoming a fundamental driver in global digital disruption and is increasingly gaining more prominence and cogency with banks. In fact, it is predicted by that 2020, a corporate no-cloud policy will become as rare as a no-internet policy is today.
Up until recently, any suggestion of putting sensitive client data in the cloud was generally not well received, mostly due to security concerns. In fact, financial institutions have actively avoided entrusting data to the cloud, fearing the searing heat of regulatory scrutiny should that data become compromised in a breach.
Faced with a new market dynamic, however, the financial services industry is addressing many of its cloud concerns and putting to rights the myths that have grown exponentially around cloud infrastructure.
In the regulatory space, more and more banks are now rapidly embracing deploying their regulatory applications on the cloud to take advantage of scalability, lower capital costs, ease of operations and resilience offered by cloud solutions.
In this first paper of the series, we explore the world of cloud-centric banking, including:
- The benefits it can deliver to banks spanning the commercial, business, investment, corporate, private and retail banking divides.
- The potential of cloud for Client Lifecycle Management (including data management, compliance, and client onboarding operations)
- The key considerations to be borne in mind when migrating from on-premise to cloud
Download the Banking on the Cloud for Client Lifecycle Management to read more.