Banks are facing disruption on several fronts. Weak cybersecurity compromises their ability to protect key customer data, which is becoming even more protected under new regulations. Digital competitors have begun to offer a more appealing user experience for customers, driving down traditional banks’ profits in the process. The need to reap insights from big data has left many traditional banks blindsided, while sustainability represents an issue affecting all industries. The COVID-19 pandemic has put even more pressure on banks, which now have to deal with increased non-performing loans and the closure of their branches across the world. The cloud can help banks address these issues at a cheaper price - and often quicker than the alternatives.
The cloud can offer quick and agile deployment of cybersecurity. By using cloud managed services, a bank can outsource its cybersecurity management at a lower cost. The outsourcing of infrastructure management allows a bank’s IT team to focus on the development of new products, increasing their productivity and helping to speed up the bank’s digital transformation. The cloud offers unmatched scalability that can be used ad-hoc. Banks can use this to develop products faster and ensure they can access technologies such as big data and AI with ease. The carbon footprint of a bank’s data centers will also be reduced with a move to the cloud.
- Barclays’ use of Salesforce has streamlined mortgage processing.
- Capital One uses Amazon Web Services to develop new applications more quickly.
- Global cloud infrastructure revenue in banking will reach $11.2bn by 2024, up from $8.3bn in 2019.
Reasons To Buy
- Identify key industry challenges driving cloud adoption.
- Explore cloud implementation options and leading vendor partners.
- Understand market size and growth forecasts for cloud computing in banking.
- Review case study implementations from leading banks.