The cloud imperative
Banks can improve business agility through cloud-powered transformation
Banking is undergoing profound shifts as it deals with many challenges: new market entrants and Big Tech making inroads into the space, open data initiatives, margin pressures and more.
The challenges and changes are giving rise to a new vision for banking—one grounded in real-time decision making, reduced friction, personalised products, and customer experiences that delight and drive growth. To deliver on this vision, banks need to move faster and be more agile. And cloud technology will play a pivotal part.
Cloud is the foundation for greater business agility and continuous evolution. It enables banks to respond quickly to changing conditions, better leverage data, and achieve exponential productivity gains. Embracing cloud today will be key to staying competitive tomorrow.
Cloud is growing fast.
In 2013, the cloud market was US$58 billion. By 2020 it’s expected to reach US$160 billion.
The finance cloud market is estimated to grow from US$9.9 billion in 2016 to US$29.5 billion in 2021.
Customer agility and cloud
Cloud helps organizations move quickly to respond to changes in customer demand before the competition does, by powering smaller, faster, more iterative releases—significantly improving speed to market. Banks can get new products into market rapidly, deliver great customer experiences, and unlock new revenue streams.
Partnership agility and cloud
Cloud makes data exchange easier, enabling banks to quickly set up new partnerships and grant data access to trusted third parties. These cloud-based ecosystems enable connected organizations to rapidly build on each other’s innovations and accelerate the pace of change.
Data agility and cloud
Today’s huge data sets are only truly manageable over cloud—and cloud providers’ investments in built-in AI and machine learning mean banks can significantly accelerate insight generation that delivers profitable growth, detects potential fraud, and more.
Asset agility and cloud
Cloud enables banks to scale their technology infrastructure needs up or down as needed to handle fluctuating demands—eliminating the need for costly investments and system upgrades. Cloud’s modular applications turn fixed costs into variable expenses, allowing underused capital to be used for more productive ends.
Improving business agility through cloud: Where to start
Eager to leverage cloud to improve your organisation’s business agility? Here are some high-level key considerations. Download the report to read these considerations in detail.
- Understand your current cloud maturity.
- It’s time to invest big.
- Business needs to take the lead with cloud.
- Change how your organisation changes.
- Rethink your talent model.
- Don’t build solutions. Assemble them.
Banking’s future is in the cloud. Cloud will enable banks to move past old technology constraints, increase their business agility—and get back to the business of banking. The investment required is considerable—and so is the opportunity. Embracing cloud today will ensure you can compete and thrive tomorrow.