News and resources on cloud strategy, selection, build, migration and operation for banks and fintechs.
The Cloud Series in association with AWS

Debunking Five Misconceptions about Market Data Transformation in the Cloud

27 August 2019

Market data is the lifeblood of financial institutions (FIs) with banks, brokers, wealth managers, asset managers and hedge funds relying on quality pricing and trade-related data to power their business applications. Developers are demanding easier access to this data for app development, data usage is increasing, C-level executives are calling for enterprise-wide modernisation and slashing costs, and vendors and regulators are issuing complex auditing requirements. The cloud may provide the FIs with much needed relief. This report discusses how some FIs are starting to move away from the traditional methods of on-premise storage and distribution of market data and migrating data storage away from their legacy data centre, moving their market data to the cloud. To find out more; download the report.

Scaling for the next generation with APIs in the cloud

16 August 2019

Today’s generation of consumers expect a digital-first experience from their providers. Whether they’re shopping online, streaming content or interacting with financial institutions, anything less than on-demand is no longer acceptable. However, when considering the US, retail banking is not yet fully digital, and customers must still visit a branch to fill out paperwork when opening an account.

How to drive business value with APIs in the cloud

16 August 2019

The cloud simplifies and accelerates delivery of open banking standards, providing opportunities to improve awareness, transparency, and scale. Industry players would benefit by forging ahead with more effective and structured collaboration, facilitated by application programming interface (API) standardisation and shared customer data insights.

APIs in the cloud are now the prevailing archetype

16 August 2019

The future lies in microservices in the cloud. While the financial services industry continues to discuss digital transformation, actions speak louder than words. Organisations that want to meet the needs of the next generation of consumers will use software comprising small services that communicate over well-defined application programming interfaces (APIs) deployed independently – the microservices approach.

How APIs will transform banking in the US

15 August 2019

Consumers today expect a digital-first experience and anything less than on-demand is no longer acceptable. However, when considering the US, retail banking is not yet fully digital, and customers must still visit a branch to fill out paperwork when opening an account. Banks still struggle to provide digital experiences to their customers, services that are minimal and mostly based around simple transactional capabilities. The main culprit for this is the legacy core systems that most institutions are saddled with. Many are decades old, and nearly all were not built to be flexible enough to meet the demands of the modern digital world. This report explores how APIs and the cloud can enable the next generation of banking and ensure that FIs can quickly and efficiently roll out new digital products and services without expensive and lengthy tech integrations, or having to entirely replace old systems.

Leverage Open APIs - the glue that will hold your ecosystem together

15 August 2019

 The cloud has accelerated the delivery of open banking standards, transforming the industry into a transparent sector with potential to scale exponentially. Traditional banks and fintech players would benefit from structured collaboration, facilitated by API standardisation and later, shared customer data insights. We are witnessing digital marketplaces emerging that are creating exciting new channels for consumers, spurred on by government regulations and enabled by new technologies. These nimble marketplaces are not unlike brick and mortar ‘pop-up’ retailers and appeal to today’s customers through engaging, highly-personalised products and services. This report addresses how can banks think beyond compliance to address the customers’ growing demands, how the next evolution of customer loyalty can be defined and how can we, as an industry, can calibrate the business model to drive new acquisition channels as well as quickly enable new partnerships to create value-aligned propositions.

Transforming Risk Systems for Financial Institutions

12 July 2019

Financial institutions are under huge pressure to balance regulatory compliance with business growth at the same time as needing to reduce costs. This pressure is often most keenly felt within risk management functions. This document provides an overview of the challenges, along with a cloud reference architecture – the Accenture Risk Calculation for cloud solution (ARC) – that helps financial institutions rise to the challenge. This 13 page report offers a wealth of practical guidance, maturity models and frameworks derived from the successful experiences of Accenture and Amazon Web Services in assisting financial institutions to take their first steps moving risk data and systems into the cloud.

Unclouding the Risks of Cloud Implementations for Regulatory and Risk Reporting

12 July 2019

Financial Institutions moving to the cloud for risk and regulatory reporting must do so prudently. While facing budget and resource constraints and under stringent time pressure, FIs must maintain alignment with regulatory requirements and protect their sensitive material non-public information (MNPI). Determining the best, most secure way to achieve the scale, cost and agility benefits of the cloud means answering a series of difficult decisions. As a leader in risk-data management and regulatory-reporting solutions, AxiomSL has gathered its experience to help answer those decisions. This paper helps you to uncloud the business, implementation and operational aspects of the cloud risk-stack, and offers up the interesting questions FIs may want to ask in order to uncover risk-mitigating factors.  

The New Consolidated Audit Trail (CAT) Timeline: Rethinking Your Implementation Plan

12 July 2019

Following recent changes to the Consolidated Audit Trail (CAT) programme, financial institutions need to reconsider their implementation plans in-line with the new project timelines. Following FINRA’s selection, updated specifications are being published, and the new long-term plan for all phases of CAT has been unveiled to the industry. Financial institutions now need to look at the changes being announced and determine the implications for both implementing solutions and the operational models they will need in place once CAT is fully live. This paper by Broadridge provides information on the new timeline and helps financial institutions ask vital questions that will help keep their CAT implementation plans on track.

How to build the regulator’s confidence in the cloud

12 July 2019

When moving to the cloud, meeting all risk, legal and compliance requirements is non-negotiable. The key question regulators are asking financial services providers is whether they have identified the operational risks associated with migrating to cloud computing, and if banks understand the process of managing these obstacles.

Maintaining data integrity in the cloud amid regulatory change

12 July 2019

The cloud is beckoning, and security is job number one. Regulatory reporting has shifted from accounting values to full-fledged risk management, encompassing credit, liquidity and market risk as financial institutions (FIs) increase in size, have larger geographic footprints and continue to offer complex products.

Compliance in the cloud for a demanding regulatory environment

12 July 2019

The cloud has fundamentally altered the economics and time to value of risk management and regulatory reporting. By allowing banks to handle the real-time, daily and periodic nature of regulatory reporting in an elastic manner, cloud computing has also provided cost-effective, long-term (and immutable) data storage to respond to queries from regulators.