/cloud

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

Enhance Customer Experience with Contextual Finance on AWS

01 April 2021

Customers want choice, control, and a seamless customer experience. In order to provide customers greater product choice and control over their finances and data, companies from all industries are embedding financial services within the context of their offerings, using modular services from Banking-as-a-Service (BaaS) platforms. Banks are using AWS to create and build application programming interfaces (APIs) that enable other companies to embed financial products or services seamlessly in the customer journey. Financial institutions can build with AWS to scale APIs on demand, pay only for what they consume, and build modern serverless architectures. Download this report and discover how financial institutions are offering innovative contextual finance solutions on AWS.

How cloud enables banking transformation towards contextual finance

01 April 2021

Companies adapting to the new normal brought on by the pandemic have been forced to undergo a digital shift toward contactless payments and a surge in online transactions. As a result, many are looking to Banking-as-a-Service (BaaS) to enable innovative financial and payments services that can be embedded into digital apps and products. Further, the deployment of BaaS enables a faster time to market for more personalised propositions.

The Future of Cloud 2021

26 March 2021

Evolving the Financial Services Industry. As consumers have come to expect the same experience of their financial services providers that they have elsewhere in their lives, traditional financial institutions (FIs) are increasingly looking for ways to improve customer service and deepen engagement. For many, optimising the digital experience for customers is a priority. From leveraging omni-channel communication strategies to creating more personalised experiences, the goal is to deliver the right message, at the right time, in the right channel. Fintech firms have been faster to innovate. Many, in fact, were created to address consumer dissatisfaction with traditional financial services providers. However, many players across the banking, payments and capital markets industries such as Barclays, Broadridge, Capgemini, Calypso, Collibra, DBS, FICO, Fraud.net, Global Payments, HSBC, IHS Markit, Kx, Mambu, Nasdaq, Numerix, OakNorth, Singapore Exchange, Solarisbank, Standard Chartered and Trading Technologies are increasingly turning to the cloud as a way to accelerate their digital transformation for customers. Shifting away from legacy infrastructure reduces time and resource constraints and financial institutions can innovate and respond to customer needs with the cloud. Banks, payments services providers, and capital markets firms must take advantage of the cloud’s greater elasticity, flexibility and cost-effectiveness. Download your copy of the report below to learn more. Part of the Finextra Cloud Series, in association with Amazon Web Services (AWS).

On-Demand Webinar - Enriching financial services by building fertile banking ecosystems

21 January 2021

With the emergence of new instant payment systems and payment initiatives we see new ecosystems emerging, and as a result, both traditional financial institutions and non-financial firms are being pressed to consider their place in this new environment.

Embracing the New Paradigm of Cloud Migration to Future-Proof Payments Technologies

07 January 2021

A Finextra Research Impact Study in Association with Global Payments and Amazon Web Services (AWS). Consumer expectations, behaviour and payment preferences are and will continue to evolve at an accelerated rate. As a result, payments processors and issuing banks must ensure they are technology-enabled and software-driven so that the financial products and services they provide are future-proofed, ready for today and tomorrow. In an attempt to keep pace with competitors, banks must recognise that collaboration between payment players and cloud service providers will help drive frictionless, more secure digital experiences for consumers. This is of paramount importance in a world where resilient commerce through contactless interactions – at scale – is key. However, some institutions are still offering traditional premise-bound services and aren’t taking advantage of the innovative technologies available in market today. In order to remain relevant, these organisations must be flexible, accelerate speed to market and provide best-in-class experiences for their customers. According to a McKinsey survey, banks that use technology to transform customer experience have increased customer satisfaction by 15 to 20%, reducing cost to serve by 20 to 40%, and boosting conversation rates and growth by 20%. From extending their footprint into new products, services and markets, to innovating and creating next generation, digital focused banking solutions, the goal for financial institutions is to meet the demands of the connected, digital world and keep pace with ever-changing consumers’ preferences. Against a backdrop of new payments startups, legacy players don’t have the benefit of starting from scratch but do have the advantage of a large customer base. While cloud technology can support digital transformation, financial institutions, retailers and new market entrants will also realise the benefits of a collaboration between the likes of Global Payments and AWS and how it will lead to more secure, reliable and innovative solutions for the payments industry at scale. Download your copy of the Impact Study below to learn more.

Future-proofing payments technology with cloud migration

07 January 2021

Consumer expectations, behaviour and payment preferences are and will continue to evolve at an accelerated rate.

Automation, Resiliency and Agility: Key Drivers of Cloud Adoption and Strategy

11 December 2020

A Finextra Research Impact Study in Association with Calypso Technology and Amazon Web Services (AWS). Cloud adoption for financial services firms has been on the rise over the past few years - a trend that has been further bolstered by the wave of digitisation brought on by the global pandemic. A survey of financial services firms’ cloud attitudes conducted by bobsguide in 2020 revealed that nearly 83% of participants were already working on the cloud, with 50% expanding their use and the rest of the respondents having already completed their cloud migration. Financial institutions in the global capital markets space are facing unprecedented regulatory scrutiny, IT rationalisation, and cost pressures while still having to deliver value to their clients, which has shifted the spotlight on cloud from innovative or experimental initiatives to mission-critical workloads that can be made leaner and less expensive to maintain. While cloud has become a common mode of delivery for innovative capital markets firms, recent financial pressure, global macro-economic uncertainty and the need to respond to regulatory change has led to cloud adoption and migration being integrated and considered a crucial part of a financial institution’s business strategy in optimising mission-critical workloads with cloud technology. In this impact study, we discuss the key drivers of cloud adoption, as well as strategies that ensure successful outcomes for customers who want to make the move to cloud. Download your copy of the Impact Study below to learn more.

Shifting to mission-critical: What are the key drivers of cloud adoption?

11 December 2020

Cloud adoption for financial services firms has been on the rise over the past few years - a trend that has been further bolstered by the wave of digitisation brought on by the global pandemic.

Driving decisions through cloud migration and data governance

20 November 2020

In today’s environment, data is produced and consumed at a rapid pace. However, the way it is currently being stored, accessed, and processed is inefficient.

Accelerating Enterprise-Wide Innovation with Cloud Migration and Data Governance

20 November 2020

A Finextra Research Impact Study in Association with Collibra and Amazon Web Services (AWS). In today's environment, data is produced and consumed at a rapid pace. However, the way it is currently being stored, accessed, and processed is inefficient. Migration to the cloud promises to change this reality for financial institutions, but there are several obstacles tied to digital transformation that must be addressed in the process. The exponential increase in data generation is set to continue in the coming years, especially as the adoption of mobile technology rises. The risk and opportunity introduced by big data to the financial services industry are unparalleled. As the most data-intensive sector in the global economy, the ability of financial institutions to obtain, process, and analyse their complex data assets – structured or unstructured – is becoming fundamental to market success and remaining competitive. Moving data to the cloud with a partner such as Collibra establishes a governance foundation for banks as ungoverned data lakes can quickly become data swamps. Data intelligence vendors can provide a platform that helps banks gain a unified view of data assets to unlock their true value. These technology companies can help improve trust in data to strengthen analytics and hasten time to insight through machine learning powered features such as automatic data classification, guided stewardship, and auto-discovery functions. Cloud migration and services such as those offered by Amazon Web Services (AWS) should be at the centre of banks’ digital transformation, but challenges around lack of executive alignment, technical skillsets, and data lake experience must be overcome in order to become masters of their data.  Download your copy of the Impact Study below to learn more.

Electrifying cloud migration with strategy and security

13 November 2020

The cloud can power innovation for financial institutions. As reported by McKinsey, 70% of banks are reviewing their core banking platforms and are beginning to leverage the potential that cloud-native services can deliver, as well as the offerings provided by technology vendors.

Innovate and Launch: How banks can securely leverage cloud to expand into new markets

13 November 2020

A Finextra Research Impact Study in Association with Mambu and Amazon Web Services (AWS). The cloud can power innovation for financial institutions. According to McKinsey, 70% of banks are reviewing their core banking platforms and are beginning to leverage the potential that cloud-native services can deliver, as well as the offerings provided by technology vendors.  When a bank or payments provider moves to a digital banking platform, cloud migration is a fundamental part of the process. Deloitte highlights that success with process re-engineering and efforts at digitalisation with emerging technologies such as artificial intelligence are dependent on cloud computing. Cloud migration, for any firm, is complex and no two firms will have the same journey. The key factor here for financial institutions is to collaborate with the right cloud services provider and the right technology partner. In order to stay agile, launch new products quickly and cost effectively, cloud is essential for banks and payments providers. This will even allow traditional players to compete with nimble fintech startups and well-funded financial services firms. Security and compliance are primary considerations for banks and payments services providers adopting the cloud. SaaS banking platforms that support composable API-enabled architectures allow banking and payments firms to operate like technology companies. Working with providers like Mambu running on Amazon Web Services (AWS), firms can scale their core banking business and innovate faster while operating in a secure, compliant environment. Download your copy of the Impact Study below to learn more.