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.
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.
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.
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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.
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.
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13 November 2020
While open banking was initially regarded by many as a typical compliance exercise, following the implementation of the Second Payments Services Directive (PSD2), banks are now shifting gears and going beyond the regulatory requirements by leveraging the benefits of open APIs to cater to customer needs and innovate open banking business models.
30 October 2020
A Finextra Research Impact Study in Association with FICO and Amazon Web Services (AWS).
As customers increasingly experience more consistent, personalised treatment from companies across a wide variety of industries, it is natural for them to expect—and require—the same of financial services providers.
Consumers do not want disjointed experiences across auto loans, credit cards, and HELOCs any more than they want them when shopping for different categories within the same online retailer.
Aside from consistency, 84% of customers revealed that being treated like a person, not a number, is important when winning and retaining business. That’s according to Accenture Global Consumer Pulse Research, which also found that 73% of consumers expect specialised treatment for loyalty and anticipate rewards for past interactions, as well as for sharing their preferences or personal information.
However, only 22% believe that customer experiences are tailored effectively by organisations, and 50% fewer consumers perceive their bank as a trusted partner today than in 2018. Thus, there is a significant opportunity for savvy financial services companies who can meet consumer expectations.
At the same time, financial institutions that fail to satisfy those standards are in jeopardy, as customers are re-evaluating their choice of financial providers given an increasingly diverse and non-traditional range of alternatives.
Ultimately, consumers want financial providers to offer personalised services and integrated offers that address their most relevant needs at the right time, such as when they are buying a car, getting married, purchasing a home, continuing their education, etc.
The financial institutions that can anticipate customer needs and deliver service that is personalised and consistent across channels will be well positioned to thrive in the digital age.
Download your copy of the Impact Study below to learn more.
30 October 2020
As customers increasingly experience more consistent, personalised treatment from companies across a wide variety of industries, it is natural for them to expect—and require—the same of financial services providers.
09 October 2020
Capital markets firms are acknowledging that the cloud is a catalyst for establishing competitive advantage and the financial services sector has been taking steps to prioritise digital transformation.
05 October 2020
A Finextra Research Impact Study in Association with Numerix and Amazon Web Services (AWS).
Capital markets firms are acknowledging that the cloud is a catalyst for establishing competitive advantage and the financial services sector has been taking steps to prioritise digital transformation.
To meet customer requirements and remain competitive, financial services organisations must increase their agility, reduce time to market for new products and services, and address the spiralling total cost of ownership (TCO) of their IT infrastructures. Today, it is evident that all roads lead to the cloud.
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24 September 2020
In the highly regulated financial services industry, cloud governance has taken centre stage as expectations for enhanced controls for security, data privacy and resiliency continue to increase.
25 September 2020
Operating under volatile conditions has taught sell-side firms how to manage risk, but in order to do so efficiently, they require the right technological capabilities for their risk infrastructure. Business-as-usual is not enough and this is where the cloud can lower operational costs, free up valuable internal resources and improve flexibility when attempting to run additional risk exposures and calculations on an intraday basis.
Adopting technology and scaling rapidly from on-premises infrastructure to the cloud is typically too expensive for capital markets firms, but support from cloud solution providers can help simplify and speed up this migration.
As the industry moves from large and disparate departments for business, technology and IT to smaller teams of technologists delivering tangible value, firms are leveraging the lack of need for a large IT function for databases, servers, patching and maintenance to size up the organization’s computing power, scale up and downgrade when needed.
SMBC Capital Markets, Inc., a market maker for swaps, including interest rate, currency, and commodity swaps and related derivative products, made the decision to migrate its deployed IHS Markit Front-Office XVA Solution, which runs on Amazon Web Services, to support growth, reduce costs and free up internal resources.
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