• What are the long-term benefits of transitioning to SaaS?
• How are financial institutions integrating SaaS strategies into their migrations?
• What should legacy banks be prioritising in their digital transformation journey?

In efforts to smooth the digital transition, financial institutions are assessing challenges and benefits tied to cloud and SaaS migration. The positive outcomes to be gained from the transition include real-time responses, operational efficiency, mitigation of fraud risk, and up-to-date services that drive competition in the sector. However, cost remains a concern for banks looking to take on SaaS.

More traditional legacy systems are finding it challenging to achieve seamless interoperability in their digital transformation journey, and are operating inefficiently as a result. To mitigate losses due to fraud and ensure consumer protection, financial institutions need to undergo a shift to maximise scalability and operational potential, and ensure regulatory needs are being met in the faster, high-paced payments industry of today.

There is no singular solution for legacy banks in the sector to maintain competitive in the sector, however as each institution aims to reach its strategic objectives, it is imperative to continue to drive digital innovation and bolster growth. SaaS experts largely agree that smooth migration takes place in increments rather than dramatic lift-and-shift projects, as the transition can be monitored and assessed as it is ongoing, allowing space for feedback and tweaks as the migration progresses.

Sign up for this Finextra webinar, hosted in association with Bottomline, to join our panel of industry experts who will explore how to work effectively with multiple providers for a smooth cloud migration.