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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