Stakeholders and executives of financial organisations remain on the fence about whether the advantages of cloud computing outweigh the potential risks of trusting sensitive information to remote servers. With the current demands on banks’ IT infrastructure and front-, middle-, and back-office staff, and the implementation of Basel IV pushed forward to January 1, 2023, this year may be a good time to transition ever-growing IT infrastructure to the cloud.
Cloud computing is becoming increasingly attractive to—and indispensable for—financial organisations. The cloud has the potential to completely change the financial services landscape. Banks can take advantage of cloud technologies to improve their entire risk management systems and to access fast, high-end technologies on an ‘as-needed’ basis. As a result of switching to cloud computing, many services can be delivered with reduced up-front capital outlay and IT expenses.
The current state of cloud computing allows financial organisations to access any modern core banking system offering without any loss in cost-effectiveness. This not only enables banks to save costs, but also…
