Cloud as a foundation for continuous innovation

Fintechs continue to snap at the heels of big banks, eating up market share steadily at the expense of long-standing incumbents. Their strength? The ability to leverage digital to act fast, respond to customer imperatives, and re-invent themselves, often multiple times in a short timeframe. Innovation-driven mindset and nimbleness helps Fintech to quash high street banks.
In the banking sector, nearly 60% of transactions still need to be completed in person or offline. That seems crazy in the current age. It also aligns poorly with consumer attitudes to personal banking, where the majority of customers would happily churn for a better mobile experience. Fintechs have maximally leveraged their digital prowess, tapping into changing consumer preferences, technological advances, and regulatory changes. As digital disrupts the financial sector, big banks are having to rapidly assimilate the lessons their fintech competitors have already mastered: how to harness the technologies that will help them accelerate their digital transformation journey.
Harnessing cloud for the competitive edge
Despite the growth of cloud service providers and the many supporting tools and frameworks that enable banks to quickly and easily migrate to the cloud, many banks have continued to be dogged by clunky legacy systems and data siloes, operating within a culture that is frequently risk-averse. Once, their monolithic structures stood for power, solidity, and security. Now, the demands of digital effectively mean that banks need to re-architect those systems to work around their customers’ needs.
It has always seemed ironic to me that data, the lifeblood of the digital economy, and one that incumbents always have reams of, is the very tool that has been weaponized against them by nimbler digital natives. This is where cloud native engineering and delivery, with the latest intelligent data analytics techniques, can help banks make the best use of their assets. No longer just a data repository, cloud-based tools are now the drivers of digital transformation and customer-centricity. Indeed, cloud banking is fast emerging as the best route for big banks to keep pace with their digital challengers.
Cloud as a foundation for continuous innovation
Cloud banking helps banks deliver more personalized services, faster to the 3.6 billion digital banking users expected by 2024, but there are many other benefits, including better products, faster delivery, competitive differentiation, platform innovation, efficiency gains, productivity improvements and the ability to respond to market forces faster.
Recently, Infostretch helped one of the world’s leading financial institutions with more than $1.5 trillion in assets. We assisted in the roll out of new web and mobile solutions quickly, that enabled them to stay ahead of potential competitive offerings and maintain its position as the