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Cloud Computing Report, Retail Banking Technology Report

Cloud Computing in Retail Banking - Thematic Research

Cloud Technology is driving business agility

Retail banks have been slow to invest in cloud computing technology due to regulatory compliance issues, concerns around data security and privacy, and a lack of skills required for management and maintenance. However, as the sources of competitive advantage shift in banking, away from products and towards data, cloud migration has become a strategic priority; not only to enable a more synthesized view of customers across product holdings and channels, but to reduce operating costs, increase flexibility, and reduce time-to-market.

  • What you need to know...
  • Cloud computing (IaaS, PaaS, SaaS, private, and hybrid) accounted for 9.5% of a global ICT market that was worth US$2 trillion in 2017, according to GlobalData.
  • Cloud based solutions can help protect customers’ personal information via backup recovery, intrusion detection systems, firewall protection, and secure sockets layer (SSL) encryption.
  • Cloud migration helps address data accuracy and latency issues.

Impact of cloud computing on retail banking

Benefits include greater flexibility. Banks can choose where they want to run systems. For operations that require a high level of security, they can use existing data centers. For operations that have lower security requirements but require high levels of processing, power banks can choose to use the cloud.

Banks can quickly scale processing capacity up or down in order to react to changes in customer demand. This reduces the need for physical data infrastructure.

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