While historically, banks have been guilty of slacking when it comes to technological evolution, digital disruption has woken them to a harsh reality. If banks don’t get to where their customers are, new-age competition and those leading the way will do so, and in the process mop the marketplace with the erstwhile giants.
It is this race for survival that has had banks turn their heads to cloud, especially public cloud as a means to the end. But what end? Even in the recent past, most banks were content with moving non-critical and non-core workloads to the cloud. How did the resistance to cloud diminish?
A lot of what has changed in the past year or two can be attributed not just to the competition in the banking space, but also the fact that Cloud has itself evolved:
Here’s how we expect the banking-on-cloud trend to play out in 2020 and beyond:
All said and done, single tenant cloud systems are still the safest haven for confidential information. So how will banks reconcile with new environmental realities? How safe is the bet that Public Cloud IaaS and PaaS will grow multi-fold in the next two years? The biggest question is – will it really happen? Read about all this, and more in the Finacle Banking Trends to Scale Digital in 2020 Report to learn more about how Public Cloud will shape the future of banking.
This piece gives you a glimpse into one of the 10 trends that I believe will reshape banking in 2020. Click here to read our full report “Scale Digital: 10 Trends Reshaping Banking in 2020”.