- To deliver a truly end-to-end digital customer experience, banks need to figure out how and when to move into the cloud.
PHOENIX — As we kicked off this year’s FinXTech Summit, I found myself engaged in a conversation about how (and why) banks might “freeze and wrap” their data using their current core system while moving their customer engagement and analytics into the cloud. While this was my first time hearing that particular description/approach, the underlying logic certainly applies for many of the bankers joining us at the Phoenician. In fact, it inspired this short video shot during today’s lunch.
As a company, we’ve been writing about banks realizing that the benefits of cloud computing outweigh added security risks for a while now. But it strikes me that interest in cloud-based platforms has been on the rise of late. As our friends at Blend shared on BankDirector.com, “the cloud presents opportunities for enhanced efficiencies and flexibility — without any security trade-offs — so it’s no surprise that we’re seeing more organizations shift to the software as a service (SaaS) model.”
Interested to see what a move into the cloud might means for banks? Take a look at these five cloud-based companies:
- nCino – expediting loans and workflow on top of force.com;
- Apiture – an API-banking joint venture between Live Oak and First Data;
- Payrailz – an API-based payments platform “check-free killer;”
- Defense Storm – where Big Data meets Cyber for banks; and
- Greenlight – offering debit cards for kids.
I’ll check in later tonight to recap several presentations that explore what makes for a strong, digitally-solid bank. Before that posts, I invite you to follow the conference conversations via our social channels. You can follow me @AlDominick on Twitter — and our team shares ideas and information through @BankDirector plus our @Fin_X_Tech platform. Finally, search & follow #FinXTech18 to see what’s being shared with (and by) our attendees.
FWIW, my reference to Amazon.com, Salesforce.com and Oracle in this video traces back to January 2, when Bloomberg reported the first two were “actively working to replace Oracle software running on crucial business systems with lower cost open-source database software.” For more: Amazon, Salesforce Shifting Business Away From Oracle: Report