WASHINGTON DC — Microsoft Corp. CEO Satya Nadella noted in late April, “we’ve seen two years’ worth of digital transformation in two months,” due to the speedy adoption and implementation of new technology by the U.S. business sector.
As our team at Bank Director writes, “navigating the short-term impacts of these shifts has bankers working round-the-clock to keep pace, but the long-term effects could differentiate the companies that take advantage of this extraordinary moment to pivot their operations.” This transformation makes up the core of the discussions taking place at Microsoft’s Envision Virtual Forum for Financial Services.
As part of that event, I sat down (virtually) with Luke Thomas, Microsoft’s managing director, U.S. banking and financial providers, to discuss how financial institutions can use this opportunity to modernize their operations. Together, we addressed the adoption of technology, legacy vs. new core providers and how business leaders encourage continued improvement.
RALEIGH, NC — How are rapid technological innovations changing the banking industry? This question anchored my conversation with Neil Henderson — Head of Business Advisory, Macquarie Bank, Jonathan Holman — Head of Digital Transformation, Santander UK and Elizabeth Dobers — EVP, Executive Director, Business Banking, BBVA Compass at nCino’s annual nSight conference.
I’m working on a post that summarizes my time at this event. But I’d be remiss not to thank nCino’s team for inviting me to speak on the Current State of Global Banking. What a a tremendous job of bringing together hundreds of representatives from global enterprise banks, regional and community banks and credit unions to discuss trends in financial services and explore the power of the cloud. My thanks to Pierre, Shelby, Ahron, Josh, Pullen, and many more for your hospitality these past few days!
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;”
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