Exploring Risk Management and Advantages for Banks Through Cloud-native Core Banking

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Banks are on a mission to increase their implementation of cloud technology within the coming years. However, there are a number of financial services companies that are still hesitant in their cloud journeys. The barriers to adoption vary, from the complexity of legacy systems, to trust and skills gaps, regulatory uncertainty, and fragmentation of compliance requirements. according to a Google Cloud study.

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Nonetheless, forward-thinking establishments are creating new standards - showcasing a 30% Cost-to-income ratio by emerging banks, 40% Application software on the cloud by 2022, as suggested by Gartner, and an impressive addition of 918 million transactions per month within a 3.5-year period of initiating open payments.

So, what's the roadblock? And how can banks leverage the potential benefits of cloud banking—such as cost reductions, superior products, enhanced customer experiences, and sophisticated data handling?

The Key to Digital Transformation is Cloud Adoption. Here's why:

The digital age has revolutionized the way customers interact with banks. Two decades ago, more than half of banking operations took place within physical branches; today, over 90% of all transactions are carried out via digital self-service channels. The convenience of accessing banking services anytime, anywhere has led to an exponential increase in bank transactions.

Special shopping days like Cyber Monday, Big Billion Day, and Singles' Day create sudden surges in transactions, adding stress to already strained banking systems. As the volume of transactions rises, maintaining the necessary IT infrastructure to cope with peak loads becomes unmanageable for banks. Fortunately, cloud technology offers a flexible IT infrastructure that can effortlessly scale up or down based on demand.

The Power of Cloud-enabled Core Banking

The moment is ripe for banks to exploit the numerous benefits offered by deploying core banking solutions in the cloud. In this gathering, we'll delve into the risks and rewards involved.

We invite you to this exclusive Infosys Finacle round table discussion where we'll tackle key points such as:

• The recent surge in confidence toward cloud strategies

• The essence of cloud-based core banking, its use cases, and the rationale behind the shift to cloud-native core banking, and the migration to a cloud-enabled core

• Discussion on strategies for banks to transition to a cloud-based core

• Security and regulation - Data security remains the main concern preventing banks from embracing more ambitious cloud strategies

• The impact on customer experience