Time to trust the cloud

  • Why banks can trust the cloud and how fintechs can be trusted by deploying bank grade security

Although the cloud has certainly been around longer than any of us – and I enjoy a glimpse into infinity every time I fly - when we use the word these days in a business setting, we do refer to a real – yet intangible – environment where we host and share technology and data. As early as 1989 Apple set up a project to look into the next generation of computing whereby consumer electronics companies, computer and telecommunications companies had to collaborate. This resulted in a spin-off in which Andy Hertzfeld played a huge part and a few years later he wrote the now famous words on his invention Telescript:  “The beauty is that now instead of just having a device to program, we now have the entire Cloud out there, where a single program can go and travel to many different sources of information and create sort of a virtual service.”

Fast forward to the early years of 2000 when large enterprises started to explore cloud benefits. Needless to say, banks were not amongst the first movers. Risk averse and tightly regulated by parties, who for many good reasons are not normally known for breaking frontiers either, we cannot blame them. Yet, soon we saw banks starting to move non-customer centric or lower risk functions to various forms of private, hybrid and later public cloud.

The Bankifi Blog

Time to trust the cloud

  • Why banks can trust the cloud and how fintechs can be trusted by deploying bank grade security

Although the cloud has certainly been around longer than any of us – and I enjoy a glimpse into infinity every time I fly - when we use the word these days in a business setting, we do refer to a real – yet intangible – environment where we host and share technology and data. As early as 1989 Apple set up a project to look into the next generation of computing whereby consumer electronics companies, computer and telecommunications companies had to collaborate. This resulted in a spin-off in which Andy Hertzfeld played a huge part and a few years later he wrote the now famous words on his invention Telescript:  “The beauty is that now instead of just having a device to program, we now have the entire Cloud out there, where a single program can go and travel to many different sources of information and create sort of a virtual service.”

Fast forward to the early years of 2000 when large enterprises started to explore cloud benefits. Needless to say, banks were not amongst the first movers. Risk averse and tightly regulated by parties, who for many good reasons are not normally known for breaking frontiers either, we cannot blame them. Yet, soon we saw banks starting to move non-customer centric or lower risk functions to various forms of private, hybrid and later public cloud.

Time to embrace the SME customer

Time to focus on the SME – embracing your business customers - the way they want – through your bank

The debate around Open Banking and its opportunities tends to go in two directions: the FinTech unicorns, a dialogue fuelled by the fintech community itself and the investors buzzing around the space and on the other hand, ‘Who will survive?’ the bank versus fintech/bigtech debate. Surprisingly the customer, despite age long expressions of customer centricity does not feature in either very prominently. And if one dives deeper, beyond the consumer level very little, by comparison, is heard.

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Time to trust the cloud

Why banks can trust the cloud and how fintechs can be trusted by deploying bank grade security Although the cloud has certainly been around longer tha...

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Time to embrace the SME customer

Time to focus on the SME – embracing your business customers - the way they want – through your bank The debate around Open Banking and its opportunit...

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