TECH & AI
CT
PACT
I n this increasingly digital age , cloud computing has transformed the lives of millions of people around the world , whether they realise it or not .
More specifically , in business circles , the cloud has reshaped the everyday work of the technology function , not to mention wider business operations and how goods and services are delivered .
Inevitably , the same is true of the financial services sector . Cloudbased capabilities have shaped and are continuing to influence product development , payments infrastructure , customer service , cybersecurity strategies – the list goes on .
“ The biggest and most innovative finserv businesses see cloud and financial service excellence as indivisible ,” contends Steve Morgan , Global Banking Industry Lead at Pegasystems . “ On-premises systems simply don ’ t offer the scalability and efficiency needed to deliver banking and insurance services today .
“ Having been cautious about moving frontline applications and data to the cloud , the reverse is true today . Cloud is now the platform on which much of retail banking , and increasingly corporate banking , is run .”
Rory Yates , Chief Strategy Officer at insurtech innovator EIS , is in full agreement .
“ We ’ re almost at a stage where we could describe the cloud and financial services as synonymous ,” he adds . “ We ’ ve seen a shift from , ‘ we need to experiment ’ to ‘ cloud is in our future ’.
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