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As banks move to the cloud and data becomes ever more important , we explore the ways in which banking technologies are evolving to protect customer data
WRITTEN BY : JOANNA ENGLAND
T he days of traditional banking are over . The monolithic incumbents that have dominated the financial markets for the past few centuries have awakened with shock to the realities increased digitisation is bringing . Most are embracing the new normal ; some had the forethought to see it coming and duly transformed before the 2020 rush .
Data has also become the greatest asset , and , as the IoT expands exponentially , it becomes increasingly under threat from cyber attacks that could reap devastating events if not properly addressed . We spoke to the experts about how the new innovations that are changing the space are also securing the future .
Banks going cloud native As part of digital transformation , a major change for most banking institutions has been the shift to the cloud . Gone are on-site technology stacks and purpose-built systems managed by in-house teams , as outsourcing security and data storage becomes ‘ de rigour ’.
But many institutions remain behind the technology curve , says
Simona Covaliu , VP Risk and Compliance at
Mambu . “ Given that
62 % of European customers are interested in switching from physical to digital banks , it ’ s safe to say that the future of banking is digital .