In response to this , many financial institutions are migrating to the cloud in order to future proof their business and stay ahead of the curve . In the UK alone , 40 % of new banks now operate on Mambu ’ s platform , providing customers with the ability to provide modern financial experiences flexibly and at speed .
“ But while the majority of banks are welcoming the move to a more agile business model , legacy systems remain a barrier to progress , with
43 % of banks still using COBOL – a programming language dating from 1959 – in the US .”
Sébastien Marotte , President EMEA at
Box , agrees and says digitisation is not an option . Rather , it is critical if an institution wishes to survive . He explains : “ Financial services organisations can no longer turn a blind eye to the fact that their legacy infrastructure simply does not comply with data and security regulations and , on a whole , they are recognising this by modernising their systems , utilising new technologies to remain compliant . As such , banks are able to offer safer payment processes and faster response times for customers . But , most importantly , they can rely on cloud service providers to protect their customers ’ data from cybersecurity threats .”