DIGITAL BANKING
“Cloud-based BaaS platforms are more common when neobanks want to launch quickly and with reduced risks , but it often comes at the expense of product customisation ”
LUCIAN DAIA CTO , ZITEC
carefully . Scalability , resilience and reliability , development efficiency , cost efficiency , and vendor and community support are all typical factors of consideration .
“ In terms of the use of cloud computing , neobanks are typically cloud native and deployed on public cloud hyperscalers like AWS , GCP , and Azure to leverage the scalability and reliability of the cloud . However , regulators typically have requirements for banks to also manage their cloud risk concentration that may also drive neobanks to have a multi-cloud strategy .
“ Due to past major outages of cloud providers and a recent accidental deletion of customer data , it also heightened the need of banks on public cloud - neobanks or not - to think further about a multi-cloud strategy .
“ Having a data platform that can help with this strategy by running not only on multiple hyperscalers but also as a SaaS platform can help minimise overall TCO and human efforts plus further improve the reliability of the data . Combining all of this should be a top priority for the regulators , neobanks and their customers .”
Cybersecurity measures Neobanks must balance agility with robust , stringent security measures . Lucian Daia comments : “ To balance
74 August 2024