Next-gen core banking: Empowering financial institutions with cloud technology
Discover the evolving landscape of cloud technology in banking, as discussed in a recent session hosted by Qorus and Infosys Finacle. Industry leaders highlight the shift towards cloud adoption, its benefits, and challenges faced by financial institutions. Learn how cloud solutions are driving digital transformation, enhancing agility, scalability, and customer experience in modern banking.
Banks are undergoing a seismic shift in technology to keep pace with market demands. The momentum and progress in cloud modernization are evident, with significant value derived from the right approach. Banks that effectively navigate this transformation can achieve substantial technological and business benefits.
On July 10th, Qorus, together with Infosys Finacle, hosted an online session dedicated to core banking powered by the cloud, where several key topics were discussed.
Current Adoption of Cloud Technology in Financial Institutions
John Barber, VP and Head of Europe at Infosys Finacle, noted a significant shift in the last five years regarding banks' adoption of cloud technology. While banks were hesitant to move core capabilities to the cloud five years ago, there is now high momentum toward various cloud models, including pure SaaS, public cloud, and private cloud solutions. Barber emphasized the importance of having a next-gen core that operates in any cloud model to avoid dependency on different software solutions.
Alexandra Gryponisioti, Transformation Lead / Cloud, Data, AI / Financial services at Eurobank, concurred, highlighting the rapid cloud adoption driven by regulatory changes and evolving business strategies. Regulators are becoming more knowledgeable about cloud technologies, making cloud adoption increasingly necessary for modern financial institutions.
How would you rate your organization's current progress in adopting cloud technology for core banking operations?
Poll results provide a good representation of both the successes and challenges faced by different institutions. They reflect observations from various institutions worldwide and highlight the challenges present in different markets.
Cloud technology is one of the key enablers for financial institutions seeking to transform, evolve digitally, and remain competitive in the future. The cloud offers immense potential, providing the necessary speed to meet customer demands and ensuring an excellent customer experience. Additionally, the cloud delivers flexibility, scalability, and, importantly, resilience for your infrastructure.
For detailed information about core banking on the cloud, click HERE
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