For many banks, the technology that made them successful has become an inhibitor to progress. Those that are
stuck with monolithic mainframes run the risk of being left behind and becoming “bookshops in an Amazon world.”
For this reason an increasing number of banks are embracing cloud to achieve benefits such as:
- Scale, elasticity and real-time processing
- Gain customer insight and deliver bespoke services in context
- Safe and secure processing
- Move to microservices and continuous development
This paper examines open banking as a catalyst of banking transformation and shows the pivotal role of cloud technology in making this happen.