Open banking and the cloud

Open banking and cloud technology are very closely entwined. Their growth will inevitably progress in parallel. Banks that wish to capitalise on the open banking opportunity will adopt strategic cloud solutions and as open banking develops, cloud technology will move from useful to essential.

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.

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