Using the cloud has become essential for meeting the needs of customers in financial services. New market entrants use it to move fast and innovate; while established players understand that the cloud is essential to meet the innovation challenge and increase efficiency. But complex regulatory barriers can cause frictions and hold back adoption. Pinsent Masons and industry body the BBA have boiled those problems down into seven hurdles banks have to clear.
How can banks adopt public cloud solutions with confidence and avoid exposure to regulatory and compliance risk?
Outside the banking industry, public cloud computing drives innovation and enables new competitors, products and more flexible business models. From blockchain to artificial intelligence, there is huge potential for the banking and wider financial services industry to use this technology to help new groups of customers access finance, develop new investment tools, and understand the value of the financial data they hold.
Pinsent Masons and the BBA (now UK Finance) have created a Cloud Computing Working Group for BBA members, to help identify and solve these challenges.
A discussion paper by Pinsent Masons and the BBA (now UK Finance)