Cloud for Banking as a Platform in a Fintech world
FinTech and Blockchain Theatre
Open banking (whether regulator-mandated or customer demand-driven) requires banks to be able to seamlessly on-board customers and service them through multiple channels, many of which are not owned by the company. For example, a retail customer may want to be able to use a third party wealth management platform, and deploy funds from all their different bank accounts in the process, without leaving the platform’s app. A corporate customer may want banks to be able to integrate with their own supply chains, or with industry-wide collaboration platforms that combine the physical, financial and information value chains. The only logical way for any bank to meet these expectations is to be able to rely on open interfaces with third party developers. Most of them will be on the Cloud!