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Data for today’s episode is provided by Mercator Advisory Group’s Report: Corporate Banking: Modernize or Risk Disenfranchisement
3 Ways Adopting Cloud-based Solutions Can Increase Non-Interest Revenue:
- There are numerous benefits for banks that adopt cloud computing and as-a-service models of technology consumption.
- One of the most important benefits of adopting cloud-based solutions is increased non-interest revenue.
- There are three major ways cloud adoption can contribute to an increase in non-interest revenue:
- 1. New product offerings. FIs can use the cloud to support new products, including virtual accounts, real-time payments, and cross-border payments.
- 2. Quicker speed to market. With the cloud, banks can make rapid adjustments to their resources for new product releases.
- 3. Better analytics. Cloud computing technology improves banks’ data processing power and allows for greater use of AI capabilities.
To satisfy shifting customer expectations and drive revenue in a rapidly changing industry, corporate banks need to modernize by offering new services and embracing the latest technologies. Their success or failure depends on it.
Low interest rates, shifting customer preferences, increased competition from fintechs, and rapid technological progress are fundamentally reshaping commercial banking. Financial institutions must adapt to the changing landscape or risk being left behind. Fortunately, from APIs to cloud-based solutions, there are many opportunities for corporate banks to innovate and improve.