As financial institutions begin to push key applications surrounding the core into the cloud, this article suggests that a careful re-examination of the middleware and data repository strategy should be performed:
“Banks are also diving deeper into individual business cases of different parts of the organisation and looking into what would work in a public cloud, a private cloud or a hybrid model to see how different areas of this “cloud umbrella” can be used. “Because the competition has changed so much, they’re having to adapt differently, which is difficult due to decades-old mentality. Culturally, it’s a big a change as anything.”
This change has manifested itself as a shift to use of hybrid cloud. As Warren explains, 90% of business leaders are looking to using a combination of public and private cloud.
A bespoke data fabric
Amid this period of disruption in which new players are entering the financial services industry, it is crucial to highlight that these organisations think about data very differently and use it in very different ways. Alongside this, as Hickman says, new entrants in this respect are at a disadvantage in comparison to their incumbent counterparts, that have decades’ worth customer and transaction data. However, traditional banks are “unable to learn from the existing systems that they have.
“The notion of a data fabric is being able to take data from where it is staged and run and transfer it somewhere else where you can do something different, whether that is advanced analytics or machine learning – extracting value.”
Overview provided by Tim Sloane, VP, Payments Innovation at Mercator Advisory Group.