bankingciooutlook

How the Banking Industry is Embracing the Data Cloud

Banking CIO Outlook | Tuesday, February 23, 2021

 

Moving to the data cloud improves the operational resilience of both single banks and banking networks by mitigating the risk of disruptions such as hardware failures, power outages, and other issues

Fremont, CA: For a long time, the banking industry has been hesitant to move beyond private data management infrastructure due to data compliance and security concerns. Nevertheless, in the face of emerging technologies, alternative business solutions, and a radical shift in customer and regulatory expectations, the banking industry has understood that it is time to catch up and transition to the data cloud.

Main reasons for the move to the data cloud:

Operational Resilience

Moving to the data cloud improves the operational resilience of both single banks and banking networks by mitigating the risk of disruptions such as hardware failures, power outages, and other issues. Banks can now respond to problems faster and increase redundancy by spreading as well as replicating data and services from a single data point to different data regions thanks to the data cloud.

Security

By reducing the risk of disruptions such as hardware failures, power outages, and other issues, moving to the data cloud improves the operational resilience of both single banks and banking networks. Because of the data cloud, banks can now respond to problems faster and increase redundancy by spreading as well as replicating data and services from a single data point to multiple data regions.

Visibility

The data cloud enables the consolidation of disparate data sources and types into a single repository. Banking institutions now have the data infrastructure to evaluate an end-to-end view of their business domains, with the mix of data organized for transactions vs analytics.

Real-Time Synchronization

The cloud's ability to freely and securely share data allows for the synchronization of different business units, which opens the door to more integrated decision-making. The collaborative utilization of cloud-based tools and platforms speeds up the resolution of customer-centric issues. With connected, large data sets at their disposal, banks can now use complex, sophisticated data analytics and insight to make important decisions more quickly.

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