Cloud opportunity for banks to become more agile ☁️

December 12, 2023

The financial sector is experiencing substantial technological, structural, and regulatory shifts. To swiftly adapt, numerous institutions are embracing cloud-hosted solutions. This shift towards digital transformation is not merely a response to change but a significant opportunity to achieve agility in an intensely competitive marketplace. Lightbulb moment.

Cloud architecture: what's it all about? 💡

Banks today can rely on Cloud architecture to keep pace with changes in the financial market. Rather than using physical servers on their premises, this approach relies on remote servers accessible via the Internet.

Cloud systems represent the most modern approach for financial institutions. Unlike traditional on-premises information systems, dynamic cloud technologies meet the challenges of flexibility, scalability, and security, enabling banks to collaborate with the best partners to guarantee their competitiveness and protect their data with advanced security measures.

The Cloud, a tool to modernize financial institutions ☁️

Constant technological disruption is shaking up codes and setting new rules for financial services. Technologies and directives (Open Banking, DSP2) are now coming together to offer services adapted to new needs. Sharing data with other banking players appears to be an opportunity to personalize offers and promote innovation in financial services.

On the other hand, traditional banks are now realizing that their main obstacle to innovation stems from their Core Banking System, a solution often developed in-house. Due to an obsolete mainframe architecture, the latter cannot meet new expectations: understanding consumer habits, real-time notifications, or the rapid integration of new services. The adoption of Cloud technology enables financial institutions to emancipate themselves from this outdated information system and adapt their offers to meet their customers' needs better.

By recognizing the importance of the customer experience, banks can now adapt to market changes thanks to the Cloud, integrating tools from the best suppliers to offer a service at the cutting edge of innovation!     
Moreover, this approach guarantees reduced Time to Market: new functionalities can be launched rapidly to meet new demands. Logically, this translates into faster ROI, thanks to a flexible, adaptable environment. Innovation leaders produce tangible results by capitalizing on the agility and speed offered by this type of infrastructure.

Whereas Core Banking Systems are unwieldy and pose maintenance and compliance difficulties, the Cloud enables us to equip ourselves with the best tools to respond rapidly to regulatory developments, such as supervisory authorities changing the law. In this sense, a Cloud-based system saves precious time for team productivity, saving them from spending most days trying to maintain an in-house developed solution.

In terms of security, cloud-based technologies help financial institutions detect anomalies such as fraud management or money laundering. Integrated data management systems enable banks to benefit from automated reporting and analysis for more excellent responsiveness!

Aware of the delicate operational challenges companies can face, Core Banking players and Cloud providers are working hand in hand to propose different transformation strategies.

Skaleet, an agnostic cloud platform for even greater agility ❤️

Cloud agnostic: what does it actually mean?
The term "cloud agnostic" is used to designate platforms or applications capable of being hosted on any cloud infrastructure. This means the IT system can run on several cloud platforms and does not require significant modifications or code rewriting. In other words, the Cloud agnostic platform is not dependent on a specific provider: the Core Banking system remains independent of the Cloud service provider.

This configuration means that Core Banking Platforms can be moved from one Cloud environment to another. This way, the cloud agnostic approach avoids being "locked in" to a cloud provider for even greater flexibility!

This approach also helps to reduce risk. By enabling the editor to migrate quickly to another provider, the agnostic cloud model protects against outages, security compromises, and performance degradation risks.

Skaleet offers an agile Core Banking Platform and a cloud-agnostic approach for greater freedom!           
Moving to the Cloud is a significant decision for banks! Distributed in SaaS mode, the Skaleet solution supports financial institutions' digital transformation to gain flexibility, efficiency, and security.

Scalable and modular, the Core Banking Platform by Skaleet facilitates development and supports growth in new markets. It enables continuous development and connection to a vast product, technology, and regulatory partner ecosystem.

Its technological architecture optimizes data, increasing speed and agility for day-to-day operations and enabling new offers to be launched in the blink of an eye.

At the same time, the Skaleet method has opted for a cloud-agnostic approach to give its customers maximum scalability and flexibility in developing and launching new products while meeting security requirements.    Internal control procedures, regular audits, and constant monitoring ensure the highest security and data protection levels for our customers' infrastructure.  

Skaleet's technology is versatile across any hosting provider, ensuring a 99.99% availability rate and maximum security for its Core Banking Platform, independent of the chosen Cloud provider.

Are you seeking a reliable, flexible, high-performance Core Banking Platform? Then contact us!

  • #innovation

  • #fintech

  • #corebanking

  • #cloud

Register to our newsletter

This newsletter explores technology trends, fintech news and the latest news from Skaleet.