Public cloud computing is early on its journey to core of the bank
Traditionally, banks don’t like to talk about what they are doing with technology until it is established and proven. They don’t want to give away their secrets or risk damaging headlines if things go wrong. But at the recent SIBOS and Amazon Web Services events in London, they were not holding much back when it comes to cloud computing.
Why the change? Competitive tension and digitally savvy customers are two forces driving banks into the cloud in plain view.
In the past, apart from IT professionals and tech geeks, customers didn’t care that IBM mainframes were purring away in the banks where their money lived – and why should they? As long as their salary went in each month, ATMs gave them money and their cheques didn’t bounce, they were happy.
But today’s consumers want to bank in real time. They want to be able to watch what their money is doing, move it around quickly, pay for stuff in an instant – and all of this on their smartphones.