Banking faces unprecedented structural shifts
For a number of years, the banking sector in the growth markets of Asia-Pacific, Africa and Latin America outperformed its global peers across a number of financial metrics. The balance is now tilting in growth markets as banks’ balance sheets come under greater pressure and new digital competition emerges. The macroeconomic impact of the pandemic has compounded the scale of challenge banks face. Banks that had already begun their journeys to cloud have been able to navigate these challenges with greater agility and responsiveness. Post-COVID, cloud will prove even more transformational, equipping banks with vital scalability, efficiency, agility and security. In fact, cloud maturity is fast becoming a hallmark of the world’s best-performing banks. Our report assesses the current state of cloud maturity in growth markets and outlines the steps banks can take to accelerate their cloud-powered transformations.
Unlock the value of cloud
Regardless of the strategies banks pursue, cloud will need to be at the heart of their execution. That’s because it enables:
- Data-driven, digital banking @ scale
- Speed to market
- Exponential innovation
- A transformed cost-curve
- Shared commercial risk
This paper sets out each of these aspects in detail. It also offers a cloud value case and highlights the business benefits of moving immediately and rapidly to cloud. By adopting a modular approach to decoupling core banking applications, banks can unlock the value of cloud while avoiding a high-cost, high-risk ‘big bang’ migration.