Concerns over cyber security breaches have been named amongst the main obstacles that are delaying cloud adoption in banks. British banks are therefore lagging behind other organisations, a new study has found.
British Banks and Cloud Adoption
The British Bankers’ Association (BBA) and law firm Pinsent Masons have written a report on cloud adoption within banks. It reveals how lending companies could reduce spending and improve flexibility by using the cloud. This method has become common practice in other industries.
The report further claims that using cloud technology could allow banks to improve their customer experience. This includes helping them to access financial services, create investment products, and make better use of data. The authors of the report are now asking banks, policymakers, regulators and cloud computing providers to work together. Their aim is to make it easier for companies to embrace the cloud.
Pinsent Masons’ head of financial technology, Luke Scanlon, said:
“Innovation teams within banks know that a confident cloud adoption strategy is the only way forward and essential to the future of competing effectively in financial services… Banks must put their customers in control before fintech companies, as well as the technology giants, take away significant market share.”
Scanlon added that a more unified, regulatory framework is needed. He also said that more clarity would be useful. This was with regards to the specific banking functions and data that the cloud can enhance.
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