By Karen McDermott, SAP Banking Marketing Leader
As Jamie Dimon predicted in his Sibos keynote in 2020, banks are quickly moving to the cloud, looking to completely transform how they have done business over the last few decades. They are fast moving away from on-premise technology, and are focusing instead on their expertise in banking, rather than in IT.
This is a larger shift than most realize. While other industries like e-commerce made this shift a decade ago – allowing for the proliferation of companies like Shopify and the e-commerce start-ups that use it – banks have much more complexity at hand.
Banking is a highly regulated industry, with new regulations consistently applied. Data security, the risk of breaches, and the need for better customer experiences aren’t just table stakes for banks – one wrong step and heavy fines and customer attrition will follow.