Friday, 14 April 2017
By Filip Blazheski
What are the potential risks and benefits of cloud computing for banks? Before making the switch, banks must weigh challenges against future cost and time savings.
Benefits of using cloud-based computing include lower costs due to the sharing of resources, a more agile environment for developing new products and services, greater security compared to traditional platforms, and richer data analytics insights. However, banks must consider the upfront costs, regulatory challenges, and security risks as they relinquish control over important parts of corporate infrastructure to third-party cloud services providers.
Blockchain, a peer to peer public ledger, could disrupt the financial sector as bitcoin currency rises in popularity.
Fintech platforms have risen in popularity among Millennials for their low fees, user-friendly interfaces, low or no minimum balances, and online DIY tools.