What advantages does it offer Cloud Banking?
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Cost-benefit:
The acquisition of IT infrastructure within financial institutions is one of the primary headaches for CIOs since it implies a massive investment that will not be used optimally from the beginning. Its cost will be deferred for a long time. On the other hand, its management and administration represent a large part of the area’s budget, limiting the capacity for innovation.
While under the model of Cloud Computing, costs are set according to the use and demand of resources, thus reducing the amount of budget allocated to this area and allowing it to be distributed to internal innovation projects.
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Scalability:
As the Bank adds new services and digital products, it is necessary to solve the infrastructure to support it. Beyond acquisition, implementation can take weeks or even months, delaying the launch of new financial products and services, reflected in a decrease in time-to-market and competitive advantage.
However, the Cloud has a scalability factor, implying that more space and processing resources can be acquired immediately. This agility to respond to the Bank’s needs is a step forward towards digital transformation.
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Security:
Only 7% of financial institutions have implemented a cloud-based technology solution, according to the 2018 Digital Trends in corporate banking software as a service. This reveals that there is still a fear related to migrating from the on-premise model to cloud Computing, which prevents the exponential growth that we have seen in other financial verticals.
This fear is related to possible data breaches, which do not occur in a regularized and protected environment such as the Cloud. Companies such as Google, Amazon, Microsoft, and Alibaba Group have taken advantage of its advantages to be more competitive and agile, enhancing their security by complying with the highest standards and following protocols to protect their customers’ data.
Probably the Cloud model is the future of Banking, taking into account that it is the path that all other industries have followed. However, this path is complex and needs the guidance and accompaniment of strategic partners.
Low-Code for banking WaveMaker presented at the Money Fair.
Low-Code For banking offers a detailed look at Low-Code tools and platforms as an alternative to the traditional application development method. Which typically involves writing one line of code at a time in different programming languages. Fundamentally, Low-Code tools and banking Low code and finance app development Industry and streamline the work of professional developers. It allows them to create high-quality business apps in a fraction of the time it would take to develop them traditionally. While also being compatible with existing legacy systems in industries. Like that of financial services.
Simplify data integration
wavemaker integrates the data related to these cases across multiple legacy systems, providing 25,000 end-users with a bird’s eye view of this relevant data, enabling them to make better, faster, and more informed decisions in the area of asset management. Case.
The system collects all case activity and documentation, which creates a comprehensive audit trail and gives officers the visibility they need to spot any potential danger before it happens. Turns into a compliance issue.
During the last four years, the agents of this base ISV Banking and financial services on the wavemaker Platform more than 40 applications. They can manage everything: project management, peer reviews, quality assurance audits, purchasing approvals, talent management, and more.
Here’s another low-code success story: Bendigo and Adelaide Bank, a leading Australian bank with over 1.6 million customers and over $ 66 billion in assets, deployed the platform. Wavemaker Low-Code Development Agency to build dozens of top-tier enterprise applications at the incredible rate of one application per month.
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