CLOUD TECHNOLOGY
The Cloud is Lifting The increasing demands from digitally savvy corporate and consumer customers are forcing financial services providers to fundamentally calibrate their operating and business models, and it is cloud-based solutions that will bring banks the scope to provide smarter and more agile services
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igital transformation has been a key battleground for banks in the Middle East region—a competition that was intensified by the outbreak of the COVID-19 pandemic. Cloud adoption is the backbone of digital innovation and it is shaping the future of the financial services sector. The cloud gives banks access to on-demand resources, such as networks, servers, storage and application programming interfaces (APIs) that can be rapidly provisioned
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and released with minimal management or service provider interaction. “Digital banking and cloud computing are changing how we bank,” said IBM Industries. The financial services sector in the region is abuzz with talk and activity on digitalisation strategies including a high level of cloud adoption, open banking, digital payments and customer digital onboarding as part of a broader strategy to meet customers’ evolving needs and demands and enhance the experience.
Banking and Finance news in the MEA market
The advancements in cloud-native capabilities powered by artificial intelligence (AI), real-time analytics, machine learning (ML) and blockchain are creating ideal conditions for financial services providers to enhance their services and products from the front, middle and back-office. As banking shifts online and to mobile devices amid changing customer preferences, financial institutions are increasingly looking to outside partners for help tapping into emerging technologies and designing new customer experiences. The increasing demands from digitally s a v v y c o r p o ra te a n d c o n s u m e r customers are forcing financial services providers to fundamentally calibrate their operating and business models. Cloud computing offers a dynamic platform to develop, trial and offer innovative services, driving operating and business model transformation. It enables banks to store and process data in remote servers instead of local systems while offering several benefits
