The cloud takes shape for banks during COVID

The double whammy of COVID and competition has banks and credit unions speeding up their move to the cloud.

Chris Zingo from Finastra joins us to talk about how the financial industry is changing its approach to the cloud as digital banking grows in importance.

A few takeaways from our conversation:

• Banks feel ever more pressure to erode some of the advantages that cloud-based neobanks and other fintechs have enjoyed during the pandemic.
• The move to the cloud is often done piecemeal as banks work to balance their desire of innovation with concerns about regulatory risks.
• One of the common starting points for cloud focuses on digital user experience via omnichannel delivery and reducing frictions encountered by customers.

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Terry Badger is the managing editor at BAI.