The past 12 months have witnessed a rapid increase in cloud computing projects in the financial sector. What used to be a slow flow is now a steady stream, with one bank migrating his 80% of the system to the cloud.
This rapid move to the cloud raises the question of how long banks will continue to support legacy payments. But it’s not just banks that are modernizing their infrastructure, so is Lloyd’s of London, one of the oldest financial services organizations.
Open banking has matured into more than a fashionable phrase used in financial services businesses, and several large acquisitions in this space have moved it to the next stage of development.
Here are Computer Weekly’s Top 10 Financial Services IT articles for 2022.
1. Are the days of traditional payment technologies used by banks over?
Traditional technologies used by banks to process customer payments remain ubiquitous, providing a new frontier for financial technology (fintech) companies.
The decommissioning of traditional core banking systems within banks was debated for years until cloud computing technology emerged and finally kicked off the process.
2. Robo-investment platform adopts open banking-based settlement
Denmark-based fintech Nord Investments has adopted Aiia’s open banking technology to make investing easier for people using the platform.
The robotic software investment platform, which currently operates only in Denmark, says it wants to make it easier for its 7,000 active investors to make payments to its platform when making investments.
3. The next phase of open banking is already accelerating
The financial services industry is already on the path to open finance, and organizations in the sector are open to collaboration.
Today’s open banking allows the industry to share customer banking data via application programming interfaces (APIs) with the customer’s permission, allowing businesses to offer customized products.
4. Lloyd’s of London is digitally transforming from its front door
Lloyd’s of London joint venture is modernizing organizations by digitizing largely paper-based analog processes through cloud computing and the transformation of nearly 100 core business applications.
It is part of Future, Lloyd’s top priority program set in 2019 to digitize the market “better, faster and cheaper”.
5. Santander has moved 80% of its IT infrastructure to the cloud to date
In its quest to become cloud-native, Santander moved 80% of its IT infrastructure to the cloud using software developed in-house.
Over the past 12 months, Spanish banks have made significant progress moving to the cloud. Just over a year ago, the bank put 60 of his IT infrastructure in the cloud and set a goal of making 100% of his infrastructure cloud-based by 2023. At the time, the company said it was migrating 200 servers to the cloud every day.
6. NatWest files under the whistleblower’s bed contain live customer data
A data breach whistleblower said NatWest’s files kept under her bed contained details of current customers, contrary to the bank’s claims of historical information. rice field.
A former employee of Royal Bank of Scotland (RBS), part of the NatWest Group, has been in a dispute with his bank for more than a decade over confidential paper-based customer data files kept at his home.
7. Most large companies use banking as a service
Most large companies invest in banking capabilities to offer complementary financial products to their customers.
Over the next 18 months, many organizations will be able to invest in Banking-as-a-Service (BaaS) contracts to provide financial services to their customers.
8. CIO Interview: David Charnley, Head of Transformation and Strategy, NatWest Group
David Charnley, Head of Transformation and Strategy for a major financial services company with almost 20 years of experience at NatWest Group, explores what it takes to fine-tune systems and services to deliver amazing new experiences to customers. knows better than anyone.
Charnley joined the bank in 2005 after starting his career at consulting giant Accenture.
9. Financial ombudsman service mining gold in cloud HR and finance
After successfully deploying and implementing a cloud-based human resources (HR) and finance system, the Financial Ombudsman Service (FOS) is now digging into its capabilities.
In November 2021, together with service partner IBM, FOS completed the rollout of the system from Workday and entered a new phase of using the software. It set out to replace about 14 separate systems as the foundation for its digital transformation.
10. BBVA will add 2,000 software engineers to its workforce this year
BBVA expects to hire 2,000 software engineers as part of the expansion of its global software development division.
A Spanish bank is already hiring around 1,000 IT professionals in 2022 to rebalance its workforce in the digital age. Through this process, BBVA has significantly reduced its traditional workforce, including branch office staff.