Nick Lawler, Market Sales Director, Northern Europe at Mambu looks at the ways Google Cloud has revolutionised the financial services industry, and how banks, fintechs and credit unions alike can harness it to simplify their own tech stacks.
In just a few short decades the financial sector has experienced an evolution unlike anything else in its history. Banking, in particular, is an industry built on decades worth of deep legacy technology, with institutions using monolithic structures that made change a slow and arduous process.
But the rise of new technology, and the speed with which it’s been adopted, has changed all of that. Unencumbered by the infrastructure of their legacy competitors, fintechs, lenders and today’s banks are leveraging new technologies to deliver personalised products and services that have revolutionised the way that customers look at financial institutions (FIs).
Today, a new generation of decoupled, cloud-native banking platforms are changing the face of the financial services industry. And one of the key drivers behind this rapid transformation is Google Cloud.
So how has Google Cloud benefited the financial industry, and how can it be leveraged to simplify tech stacks?
1. Technology that’s flexible to change
Businesses may be ready for change, but what about their infrastructure? Whether it’s legacy systems or data residency requirements, there may be some areas of operation that simply can’t change – even if teams wanted them to. And this can ultimately hamper the ability to innovate and evolve. The solution here is not to reinvent the wheel, but to adapt it. Google Cloud enables FIs large and small to meet customers wherever they are in their cloud journeys, leveraging the power of existing systems while moving with the speed and agility that new technologies allow.
Put simply, Google Cloud allows financial services organisations to build for the future. On a robust foundation, businesses can streamline ease of integration with new technologies, speed up time to market for launching new financial products and services, and reduce development costs. Best of all it can scale up and down with changing needs, so teams can use the tools and technologies they need as and when they need them.
2. Security at the forefront
Innovation is one thing, but for many businesses, security is their number one concern. This is especially true in the current climate where things like data protection and cybersecurity are front of mind for both companies and their customers. Keeping information safe online is vital. Not only do FIs need to keep their information and IP safe, but they also have a duty to do the same for customers. With a cybersecurity landscape that’s in constant flux, FIs need to know that their systems and platforms won’t just protect sensitive data now, but will help maintain digital security well into the future.
That’s where Google Cloud comes in. Google’s combination of secure infrastructure, external audit certifications and top-tier encryption enables FIs to safely scale efforts without worrying about exposing themselves to risk. That security is even more important for businesses looking to operate on a global scale. Thanks to an interconnected society there are opportunities to unlock worldwide. With Google’s Cloud Zones, FIs can tap into these opportunities, safe in the knowledge that they’ll meet any local compliance and regulatory requirements that may be in place.
3. Stability is vital
Whether it’s an online transaction or a data transfer, today just about every business relies on some kind of digital process. But imagine the chaos that would ensue if there was an outage or a failure somewhere in the tech stack that meant those processes couldn’t happen. That’s a headache businesses can ill afford, so they need to trust that their provider has the failovers, redundancies and safeguards in place to protect them from all eventualities.
Stability is vital, especially as new tools and technologies enter the market. With a partner like Google Cloud FIs can trust that no matter where their innovation journey takes them, their systems will be secure.
A roadmap for innovation
Using Google Cloud simplifies tech stacks and ensures today’s FIs can adapt to changing market needs, while continuing to bolster security, scalability and performance. For many companies, cloud transformation is a work in progress. But rest assured that the journey will be driven by innovation.
About Post Author
