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Al1sole
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Hello Chris,
I think you presume by "the cloud" that a third party may design and/or operate a banking system in a much better, cheaper and safer way than a bank will run functionnaly equivalent legacy systems on its own datacenter.
It may be true, and it represents a form of IT outsourcing, to use a previously trendy acronym.
Then what about Business Process Outsourcing? Maybe such a move could enable a bank to focus on its customers, products and data, leaving away the burden of day to day operations?
Regards,
Alain
Banks must move to the cloud before it’s too late
This blog entry first appeared on SAP for Banking, October 2015. There’s a lot of talk about augmented banking using artificial intelligence and Big Data analytics these days, but what does that mean in reality or, if you prefer, virtual reality? It’s not clear, yet. It is obvious that the dev...
Chris,
Although I am a big fan of this idea, it still raises several issues :
- distributed ledger implies having a processing power to run as part of the network... Does it mean that everyone should have a banking processor somewhere, perhaps in the cloud?
- who will certify the digital identities and thus the on boarding of a new person in the distributed ledger?
- how to control this new financial system without central bank?
- and last but not least, it implies that banks will not offer anymore account management and thus won't they be unbundled in the process?
Regards,
Alain
The end of a 'bank account' as the digital me takes over
I had a really interesting conversation with Chris Barker, Head of Digital and Engineering for Royal Bank of Scotland. As usual, the conversation moved around data analytics, deep learning, artificial intelligence, building enterprise data systems, separating content from processing, re-platfor...
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