Today, the cloud is reshaping the technology landscape, and it has the potential to transform banking well beyond core infrastructure paid googlecloud
Put simply, the core business of a bank is using technology to create and distribute information in new ways. Ironically, technology companies share a very similar approach—managing large quantities of digital information; using AI and machine learning to process data more efficiently; and using that data to attract customers in new ways.
Historically, it’s true that technology providers have framed their discussions with banks—and the cloud debate, in particular—in reductive ways. We’ve focused on providing lower cost infrastructure, championing how they can implement raw compute, storage, and networking more cheaply and efficiently. We’ve reduced the argument to a cap-ex vs. op-ex exercise.
Importantly, banks can also leverage the cloud to become more capable at combating fraud and money laundering. By using more dynamic AI and ML models, rather than static rules-based systems—combined with transactional and behavioral data—banks can now more accurately detect evolving fraud patterns while avoiding costly false positives.
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