Thursday,23 May 2024

Financial institutions started jumping on the cloud without proper strategy

5 min read

Interviewed By TABLive

Red Hat's Arvind Swami, and Richard Harmon discussed how payment transactions have grown significantly during the pandemic and how cloud technology gain traction among financial institutions.

“As transaction volumes have grown significantly,  a lot of infrastructures which were there, both in terms of application and technology have become slightly older, or I would say legacy,” said Swami, director for financial services, Asia Pacific at Red Hat.
Swami said instead of “jumping” onto the cloud, FIs need to have a very clear and proper strategy for the sake of regulatory compliance.
“I have seen in the last three or four years that FIs started jumping on the cloud without having a proper strategy,  and now they're realising that it resulted in its own problem,” he explained.
Harmon, vice-president and global head of financial services at Red Hat said they are helping customers to modernise.  "If you do application modernisation it starts to reduce that legacy authentication," he said.
They both see massive transformations in financial services. As banks and companies continue to collect and process huge amounts of data, the architecture is going to shift to a more data-centric form rather than remain application-centric. As regulators continue to demand transparency, this will find a compelling use case in compliance and sanctions screening. Swami said the only way you can have transparency is through new data.

Keywords: Cloud, Financial Institutions, API, Banks, Architecture, Financial Service
Institutions: RedHat
People : Arvind Swami, Richard Harmon
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