The combination of big data and the unlimited computing power of the cloud enables banks to develop systems capable of providing better insights into clients and make better decisions on their behalf. This helps banks develop new business models that are customer-centric and respond quickly to changing market and technological needs. With incumbents like Metro Bank, Google Wallet and Apple Pay putting the customer at the heart of what they do, traditional banks will only be able to compete by taking advantage of what the cloud can offer.
Ultimately the banks that take advantage of cloud computing are better positioned to respond to economic uncertainties, interconnected global financial systems and demanding customers. If they want to stay ahead, as the regulators have realized, the cloud is no longer a nice to have, but increasingly a necessity.
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