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The Digitization of Banking: 5 Things You Need to Know

By Lynn Haber
March 15, 2017 - Article
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... we can, such as governance and compliance, procurement, security, as well as enabling the self-service aspect. And that’s probably one of the unique things that the banking industry has to deal [with]. They feel like self-service drives innovation, but the challenge is that it blows up their compliance and risk efforts.

2nd Watch's Kris BliesnerCP: Tell us more about banking and the public cloud.

KB: Companies are finding that they need to be competitive in this space and if they can reach their compliance and security guidelines in the public cloud, they will absolutely use it. Capital One, for example, has been very public about [its] plans for the public cloud and [its] consolidation efforts. I think what they realized was there’s not a value-add for them to manage their own data center. They’d much rather focus on the user experience side of things.

What you’re seeing are banks saying, "This is a differentiator, which will get me more customers and more revenue." You can run very secure and compliant applications on top of a cloud platform. For example, we are a public cloud-native company, we don’t have any hardware at all, and we’re a SOC 2 compliant company, which is important for banks and insurance companies. That’s a traditional data-center certification for security, availability and confidentiality.

CP: What do you hope attendees of this banking session learn?

JH: The importance of understanding how managed service providers (MSPs) can create and enhance the value of a relationship with financial institutions. It’s reappropriating the control of the business and being more business-centric and creating greater efficiencies within the workplace.

KB: I want to give attendees confidence that applications can be deployed in the public cloud — that you can host highly sensitive data, you can host security data and you can run compliant applications.

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