This post was originally published on Fin Extra
What compelling propositions exist for banks looking to outsource, especially when considering leading change agents and market trends? How can banks differentiate which responsibilities should be abdicated to third parties and what they should remain liable for? What are the regulatory pressures driving banks to consider outsourcing and how much time is spent on instant payments and ISO 20022? How should banks be considering their strategic engines of choice when modernising operations with cloud solutions? What does the future look like for banks that outsource processing to focus on value-add activities and new product development?
In the fiercely competitive banking market, the pace of change is accelerating. Outsourcing in banking, particularly in the context of PaaS and cloud solutions, presents a host of challenges and considerations for financial institutions. You need strong, agile, advanced technology to get money moving in real time and bring instant payment services to market faster. The potential for these technologies to unlock growth, improve speed to market and return on investment, and offer personalised services is central.
As the banking landscape evolves, the integration of cloud technologies and platform services is recognised as a powerful tool to help banks stay competitive and
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