The corporate banking industry is transforming. Firms are moving away from legacy systems and physical relationships towards a more agile and technology-driven approach. The shift is driven by the increasing demand for seamless and remote banking services and the need for enhanced risk mitigation and customer-facing software.
Cloud computing has become a critical driver of this industry-wide modernisation. It offers flexibility, speed, and scalability upon which future success can be built. It’s just as well, since clients now expect banking relationships to be defined by remote capabilities, integrated processes, and adaptable systems.
The benefits of embracing the cloud in banking are becoming increasingly evident. It leads to enhanced customer satisfaction, faster product development, and more scalable systems.
The migration question
Migrating sensitive functions and data to the cloud is complex. Commercial banks face challenges in ensuring operational security while upgrading legacy systems. Concerns about protecting customer and institutional data have made them cautious compared to other technology-led industries.
Regulatory requirements around data residency and cross-border transfers further complicate the situation, while the enormous transaction volumes involved mean risking even a moment of downtime is unthinkable.
As a result, many institutions choose to restrict the placement of data and applications to their private servers, using an organisation-specific cloud. This allows them to maintain strict security measures while providing developers and product managers greater flexibility.
However, this approach requires significant funding and a large in-house IT department to support storage capacity and the development of custom solutions, placing further pressure on the bottom line and ramping up operational risk.
Additionally, traditional platforms are designed with outdated architecture reliant on batch processes and lengthy updates. They are challenging to maintain, evolve, and integrate with other systems. Simply porting these platforms into a cloud environment does not resolve these issues.
Public cloud adoption is growing rapidly in the financial services industry. Mais de um quarto dos bancos plan to migrate more than half of their business. Deployment of any cloud-based software sits at 86%.
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Finding the right cloud partner
Considering these concerns, finding the right cloud platform provider is crucial to your organisation’s future. There are various options today, from new players established in the past few years to long-term names with industry pedigree.
Pismo provides a 100% cloud-native SaaS processing platform for banking and cards. Our system leverages the full capabilities of the cloud with an ethos that focuses on unparalleled flexibility, scalability, and availability.
Pismo was born on the cloud. That means our systems are entirely cloud-native and fully microservices-based. The software was built on the public cloud, designed to provide exemplary service across all banking channels.
Don’t just take our word for it. The numbers back us up. The Pismo platform handles more than $200 billion in transaction volumes yearly, from over 2.2 billion transactions. We’re experienced in transitioning our clients – whether neobank or Fortune 500 – from their legacy infrastructure.
Histórias de sucesso da Pismo na nuvem
BTG Pactual, o maior banco de investimentos da América Latina, lançou o BTG Pactual Banking, seu banco digital de varejo (inicialmente chamado BTG+), no Brasil no início de 2021 – após apenas oito intensos meses de desenvolvimento e testes.
The digital bank uses the Pismo platform, hosted on Amazon Web Services (AWS), for back-end processing. It leverages the platform’s features for core banking, card issuing, payment processing, and other financial services.
A equipe do BTG Pactual também implantou uma consultoria financeira personalizada, uma conexão interativa e bidirecional com o aplicativo de investimento e uma seção de informações dinâmicas, que muda diariamente de acordo com o comportamento do cliente.
Cora é um banco digital brasileiro que oferece contas correntes gratuitas, cartões de débito e crédito e gerenciamento de faturamento para pequenas e médias empresas (PMEs).
Cora uses the Pismo cloud-based platform, hosted on AWS, to integrate its core systems with Visa and card embosser.
O banco digital aprova 80% das novas contas em menos de três horas, um período curto em comparação com outros bancos digitais no Brasil. Três anos após seu lançamento em 2020, a Cora já superou 700.000 titulares de contas.
Pismo is ready to help you take your next steps into a digital future. Read more about our digital offerings by clicking here.
