Rapid digital advancements and changing customer expectations profoundly impact the banking and financial services industry. In this rapidly evolving landscape, cloud-native solutions have transformed the game by providing unrivaled scalability, security, and innovation.
These solutions help enable organizations to stay competitive while meeting stringent regulatory requirements and meeting operational efficiency and personalized customer experience.
The advantage of cloud-native architecture is that it allows banks and financial institutions to seamlessly adopt the latest technologies like AI, blockchain, and real-time analytics.
In this blog, 10 Best cloud-native solutions that are transforming financial services to offer agility, resilience, and growth in an ever more complex business environment are explored.
How to choose Cloud-Native Solutions for Banking and Financial Services?
Here’s a guide to choosing cloud-native software for banking and financial services:
- Security: Some of them are encryption, multi-factor authentication, and sensitive data storage, which should be considered important. Security should be one of the fundamentals when creating cloud-native solutions.
- Cost Efficiency: Use the plans that are cheaper when used occasionally but can fluctuate depending on the amount of service required in a given period, such as per transaction.
- Integration Capabilities: Provide compatibility to the existing environment, profit systems, APIs, payment networks, and the core banking application.
- Vendor Reputation: Users should always work with reliable cloud providers who have deals with the financial service industry to reduce risks.
- Data Residency and Compliance: Find out whether the cloud provider meets jurisdictional obligations for data storage and where the data will be located.
- AI and Automation Features: Fully maximize intelligent solutions for fraud detection, customer service, and automation of different processes.
- Disaster Recovery: Ensure that the solution has reliable disaster recovery and business continuity features.
List of Top Cloud-Native Solutions for Banking and Financial Services
1. Amazon Web Services (AWS)
There are several problems with most cloud platforms; banking and financial institutions can trust AWS, as it offers secure and scalable solutions. It provides services such as data storage, analytics, artificial intelligence, and machine learning.
Using AWS is a good way for banks to improve customer experience, strengthen risk management, and satisfy compliance with regulatory requirements. Hosting on AWS guarantees high performance and reliability thanks to the global infrastructure of AWS.
AWS provides advanced security features to protect sensitive financial data from breaches. Also, AWS helps to enable digital transformation by more rapidly deploying applications and services. With AWS, banks can lower costs, improve operational efficiency, and create more innovative financial products for their customers.
Top Features
- A comprehensive suite of cloud services
- Scalable computing resources
- Advanced data analytics tools
- Robust security and compliance measures
- Global infrastructure with multiple data centers
2. IBM Cloud
Recognized as a trusted IBM Cloud provider to the banking sector, IBM Cloud provides a bouquet of cloud solutions specially designed for the financial services infrastructure.
It enables hybrid cloud adoption by combining public and private cloud infrastructure and helps banks modernize their operations. IBM Cloud AI-powered tools to detect fraud, assess risk, and analyze data.
Moreover, it has blockchain technology as a supporting feature for secure and transparent transactions. IBM Cloud is extremely secure, with all the robust security features that it allow you to comply with strict banking regulations.
Its global data centers provide low-latency services with high availability. IBM Cloud lets banks improve customer experiences, automate workflows, and improve decision-making.
Top Features
- Hybrid cloud capabilities
- AI and machine learning integration
- Blockchain support
- Comprehensive data management solutions
- Strong security and compliance features
3. Oracle Cloud
A comprehensive suite of services suitable for financial institutions is offered on Oracle Cloud. It offers a secure and scalable answer for core banking, data management, and analytics.
The AI and machine learning capabilities of Oracle Cloud help banks find trends and make data-driven decisions. It facilitates digital transformation by allowing the deployment of modern financial applications.
Oracle Cloud provides advanced security and monitoring tools to ensure compliance with industry regulations. High availability and low latency performance with its global network of data centers.
For financial institutions, Oracle Cloud can help with streamlining operations, cutting costs, and increasing customer satisfaction.
Top Features
- Enterprise-grade database services
- Integrated applications suite
- Advanced analytics and AI tools
- High-performance computing resources
- Robust security and compliance measures
4. Google Cloud
In banking and financial services, banking and financial service customers can tap into Google Cloud’s latest cloud solutions, powered by data-driven insights and innovation. Banks can personalize customer experiences and detect fraud with their advanced analytics and AI tools.
Google Cloud is famed for its emphasis on secure data, and a focus on meeting regulatory compliance. It helps facilitate hybrid and multi-cloud strategies, allowing banks a more flexible outlook when managing the infrastructure. Google Cloud allows financial institutions to modernize legacy systems, increase operational efficiency, and scale services smoothly.
Top Features
- Advanced data analytics and AI capabilities
- High-performance computing resources
- Global network infrastructure
- Strong security and compliance features
- Scalable storage solutions
5. Microsoft Azure
Financial institutions trust Microsoft Azure as the leading cloud platform. It brings you tools for data storage, AI, machine learning, and application development. Across industry verticals, Azure provides security features to protect sensitive financial data while meeting regulatory standards.
Azure will enable banks to develop scalable, customer-focused applications and improve operations. It has hybrid cloud support, making it possible to combine an on-premise ecosystem with cloud services.
Another advantage of using Azure is its offering of advanced analytics tools for better decision-making and risk management. Its high availability and performance are provided by its global network of data centers.
Top Features
- Comprehensive cloud services suite
- Hybrid cloud capabilities
- Advanced analytics and AI tools
- Strong security and compliance features
- Global infrastructure with multiple data centers
6. Oracle Flexcube
Oracle Flexcube is a powerful core banking solution for financial institutions. And it has a great number of features, such as digital banking, payment processing, and risk management.
Banks get help from Flexcube to automate routine processes and make use of them to increase efficiency and reduce operational costs. The robust analytics tools of the platform allow institutions to have an insight into customer behavior and a market standpoint.
Oracle Flexcube contains compliance built in to make sure that operations follow global banking rules. Multi-currency transactions are supported by the platform, as well as seamless integration with other systems. It also enables banks to improve customer experiences, automate tasks work more efficiently, and better innovate faster.
Top Features
- Comprehensive core banking functionalities
- Digital engagement solutions
- Payment processing capabilities
- Risk management tools
- Regulatory compliance features
7. Finacle
Infosys developed Finacle, which is a whole banking platform that many financial institutions use. The solutions offered for watch core banking, engaging digitally, and paying. Multichannel banking is supported by Finacle, where all customer services are available on mobile, web, and the branch platform.
Banks can use their analytics and AI capabilities to personalize services and increase customer loyalty. The platform is set up for scale, so it’s great for banks of any size.
It also enables compliance with banking regulations and offers secure features. Finacle helps banks to operate in a more streamlined fashion, to innovate more rapidly, and to delight customers better.
Top Features
- Core banking solutions
- Digital banking platforms
- Payment processing capabilities
- Analytics and reporting tools
- Regulatory compliance features
8. TCS BaNCS
Tata Consultancy Services is a versatile banking platform referred to as TCS BaNCS. They offer core banking, wealth management, and payment solutions, among a few others.
The platform is high-scaled, enabling it to suit large and small financial institutions alike. TCS BaNCS combines smart technologies like AI, blockchain, and others to provide an improved level of security and operations.
It is good for multi-currency and multi-country operations, which suit the doors of banking globally. Banks using TCS BaNCS reduce their operational costs, improve efficiency, and provide customers with a better experience. The compliance features of this claimer make it comply with industry regulations.
Top Features
- Core banking functionalities
- Digital banking solutions
- Payment processing capabilities
- Wealth management tools
- Regulatory compliance features
9. nCino
The nCino is a cloud-based platform focused solely on the banking and financial industry. nCino helps banks streamline processes, reduce paperwork, and enhance consumerism through its solutions for loan origination, account opening, and customer relationship management. Powered with Salesforce, the platform unites seamlessly with other tools and systems while nCino’s analytics.
It contains compliance with banking regulations and has robust security features. There are two key benefits nCino provides for financial institutions: faster loan approvals, better workflow management, and better customer satisfaction. This is an innovative solution for today’s needs of modern banking.
Top Features
- Loan origination solutions
- Account opening platforms
- Customer relationship management tools
- Workflow automation
- Regulatory compliance features
10. Temenos
A leader in cloud-based banking solutions Temenos offers core banking, digital banking, and analytics services. The platform aims to support banks in innovating and delivering personalized customer experiences.
Temenos also facilitates multi-currency and multi-country operations, and this is most suitable for global financial institutions.
But the AI-powered tools give banks the ability to analyze customer data and find the best way to serve those customers. Temenos also takes care of ensuring compliance with regulatory standards through its security.
It is highly scalable, and integration with the existing system is quite effortless. Temenos helps banks with reduced costs, improved efficiency, and faster innovation.
Top Features
- Core banking solutions
- Digital banking platforms
- Payment processing capabilities
- Analytics and reporting tools
- Regulatory compliance features
Looking Ahead
Today, the financial industry recognizes the pressure to adopt cloud-native solutions as a strategic imperative with digital transformation creeping upon them, and they are looking to embrace a cloud-native future. These solutions both simplify operations and give it the agility and scalability to respond to changing market conditions and changing customer demands.
The 12 solutions discussed here are helping pave the path for a more intelligent and resilient financial ecosystem, from improved security to real-time insights. Using these innovations, banking and financial services can gain new growth opportunities while staying ahead of the curve. This is the cloud-native future of finance, and innovation starts today.
FAQs
What are the benefits of using cloud-native software for banks?
Being cloud native means that there’s better scalability, faster deployment times, better customer experiences, better security, and you have more built-in capability to integrate new technologies like AI, blockchain, and analytics to drive innovation and efficiency.
Are cloud-native banking solutions secure?
Yes, cloud-native deployments usually consist of high-security measures, including encryption, multi-factor authentication, and automated regular compliance updates to safeguard sensitive financial data and meet regulatory requirements.
Can banks easily migrate to cloud-native software?
Yes, building cloud-native solutions, ones that can easily integrate with existing systems, reduces the pain of the migration. For flexibility, most of the solutions are hybrid and multi-cloud.
What does regulatory compliance look like with cloud-native tools?
Built into cloud-native software are machines that often enable built-in compliance features that enable banks to comply with strict industry regulations for data security, privacy, and financial transparency.
Can cloud-native banking platforms be personalized?
Many cloud-native platforms give banks what they need, in the form of customization options, to build applications that meet their business needs and improve customer satisfaction without jeopardizing regulatory compliance.
