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How EY can Help
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Open banking is emerging as a new battleground, as customers seek more convenience, choice and access to financial data and services.
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Cloud is essential for future of payments
Banks need to deliver a real-time end-to-end experience across a range of payment methods. Bank payment infrastructure also needs to deal with the substantial increases in payment volumes following COVID-19 and open banking.
Public cloud can play a key role in meeting these challenges. Taking the first step to cloud with the last-mile component of payments could be the catalyst for cloud adoption, to really start adding value to critical services. It should build confidence and belief in what cloud can achieve. It should mean the many benefits of using cloud – such as lower costs and increased agility – will become clearer. This may galvanize management to push cloud to the top of the agenda.
It can’t come soon enough for banks. More use of cloud will help provide the flexibility to change that is key for survival. Banks will then be able to compete and win in payments.