How cloud will transform the retail banking industry

Abstract

This paper focusses on current trends in the banking industry and on illustrating how these trends can be supported by cloud computing. The main characteristics of cloud computing that could support transformation are facilitated data accessibility, enabled processing of data from various sources and the opportunity of an easier integration of functions or data. Trends in the banking industry are increasing customer centricity, redesigning of branches and deployment of new communication and distribution channels. For each trend we report quotes general information to provide an overview of the transformation caused by this trend. We identify which business processes are influenced, how they are affected and we explain how cloud computing could support the identified changes.