Barclays focused on the simplification of its operations and organization during the first half of 2024 as it leaned into its cloud strategy and upgraded legacy systems. The London-based bank plans to increase its workload on the cloud to 85% to 90% from 75%, according to today’s earnings presentation. Additionally, Barclays is upgrading its legacy […]
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KeyBank spends $800 million annually on technology and expects expenses to grow in 2025 as it continues to invest in overall operations. “The reason we’ve been able to invest is we took $400 million of expenses out last year just for the purpose of being able to invest in people and technology and the […]
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ConnectOne Bank invests in technology that generates data to boost efficiencies, but the systems are only beneficial if employees use them consistently.
For example, the $9.8 billion Englewood Cliffs, N.J.-based bank has used nCino’s loan origination system since 2017, Chief Technology Officer and Executive Vice President of the bank Sharif Alexandre tells Bank Automation News on this episode of “The Buzz” podcast. However, the bank since then has added both modules and employees, so use of the technology has been inconsistent.
To increase consistency and usage, the bank has teamed up with nCino to create a re-education strategy for all ConnectOne Bank staff, Alexandre says. The training took place in recent weeks.
The education for employees ensures that the they know how to the tech to create a foundation for “good, clean data to come out of that system so that we can use it going forward,” he says.
Listen to ConnectOne’s Sharif Alexandre and Siya Vansia, chief innovation and brand officer at the bank, discuss technology and data strategies.
Early-bird registration is now available for the inaugural Bank Automation Summit Europe 2024 in Frankfurt, Germany, on Oct. 7-8! Discover the latest advancements in AI and automation in banking. Register here and apply to speak here.
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.
hello and welcome to The Buzz a bank automation news podcast. My name is Whitney McDonald and I’m the editor of bank automation News. Today is July 8, 2024 joining me from connect one bank is Chief Technology Officer and Executive Vice President, Sharif Alexander, and Chief Brand and Innovation Officer siya vansia. The tech leaders are here to discuss the bank’s data strategy and innovation efforts. Thank you both for joining us. Sure.Siya Vansia 10:28:54
Well, thanks Whitney for having the both of us. It’s exciting for me to do this with Shari too. I don’t think I can do my job without so I am the Chief Brand and Innovation Officer at connect one bank. I can’t believe I’m saying this, but I’ve been with the company over 13 years. So I started at a a true community bank, a small 45 person, 400,000,400 $50 million bank, and today we are a regional, bordering, regional commercial bank with a presence in New York, New Jersey and South Florida, so I oversee the marketing communications PR, anything with our logo on it for the bank and our other brands, along with innovation, which is really sort of shaping strategies around FinTech partnerships, potential investments and understanding the landscape and where opportunities for connect one exist to partner and obviously work hand in hand with Sharif on that front. And yes, Sharif on
Whitney McDonald 10:30:07
that note, why don’t you tell us a little bit about your role?
Sharif Alexandre 10:30:09
Sure, I’m frika Alexander. I’m the Chief Technology Officer at connect one bank, and I’m responsible for developing and executing our technology strategy, managing our system and data infrastructure and our software development initiatives. I joined connect one bank in 2022 so I’m a youngin in the banking industry, so it’s about two and a half years and before that, I came from the tech world. I actually founded and ran several startups. So it might seem a little odd that I come from the startup world to a bank, and the that journey really started with getting to know connect one bank and its entrepreneurial culture that was completely embodied by our founder and CEO, Frank sontino, he’s, he’s, he’s a builder. And that translates into, you know, the culture of the bank and the way it operates as an entrepreneur, sort of an entrepreneur organization, serving our clients in that way.
Whitney McDonald 10:31:12
Well, this next question, and this will kind of get in, get us into the bank’s actual technology and innovation strategy, but it sounds like maybe you can both talk us through the innovation strategy at connect one, but maybe Sharif, maybe you could kind of kick things off and talk us through bigger picture and then we’ll get into some more specifics here. But how do you really approach tech and innovation, especially from the tech background that you have? Yeah,
Sharif Alexandre 10:31:35
well, like I said, connect one has always been a tech forward institution, right from its very beginning in and it was also, you know, focused on, on the on the client as the primary it’s not wasn’t just technology, it was in technology and service of the client, and what we can do to make their life a lot better, reduce their friction. So if you think back in 2005 you know probably your biggest technological decision was whether or not to have online banking or not, right? So fast forward to today, and the technology landscape has completely evolved and blossomed in ways that I think it’s been great, but also challenging. We have so many different options with different FinTech partners, with fintechs out there offering, you know, very niche solutions. And so a bank today has a choice of, you know, to to buy the technology, to partner with fintechs, or to build so and over the years, we’ve, we’ve actually done all three, you know, it’s just as an example. We ended up, a few years ago, buying a FinTech called bowfly that services and provides products and services for the franchise industry. On the partnership side, we’ve partnered with mantle for our deposit origination system. We’ve been working on that for the last year or so, and that project is just coming along great. And on the on the build side, one of the first things that I did when I joined connect one was to build a data warehouse, a data lake in the data warehouse, so that we can aggregate the data from our various data sources. And that’s just, again, that just lays the foundation for other, you know, everything else that we can build on top of
Whitney McDonald 10:33:24
that. Tia, did you want to also add to the overall strategy on. Innovation site.
Siya Vansia 10:33:28
So I think, I mean, I think Sharif hit the nail on the head, and we’re in an environment where, especially after 2021 where there’s, for me, there’s never been a better time to be in bank innovation, right? There’s so many options where we’re constantly evaluating what’s on the market. I think, from a higher level, strategic position, like Sharif said, we were founded our it’s in our DNA to sort of build a our bank around the client. And so, you know, when we first established the innovations division, first mandate was, okay, what’s the strategy? How? What does innovation mean at connect one bank, and so to put it very simply, my North Star for our company is to continue the existing mission of the bank. So connect one is a high performing commercial bank that delivers a best in class experience to the small, middle market client. Everything we do from an innovation standpoint, or technology investment standpoint, should support that that mission of the bank. And so it’s sort of broad, and it’s a little bit probably more soft than what you may hear from other tech teams, but it serves as a North Star for our entire team as we’re going out and evaluating the market. And Whitney, you’ve been in this space for some time. You know how sort of the trend cycle works, helps us navigate what trends are worth unpacking and what aren’t, knowing that we’re building around our clients and around that company’s mission.
Whitney McDonald 10:35:06
Well, it definitely sounds like you’re both on the same page, of course, of course, client centric. I know that Sharif talked through partnering, building, buying. Of course, that that question of buy versus build, that you’ve talked through many times. But I mean, maybe we can talk through, how do you collaborate? How do you work together? I know that you have this innovation unit, this innovation division, which is unique, and you’re starting to hear more on the innovation front, but maybe talk me through, how do your teams work together? How do you collaborate? How do you get on the same page when it comes to what you really should be innovating when it does come to that client centric approach?
Sharif Alexandre 10:35:44
So I mean, I think we can start with just the idea that, you know, the business drives in the technology, right? And I think that that’s something that I think, especially coming from the tech side, you get lost around the next shiny object, the next shiny thing that’s going to be super cool, super interesting, super hyped up. And we try to stay away from that and always really stay focused on the client, really, what are their needs, and how do we deliver the value that we, you know, started this, this bank for right, for them to and to reduce their friction, increase their their experience. So there’s and that that takes many forms, right, the the actual technology, or the, you know, could essentially be directly facing them, you know, some front facing piece of system or that they interact with directly, or it could be literally just increasing efficiencies on the back end that ultimately allow us to service the client better. So we look at it holistically, right? And we don’t just look at one little thing or what is sort of like in the hype cycle of tech. Obviously, we keep track of that. We try to keep track of what is going on in the industry and what makes sense and how it might fit with our overall larger strategy, or sort of strategic roadmap, but it is always keeping the client front and center and to that. So how do we do that? We do that by talking to them. We listen. I think part of the, you know, the primary job description for that I have, is to listen, both to clients and internally, to our team members, just to understand what their needs are. What are they saying? What are they not saying? What are their pain points? And then to go and, you know, figure out the right mix of build by sort of, to match those, to cover those use cases, essentially.
Siya Vansia 10:37:38
Yeah, and just to add to that, I mean, I think it’s, we’re, we have very different skill sets, you know, I can’t. So I always joke with Sharif. I say, when he’s, he’s like unpacking the tech. It’s like watching a foreign film. But I think it’s, it’s we spend a lot of time together. And I think what is very helpful is, you know, I Sharif brings such a unique perspective because of his background. I think I’m a little I’ve been in banking for so long, so I think the hybrid works, and I we do a really great job of spending a lot of time together upfront in order to make a decision. You know, does does this use case make sense? Is there a business case here? How does this impact our clients? What are the economics of it? What’s the technology and so. Uh, it takes, it takes so much work and collaboration to get to a go or no go decision that by the time we are ready to execute we we’ve created enough alignment to divide and conquer.
Sharif Alexandre 10:38:41
And the other thing I’d add is that sometimes we just just going back and forth and just thinking through ideas. I mean, there’s like, again, the technology is moving so quickly. A lot of a lot of just conversations don’t end up going anywhere. It’s literally just exploring the hey, does this make sense? Is there a real use case here? Or again, you know, just trying to sort of separate the real value that we want to deliver to our clients from, from the hype of that particular tech that might just kind of be in the moment.
Whitney McDonald 10:39:10
Yeah, a couple things to unpack here. One thing is, definitely you don’t need to get caught up in the the shiny new tech, right? And I think that that kind of came full circle at the end of this Converse or at the end of this question that started this you don’t need the sexiest new technology, right? Sometimes it can be a little bit more simple. Sometimes it can be a front end or back end efficiency. So we talked big picture. We talked about how you approach innovation, how you work together. Maybe we can kind of talk through some of these digital tools or solutions or projects that you guys have worked on. Maybe you can talk me through an example or two here of some projects that you do have, either in the pipeline or that are live today that you’ve collaborated on together based on that client need and that strategy,
Sharif Alexandre 10:39:55
yeah, so as far as I mean, we have, it feels like we do a lot, and so there’s several projects that that we’re currently Working on. One is working with our technology partners, Z suite, which is offers a commercial escrow and sub accounting system, again, that’s to enhance the client experiences for our commercial customers. It really gives them something that allows them to, you know, sort of one, I guess the one of the things that help that we understand is that in order to give the best service to our clients, sometimes it’s super high touch, personalized service, and sometimes this is giving them the ability to self service, because that’s what they need to be able to bank on their time and on their schedule. And this product does exactly that. It gives them the ability to sort of manage their their it gives them a self service sort of way to manage that as well as if they decide, you know, they don’t want to, we can still go in with the high touch personalization that we do. Another project like I mentioned before was is mantle we that was, for us, a complete omnichannel deposit origination system, and we did consumer online onboarding, business onboarding, and we’re completing the branch go out right now as well, so completely on omni channel. We’re also looking at it just internally, looking at optimizing workflows that that we have. You know, it’s interesting, there’s, a an organization actually read the stat, and it’s not too long ago, it was just mind blowing that, you know, the average enterprise is over 1000 apps in your organization. So you can imagine 1000 different apps, you know, that don’t necessarily talk to each other, or that might have some very limited sets of integrations. And so there’s a lot of swivel chairing that still happens. And to me that that’s one of, one of the things that we can do a lot is just optimizing that, that connectivity between, between those apps, you know what? I call it, the sort of creating the connective tissue so that, you know, it is, it is just better levels of integration, and that ultimately leads to better data, which, you know, again, is a huge, you know, priority for us, you know, talking back about the data warehouse and ad so, and then we also have, you know, new verticals that were that we launched. We partnered with Nimbus and launched the venture on brand for connect one. And that’s that again. So those are sort of all the different areas that we are exploring,
Siya Vansia 10:42:37
not the continuous development of bowfly, which, which is why Sharif has no hair. Yeah,
Sharif Alexandre 10:42:44
yeah. So yeah, actually, yeah. And then it goes into the, you know, the custom software development that we’re doing and building out again, platforms, the both side platform, just rebuilding and expanding on that.
Siya Vansia 10:42:57
Yeah, and, I mean, Sharif touched on a lot of great initiatives. There’s, there’s always sort of the headline initiatives that you’ll see in press releases, which are important projects. But there’s, I think, since inception, and really, through building a great team, we’ve, we’ve built a culture of continuous improvement. And so there’s, there’s the headline items that we talk about, but they’re sort of the continuous development. Sometimes it’s developing a. Small. I don’t, I don’t want to speak tech, but developing a small solution that, to your point, connects two tools and eliminates manual process for us, and that’s sort of, sort of always going in the background. You know, we’re a growth company. We’ve made it to 9.8 billion in just under 20 years, and so a lot of we’re always looking to the future for new partners, but we also have to continue to optimize our infrastructure to support scale.
Whitney McDonald 10:44:00
Now, speaking of optimizing that infrastructure, and I know that you both gave examples there of what that looks like and what you’re investing in on that front, one thing that I wanted to break into a little bit here, that Sharif was talking through, is the data strategy, the infrastructure, the systems architecture behind that data strategy, Sharif, maybe you could take that a step further. How are you making sure that you are tapping into your your good, clean data, that data is the name of the game right now, and everyone’s tapping into their data. So how are you ensuring that you’re doing that in a secure, responsible way that’s giving you real outcomes based on your data? Yeah,
Sharif Alexandre 10:44:35
no, that’s a really good question. And I think there’s two components to that. There’s the technological component, and then there’s the human component. And I actually realized that the human one is the much harder one, but on the tech side, which is the easier of the two, it is literally getting we decided to build our own data where so, I mean, there are obviously systems out there that we could have built, you know, to off the shelf or customized, but we decided to build from scratch because we wanted to have that control over every part of that, that architecture, right from from how it’s built to the to the ingestion workflows, to the orchestration, and also that because we wanted, not only to be able to take in the data, to be able to clean it and to store it in the way that we wanted, that we needed to, we knew that we were going To be building off of that. So as an example, we had, you know, one system where we were doing, I think it was five to 10 different daily exports out of that system, into into, into other systems, right? And and each one had sort of its own, sort of separate needs and all that kind of thing. So you had all these different scripts running at all different hours, and we took that, you know, ingested it into the data warehouse, we normalized that data, and then, you know, from a single place, we’re able to export it out to all tech, right, that, and now it could go to 10 to 100 the scale is there for us to be able to easily do that. So it that, from it some from a techno from a technology perspective, we architected and built a data warehouse and the ability to intake different data sources so that we could, you know, do that the hard part is the human part, right? Is the the change management around people. Um, using the systems that that are are generating these data to use them effectively, to use them correctly, not to use workarounds, and that kind of thing. And we’ve invested a lot in that as well, you know, we just recently went, you know, we use as an example encinos, our loan origination system, and it’s a fantastic system that doesn’t and, you know, it is really, you know, the the heart of what we do is generating commercial loans, and so it’s a very cool piece of our, of our infrastructure. But, you know, it’s also as good as the data that you put into it. And we were one of the first, or, you know, early. We one of the early adopters of Encino. I think we started using it back in 2017 and over the over the years, you know, we’ve had, you know, new employees come and different, you know, modules get added and that kind of thing. And so we noticed that the usage was not as consistent as we’d like to so over the last six months, we worked through an entire strategy to re educate the entire user, you know, client base here, our employees here, to be able to reintroduce and so, you know, to the to everyone that needs to use it and to norm, sort of normalize, or to get everyone to be able to use it in a consistent way. And that really was in service one of just, you know, getting efficiency, making sure people know how to use it and use it well, but also to create the foundation for good, clean data to come out of that system so that we can use it going forward.
Whitney McDonald 10:48:06
And has that consistency changed over the past six months? Well,
Sharif Alexandre 10:48:10
we spent six months in partnership with Encino to do a week long training for the entire company. That just happened. That just happened a couple of weeks ago. So we are keeping very close tabs on that there were definitely sort of. We baked in a lot of metrics, just, you know, to track how we’re doing in that, in that sort of, in that effort. Let’s talk in about six months, the, you know, the report of how well we actually did
Whitney McDonald 10:48:43
well. I’ll definitely be following up with you on that one, because that’s an interesting initiative and kind of a training effort, but also something that hopefully will be quantifiable in the coming months. So that’s great. So we we talked through strategy, we talked through products in place, we talked through how you look to your clients for what innovation needs they are need to be met for them. So maybe we can kind of do more of a Forward Look here on what the rest of the year, or even further, looks like for you. What are you looking into? What technology are you exploring right now? What are you excited about? What are you working together on?
Siya Vansia 10:49:25
So, I mean, it’s crazy that there’s like less than six months left in 2024 but I think it’s, it’s, I think we’ve been incredibly exciting like close out to the year, and I think 2025 is going to be that’s going to spill over into 2025 so we’ve expanded our talent base. We’ve made some really great hires on the digital cooperation side, and that only propels our our ability to transform our infrastructure and really build best in class solutions. Um, think, very candidly, a lot of the projects that Sharif had talked about are coming to fruition. And so, you know, one once those systems are fully implemented, it creates a whole new layer to to build on and develop on. And so that’s incredibly exciting. I know he touched a little bit on venture on which was built in partnership with a tech provider called Nimbus. We’re live. We’re in production today we’re live, and so the rest of the year is really building that product out in conjunction with the client base. To me, that’s incredibly exciting. So we’ve got, like, the core down, and now it’s really tailoring that product set to the client. And I think what through Sharif’s efforts within our company, I mean, he talked a lot about, like, the hard part about data is that people, but, but, well, I should say, and we built a lot of muscularity around our company, around data, right? For a long time, data was, was the responsibility of a team, and really one department access the data. And now, with so many different departments, running reports, logging into our data lake, understanding client behaviors, or, you know, whatever, whatever is pertinent to their department, I think, allows us to look ahead very differently, because our whole company has built this muscularity right and so we’re leveraging insights. Driving better results. Every division is thinking about their solutions in both a client centric and a data centric way, and I think that’s incredibly exciting. Of course, there’s always going to be the trends, and I we look forward to them. It is exciting to see where the market’s going. Look at new technologies, look at the new use cases that are possible. And so I’m excited to see what happens in the payment space, what happens in identity, what happens in fraud. There’s a lot of talk about open banking. Think it’s too early to make any predictions, but it’s all very exciting.
Sharif Alexandre 10:52:08
You know, I think the one thing I’ll add, and sort of goes back to that people thing, and I hope that didn’t come across, like, in a negative way. It’s coming from the tech space. There really is an assumption that you build it and not necessarily they will come but like, Hey, this is a great solution to solves a real problem. And now I’m just going to, you know, put it out there in the world, and people should use it and and, you know, you know, it was kind of really eye opening, from my perspective, to to come here and to see that, you know, the it could be the best thing in the world, but if you can’t sell it, and you can’t convince people that it’s something that is going to be a real value to them and ultimately, to Our clients, again, going back from service to our client, that, you know, it’s never, it’s never going to be adopted in a way that it’s going to really have that full value. We’ve seen it again with internal systems, and it’s something I keep, you know, very you know, sort of understand that, take that lesson and apply it to anything that we look to either build by or park right? Because it has to be something that, not only is it a good piece of technology, but is it something that we can bring into the organization in a way that allows that, that that will be adopted, in the way that it needs to be adopted. And we’re going to build, build in and bacon enough to. Time and resources to make sure that that technology is adopted correctly. And I think that that’s that’s interesting and it’s exciting. I know that might sound kind of boring on some level, but you know to get people to to use a new system and to use it well so that, and then they ultimately, you can still want to see that light bulb switch right when it all of a sudden clicks, and they start to use it and use it correctly then, and you kind of see, like, wow, this is really making my life a lot easier. That’s, that’s where, you know, you sort of hit like, you know, Jack life.
Whitney McDonald 10:54:02
You’ve been listening to the buzz a bank automation news podcast. Please follow us on LinkedIn. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time, and be sure to visit [email protected] for more automation news. You.
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Financial institutions are exploring the use of quantum tech to optimize operations within payments and security. Quantum technology can make payments safer through cryptography and by providing secure communications, Lily Varon, principal analyst at think tank Forrester, told Bank Automation News. “When we think about quantum computing, we think about payments and quantum security in […]
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Financial institutions can look to financial operations strategies to manage costs when moving their operations to the cloud.
“We all know that financial institutions really operate on relatively thin margins, so having really strong governance, good controls, a good handle on your cloud costs is super important,” Donny Cross, vice president of strategy at scalable technology provider Rackspace, tells Bank Automation News on this episode of “The Buzz” podcast.
FinOps is “a management practice that promotes joint responsibility for governing, managing organizations’ cloud infrastructure and its costs,” Cross says. FinOps can play a role in helping manage cloud migration costs by leveraging AI, building budgets and identifying cost increases, he says.
Rackspace offers a FinOps assessment, which includes a two-month overview of a company’s cloud environment, according to the Rackspace website. Following the assessment, Rackspace can identify “low-effort, high-impact adjustments” to the cloud to promote savings.
Listen as Rackspace’s Cross discusses cloud migration, cost management and FinOps.
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.
Whitney McDonald 13:05:32
Hello and welcome to the buzz of bank automation news podcast. My name is Wendy McDonald and I’m the editor of bank automation News. Today is June 11 2020, for joining me as Donnie Krause, Vice President of Strategy for Rackspace, he will discuss how fin ops can help financial institutions approach cloud migration, and the cost and budgeting associated with it. Hi, Dani, welcome to The Buzz.
Donny Cross 13:05:53
Thank you. And thanks so much for having me today. Donnie cross, I act as the CFO for the Rackspace, public cloud division for the Americas. I also oversee our fin ops practice, which is one of the largest in the world, we have over 1.3 billion under management, and then Rackspace. As a whole, we are a very large, multi cloud and hybrid cloud provider, both from a private cloud on prem standpoint, but also in the public cloud and one of the largest providers in this services.
Whitney McDonald 13:06:29
Now, tell our listeners a little bit about finaps. That’s a big part of your role. So if you could tell us about the process of maximizing value through the cloud and what that can bring to financial institutions. Those folks that might be listening today.
Donny Cross 13:06:43
I think, for folks not familiar with phenomics. It really is. It’s a management practice that promotes joint responsibility for governing, managing organizations, cloud infrastructure and its costs.
Whitney McDonald 13:06:58
And how would a financial institution really approach they’re fun ops operations? I guess?
Donny Cross 13:07:05
I think for a financial institution, it’s especially relevant, right for a couple of reasons. One is we all know that financial institutions really operated on relatively thin margins. So having really strong governance, good controls, a good handle on your cloud costs is super important. And number two, from a regulatory and compliance standpoint, if you have a good finance practice in place, you really understand the details of your cloud costs and how it relates to your business volumes. Right. So from a regulatory standpoint, being able to be super transparent about your controls, and the components of your cloud costs, I think, are really
Whitney McDonald 13:07:45
important. So we know and we kind of just alluded to that here. But Cloud migration is a hot topic. And it’s a huge investment. But it’s kind of unnecessary investment, we can take a step back here and just talk about the importance of having this cloud migration strategy. Why FIS need to be tapping into that and investing and then we can kind of take it a step further in a second. But let’s talk through the importance of having this cloud strategy and getting your operations to the cloud.
Donny Cross 13:08:12
Yeah, this is this is such an important topic. And I will tell you that it is such a common story for us to come into a client environment, and they’re experiencing cost overruns, and cost increases post cloud migration. And the reason is, right, we see so many customers go through what we call a lift and shift migration, essentially just pick up their applications or workloads and move them to the public cloud. But what they see is they they kind of have their their data center now in the cloud, right? And because the cloud, really that pent up demand issued goes away, everything becomes on demand, then they see themselves consuming much higher volumes and the subsequent cost increase. That’s off all the alarm bells, right. So that that whole issue and drama is easily preventable, right? By getting fit ops practices and disciplines in place during your migration planning. So that’s what we promote. And it’s something that’s, again, not overly complex or difficult to do. Maybe
Whitney McDonald 13:09:22
we can talk through what that migration planning might look like what those conversations by look like the considerations, benefits and how you really consider the cost versus what you’re trying to achieve. What are those conversations with your clients look like?
Donny Cross 13:09:37
So again, when you have kind of this, this Phillips function or discipline in place, and I’m talking about, you’re hiring Philips experts, actually, I’m talking about a joint responsibility where you’re bringing to that migration planning function, technical stakeholders, financial stakeholders, and the business stakeholders. And these three in conjunction then can align on the migration schedule, the sequence, the expected costs, once you land in the cloud, and the ramp of those costs over time, but you must also agree on the ramp down or elimination of the cost from the on prem side, right, I mean, hardware software maintenance labor, data center util. At least you kind of go down the list right? See your it’s so important that you have joint agreement and ownership on that plan as you begin to execute, and therefore kind of avoiding the surprises afterwards.
Whitney McDonald 13:10:46
Yes, avoiding surprises is usually a good thing. That’s usually a positive for financial institutions when you can avoid problems down the road. And that kind of goes toward the strategy, right? You want to have what all your steps are in place, what are you trying to achieve? How much do you want to cost? You don’t want to come across those surprises when you’ve already started implementing a process. So I know that step one is probably having that strategy in place having those conversations, but what would really the implementation of a finished solution look like? So you’ve you’ve come across your or you’ve come up with your strategy, and you have your plan? So you’re ready to implement? What does that look like?
Donny Cross 13:11:25
Yeah, I would say really, step one is getting, you’ve got to have proper visibility. So we call this observability, right, and I would tell you that the hyperscalers, and we’re talking about AWS, Azure and GCP, they’ve done a great job in improving the native observability of their platforms over time. But we still see that there’s a gap. And there’s a number of third party tools, observability tools that provide that additional visibility later. Because you really want to have, you know, a best practice tagging strategy. So you can align costs to the actual workloads and functions. And so getting that in place really is step one, and then having that joint ownership of that thin ops function in place to govern and manage goes along with that.
Whitney McDonald 13:12:18
So when you talk about cost, I mean, we follow pretty closely tech spend, and what all of these types of cloud migration, for example, might cost you. And sometimes it’s hard to quantify. So when you have like a finance solution in place, it’s easier to kind of pinpoint where your savings are, where you’re spending.
Donny Cross 13:12:37
Oh, absolutely, absolutely. And I’ll tell you that there’s a number of steps you go through as you’re optimizing those costs, right? Remember that, and this, this is a key takeaway. We’ve spent decades getting really good at governing and managing our IT costs on prem. Doing this in the cloud is completely different. For going from a CapEx model to a completely APICs model. It is completely demand based, right, volume driven. And so managing those costs is completely different. And so again, having that structure in place, we often advocate that organizations put together a finaps charter, let’s outline the objectives, the responsibilities, the stakeholders, the ownership, that we’re going to then kind of enforce and abide by going forward. But having that in place is so important. When you combine that then with the the visibility or observability I’m speaking of, you can then like No kidding, really understand and govern and optimize those costs. On the optimization front, it’s so common for our customers to over provision in the cloud. The cloud is an elastic resource, it gives us the opportunity to, to right size, the environment, according to our workload demands, right. And then on top of that, we’re able to eliminate waste, we’re able to put financial instruments or reservations in place that dramatically drive that cost down. So it really is a fantastic, I would say environment, right to optimize and align costs to workloads or business function. Yeah,
Whitney McDonald 13:14:26
I mean, that’s essential right now, like you can’t you can’t have a conversation with a financial institution without hearing about cost savings or added efficiencies and being able to pinpoint how much something is costing you or where efficiencies are coming in. That’s, that’s key and almost priceless right now. So let’s say you have this strategy in place you’re ready to implement, what kind of technology do you have to have in place in order to benefit from a solution like this?
Donny Cross 13:14:53
Yeah, I mentioned before, right, the native tooling, native flush, that has gotten much better. But I also really do advocate for third party tooling. We still see a gap in really what customers need in terms of detail, and flexibility to govern and optimize their costs. So getting the proper third party tool in place, and yeah, I’m not going to recommend a specific tool. But I would tell you that if you look at Gartner, Forrester, any of the big analysts they have reviews of we call them CMPs cloud management platforms, right and Though you can quickly see who the top 345 are, that you might look at. Or if you’re using a partner, you know, they’re going to have a tool of choice. So we really do see that being essential to get the proper visibility to really jumpstart your your Phillips discipline.
Whitney McDonald 13:15:50
Now, speaking of technology, and it’s hard to have a conversation right now with talk without talking about AI, what role can AI play in assisting finaps? Yeah,
Donny Cross 13:16:00
thank you so much, right? We can’t have an IT discussion today without also talking about AI. Right? I know, it’s on everyone’s mind. And I’ll tell you that there are actually there are a number of automation features and functions available that are AI light, right without being true generative AI, but let me touch on a few. So in the cloud, we have the ability to set up real time alerting, and anomaly detection. Super important, right. So we had a customer just a few weeks ago, that spun up a generative AI program in test over the weekend. And because they had anomaly detection in place, they were able to shut it down within 48 hours, because it was taking off kind of some runaway costs, right. So if they had let that run until month end, it would have been a disaster, right? So you must take advantage of cost alerting anomaly detection. Secondly, I would point to resource optimization. So the cloud offers us a number of functions that can utilize auto scaling. This allows us to ramp up or ramp down, you know, resource consumption based on the workloads needs or demands, right. So super important. And lastly, I would point to predictive analytics, the forecasting functionality that’s available now is so much better than it was historically so we can look back at do trending analysis, we can easily pick out you know, the the anomalies or the one time events, and really get a very good picture of how to forecast our future spending consumption before we begin to layer on. Okay, now, we’re also going to do these optimizations are these new workloads are coming in? So the forecasting function has gotten much more advanced?
Whitney McDonald 13:18:01
Yeah, the forecasting is really interesting. And it kind of gets me into this, this next question about tech spend, and budgeting and how this can really be a tool for those folks that are on the decision making side when it does come to what goes into tech spend. So how can this be used for budgeting?
Donny Cross 13:18:20
Yeah, so this that, that’s a really good question, I will tell you that we have the most success with our customers who are willing to set up dashboards, right. So we’re, we’re showing budget, are showing forecast, and we’re showing actuals against those measures, right. And when you can do that aligned to business units, you begin to get traction, because people pay attention, they can see that what they’re doing has a direct impact on these results and how they’re being measured. The old management as you know, what gets measured gets done. Right. So this actually does apply. And again, you have proper tagging, we have proper visibility and proper reporting. We see that affecting behavior, which is what we want.
Whitney McDonald 13:19:10
Yeah, I mean, it takes the guessing out of it, it’s right there in front of you. That’s great. Um, now let’s say you’re a listener, here, you’re thinking about or you’re in the process of cloud migration. Of course, you have cost savings on your mind, you’re prioritizing where you should spend and making those decisions. What’s an immediate takeaway, that they could go back to their team and say, this is something that we should be doing or an area that we could prioritize in the short term? Yeah,
Donny Cross 13:19:39
I would say the takeaways are really twofold. One is it’s so important, you must recognize that managing governing your costs in the cloud is completely different. So you cannot rely on past practices as you plan your journey to the cloud number one, number two is from a fin ops perspective, you have to get started. You must acknowledge this is a new and different function or discipline that you want to embed into your overall governance structure for the cloud going forward. So number one is different. Number two, get started.
Whitney McDonald 13:20:21
You been listening to the buzz, a bank automation news podcast, please follow us on LinkedIn. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time and Be sure to visit us at Bank automation news.com For more automation news
Transcribed by https://otter.ai
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Amazon Web Services’ business clients can now tap Visa’s payments solutions through the recently launched Visa Cloud Connect platform. AWS clients can easily access the platform through APIs due to its cloud-native architecture, Jim Schinella, senior vice president of digital partnerships at Visa, said during the AWS Financial Services Symposium last week in New […]
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Cache Valley Bank has selected fintech Finastra for its core banking and digital banking offerings. The Logan, Utah-based bank will use the tech provider’s core banking platform, Fusion Phoenix, and its mobile banking platform, Fusion Digital Banking, for commercial and retail banking clients, according to a May 16 release from Finastra. Cache Valley Bank has […]
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BMO continued to deliver on its digital-first agenda during its fiscal second quarter 2024 with AI, data and overall modernization at the forefront of its efforts. “We’re using agile practices to accelerate time to market, deploying increasingly sophisticated data and analytics, including AI, and leveraging cloud engineering to drive modernization and deliver more, faster, […]
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Fintech Lili, which provides a business platform for small and medium-sized businesses, has teamed up with Amazon Web Services to deploy a generative AI-driven chatbot for its customers. The Accountant AI chatbot is powered by Amazon Bedrock, AWS’ gen AI foundation model, to provide personalized accountant services to SMBs, Lili co-founder and Chief Executive Officer […]
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The Securities Exchange Commission has proposed stricter regulations on how financial institutions deal with data breaches as cyberattacks climb. The SEC proposed amendments to its “Privacy of Consumer Financial Information and Safeguarding Customer Information” regulation, implemented in 2000, according to a May 15 fact sheet from the commission. The federal watchdog is looking to implement […]
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Most financial institutions are not ready for open banking, but the tedious task of prepping bank platforms can be streamlined with AI. Three-quarters of banks are not operationally ready for open banking, according to the 2024 Digital Banking Experience Report released May 16 by Sopra Banking’s IT services provider, Sopra Steria. Along with Forrester, […]
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Fidelity Information Services is looking to the public cloud to scale operations and reduce costs. FIS has nearly 60% of its operations on public cloud, Chief Executive Stephanie Ferris said during the tech provider’s Investor Day on May 7, adding that use of public cloud allows it “to unlock new geographies, new products” and scale […]
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Jack Henry invested in automation technology, grew its client base and explored AI during its fiscal third quarter, which ended March 31. The tech provider is working on a cloud-native online deposit and loan account opening solution, Chief Operating Officer and incoming Chief Executive Gregory Adelson said during Jack Henry’s May 8 earnings call. […]
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Tech giant Apple reported record revenue from its services businesses, which include payments and iCloud, and is going knee-deep in its generative AI foray. “We set an all-time revenue record in services with $23.9 billion, up 14% year over year,” Chief Executive Tim Cook said during the company’s second- earnings call May 2. The quarter […]
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Technology provider Jack Henry leans into its financial health training and offerings during April — Financial Literacy Month.
Jack Henry’s financial institution clients can tap into the tech provider’s direct API connection to benefit from data aggregation, personal financial management and fraud detection tools, Nicole Harper, director of corporate strategy at Jack Henry, told Bank Automation News.
BAN sat down with Harper to discuss how to approach financial literacy with strategy, technology and data in mind. What follows is an edited version of that conversation.
Bank Automation News: How does Jack Henry prioritize financial literacy education during April?
Nicole Harper: Financial health is really a part of Jack Henry’s DNA but it is emphasized during April. Jack Henry aims to strengthen the connections between people and financial institutions through all the technology services and solutions we deliver.
To achieve that, throughout the month Jack Henry offers internal financial health training for its more than 7,000 employees. Training includes:
As Jack Henry prioritizes financial literacy training internally, it has also announced its latest award program, which spotlights clients and fintechs that are doing amazing things rooted in improving financial health. Winners of the award will be announced at Jack Henry Connect in the fall.
BAN: What challenges might FIs face when implementing a comprehensive financial strategy?
NH: There are three challenges financial institutions should consider.
1. Understanding and defining financial health. According to the Financial Health Network, financial health is defined as being able to spend, save, borrow and plan in ways that improve your ability to be resilient and pursue new opportunities for yourself.
In the Financial Health Network’s latest study, it found 71% of Americans are financially vulnerable, which is both a challenge and an opportunity for financial institutions.
If you think about all the ways that consumers are managing their finances, with between 15 and 20 financial relationships, how can people get a holistic view of their finances and make better decisions? That’s where FIs can come in, using secure financial data aggregation to solve that fragmentation.
2. Identifying a business case for prioritizing financial health. According to Jack Henry’s annual Strategy Benchmark study, banks are prioritizing growing deposits, growing loans and improving efficiencies.
Those are strong priorities, so when you consider resources, where does financial health come into the fold?
It might feel like a challenge to come up with a business use case for financial health, but in reality, banks and credit unions that prioritize the financial health of their account holders can see measurable impacts to their bottom line, including stronger deposit growth and a more resilient loan portfolio.
3. Achieving enterprise commitments to financial health. It’s easy to launch an initiative, but it’s harder to sustain. Having commitment from the top down and laterally is a necessity.
BAN: How should banks approach financial fragmentation? What role can data aggregation play here?
NH: We think about all the ways that consumers and businesses are trying to manage their finances. Aggregation positions FIs to be the central or primary financial hub and presents account holders with data within their digital banking experience that’s not only related to their relationships with their bank but also with outside partners.
That provides huge benefits because it allows account holders to connect external accounts, see everything in one place and manage their money a bit better.
The best way to do that is having direct API connectivity into the data aggregators, to avoid the risks of screen scraping. At Jack Henry, we have direct API connections that allow us to leverage tokenization that provides secure financial data exchange and aggregation.
As consumers benefit from data aggregation, FIs, too, can look at this data and analyze it to deliver value. It helps them understand where the money flows and what insights would be useful to provide to account holders. This improves the overall experience when making recommendations or providing offers to account holders.
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Navy Federal Credit Union selected SaaS core modernization provider Zafin to update its core and move away from its legacy mainframe. “We selected Zafin to help us as we work to externalize our products and pricing from the banking core,” Pete Amstutz, senior vice president of savings and membership at Navy Federal, told Bank Automation […]
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BNY Mellon has selected technology services provider Accenture to enhance the bank’s data and analytics services. The bank will use Accenture’s AI and data expertise to introduce new services and create new client experiences, according to an April 15 release. BNY Mellon’s Data and Analytics business provides software and data management to more than 800 […]
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Citigroup is focused on simplifying its infrastructure and overall technology through automation and cloud migration as it upped tech spend 6% year over year to $2.2 billion in the first quarter. “We’ve made steady progress as we have retired multiple legacy platforms, streamlined end-to-end processes and strengthened our risk and control environment,” Chief Executive Jane […]
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Financial institutions are prioritizing cloud migration as cost reduction and innovation continue to be top of mind.
“We definitely see cloud migration as a must,” Rodrigo Silva, regional director for the Americas at Temenos, tells Bank Automation News on this episode of “The Buzz” podcast.
According to the tech provider’s annual economics report, set for release on April 15, banks are leaning into the cloud as they expect the following in the coming years:
Temenos is a cloud and core banking software provider based in Switzerland. It’s loan origination solution was selected by $31.8 billion Commerce Bank in February to improve the customer experience for bank clients. Other temenos clients include $521 million Varo Bank, $156 billion Regions Bank and $142 billion Alex Bank. Its economics study, which includes a survey of 300 banking executives, is completed annually, according to the company.
Listen as Temenos’ Silva discusses the future of the cloud in banking, what clients are requesting and how to approach cloud migration.
The following is a transcript generated by AI technology that has been lightly edited but still contains errors.
Whitney McDonald 10:16:53
Hello and welcome to The Buzz, a bank automation news podcast. My name is Winnie McDonald and I’m the editor of bank automation News. Today is April 11 2024. Joining me is Rodrigo Silva. He is the head of North America tech provider terminos. He’s here to discuss cloud migration, including how to select a vendor how to approach moving to the cloud, and some data on what banks are thinking about the future of banking when it comes to the cloud. Welcome to the buzzer. I’d be go.
Rodrigo Silva 10:17:18
Sounds good. Whitney, thank you. It’s great to be here. My name is Rodrigo Silva. I am the Regional Director for 10 minerals for the Americas. I joined Temenos, just about a year and a half ago, and recently got an extended role to lead our region for for the organization. My background, I come from the industry. I was for about 21 years at at Fiserv in multiple different roles primarily around sales and commercial with leading teams around the globe. My last role there was with the posit solutions, which is a large organization primarily focused in the US. And as an organization, Temenos is today the largest provider of core banking applications around the world. We serve as around 3000 clients in about 150 countries. We have a market leading technology platform that caters to different segments of the market for different industries, large, small fine institutions. And, and North America is a very strategic, or region for us, where we’re investing in, in our product, in in technology in our cloud services, on resources, we have a large number of existing clients in this region. And I’m very excited about the opportunity to be here talking to you and be leading organization in this territory.
Whitney McDonald 10:18:49
Great. Well, thank you again for being here. And for sharing a little bit about your background. I’m excited here today we’ll be talking about cloud migration. And of course, with your background and in the role that you’re in today. I’m sure that it’ll be a great conversation. So with that, why don’t we just start here with where we stand today with cloud migration? What are you hearing from bank clients? Is there still this big push for cloud migration? What are what are you kind of following and hearing from your clients? Yeah,
Rodrigo Silva 10:19:18
absolutely. So so with the there’s more confidence than never right? The public clouds has has now a stronger presence in, in everywhere in banking, tons of investment by the hyperscalers. Bank see cost reductions and innovation being key for for the banking world. Nowadays, adopting cloud is a must. We we see future, the future of banking is in the cloud. Our latest economics economist impact study showed that about 51% of bankers believe banks will not own any data center in five years, because they will be moving most of the applications to the public cloud. That is that is more so in North America than anywhere else. We saw out of the respondents that that 36% of banks are prioritizing, moving their domestic core banking to the cloud, compared to 26. Banks. globally. We also saw that the 79% of North America respondents said that multi cloud strategy could become a regulatory prerequisite in the next five years, compared to about 60%. In Europe. So we definitely see cloud migration as as a must. Our clients are, are contacting us clients that are today on on prem solutions, running on their own data centers are looking at moving to the cloud, either their own cloud providers or moving to our SAS operation where we manage the hyperscalers on behalf of our clients a
Whitney McDonald 10:21:09
couple of things to break down there, of course, great stats, so thank you so much for putting some numbers to it, but maybe like a break down a little bit what those conversations look like when a client approaches Temenos and says, You know what, I do want to migrate to the cloud. What’s that step one? Of course, it’s it’s expensive, and it can be a big undertaking. So what are those conversations initially look like?
Rodrigo Silva 10:21:33
It’s all about the benefits, right that our clients will see with the cloud. And first and foremost, what we need to understand is the banking environment as we know has changed. Right? We have demanding customers that are looking for services 24/7 Um, we have the rise of new competitors, right, you’re talking about fintechs, you’re talking about new banks, you’re talking about bass providers, you have regulatory pressures in the market, we have very tough still very tough market conditions with interest rates being high. So all of that put pressures on the banks to become more innovative to change the ways they’re doing things. Also, you’re looking at new performance metrics and performance drivers, right innovation, customer centricity, operational efficiencies, risk, compliance, artificial intelligence, AI, is all over the place. So so there’s a lot of pressures in the banks to do things differently in rethink the way they’re operating today. And cloud brings exactly that with Cloud, they’re going to see cost efficiencies, they’re going to see and be able to provide enhanced customer experience. They’re gonna have scalability advantages, adaptability advantages, you have, you have a lot of automation, within within the cloud world deployment speed, the hyperscalers have invested a lot in security, business agility. So again, the cloud is where the banks will be able to compete and thrive in the digital world. You look at the wave of payment providers and Neo banks out there, and they’re built from scratch on the latest cloud technology. And in the incumbent, that are using still those legacy systems that spaghetti systems as we joke, are, are really not suited to to the demands of this digital era. So so it’s quite frankly, a race against obsolescence. The move to cloud will give the banks the agility, they need to go to market with new products and, and cater to their clients needs, and really future proof their technology stack.
Whitney McDonald 10:23:48
Yeah, you just talked through a few benefits. Of course, the competitive side, you mentioned that fintechs are building on Cloud, they’re not really having to do that lift. So from from the benefit of talking through the benefits, and the need to stay competitive, is definitely key here. So maybe we can talk about what those considerations are. There’s obviously the pros that we just talked through. But it’s not just as easy as okay, we’re going to move to the cloud now. So how do you really consider cost? How do you consider what it’s going to entail a time commitment? What does that sound like when you’re when you’re discussing that with your clients?
Rodrigo Silva 10:24:24
Yeah, you’re absolutely right. Right. It’s it’s a complete shift to a new set of different practices. You’re talking about automated testing, design, a more of a customer centricity model, that the need for accelerated production environments, shorter delivery cycles, higher quality, so So the fine institutions, the banks, they need to be prepared for it, make sure that they have the right resources in place to take on the world of cloud, they also need to make sure that they are working with with vendors with partners, they have a broad and deep set of cloud native banking capabilities. Same same requires that we just talked about for the banks you have internally with their own resources, you should expect that from your vendors and from your partners, right. So having having proven cloud delivery proven is scalability, proven migration credentials experience doing so. So when I look internally at 10, windows, right, we have experience of working with 700 SAS clients today, they have already migrated or started in our SAS environment. So massive scalability, right, we are an organization that has been doing this for for many years now. We have both on premise clients and SAS clients, and in a lot of our on prem clients is X have actually implemented the our applications on their own cloud providers, right, that being AWS, or your or, or what have you, because we are an application that day. That is that is cloud agnostic. So again, deep experience, understanding of the regulatory environment, understanding of the security environment, making sure that you’re compliant, and having many years in our case, 30 years working with with bank IP is critical for, for our clients to to be successful. And they should be considering all of that when they’re making their move to the cloud.
Whitney McDonald 10:26:28
A lot of the conversations that we have is about that vetting process and making sure that the vendors that you do select have those same, whether it’s security or even just values and kind of what you’re trying to accomplish all line up. So yeah, that definitely resonates. I know that you also just mentioned tendonosis cloud agnostic So maybe we can talk a little bit more about where terminos fits in. So if you have a client that as mu is moving toward the cloud, what does that look like for terminos? How do you guys help along that journey? Yeah,
Rodrigo Silva 10:27:01
absolutely. So we’ve been on that journey for for many years, and evolving our cloud. Offering for many years, we were one of the pioneers to move core banking and our clients to the cloud. And what is what is interesting and important about 10 minnows is that we were not only talking about a retail application or corporate application, we are, we are one single platform that works in all around the world for different different types of clients, those being small for institutions, large finished tuitions, credit unions, neobanks, Challenger banks. And we not only, not only we work with multiple types of institutions, but we also work with different segments of the market. So one single platform that caters to retail, small business, corporate private wealth, we have an end to end channel solution that does both the digital piece online banking, but also originations onboarding, we have solutions for fraud monitoring AML. So payments hubs. So we, in all those solutions are cloud native, and in in cloud agnostic, meaning that we can help our clients in that journey into the cloud, not only with their core, but also with those also supporting solutions that revolve around the core. And the composability of our applications is very important, because when a client is testing the waters with the cloud, they may not be willing to move the entire platform at once. So with the way the architecture works, you can move bits and pieces as as you you feel comfortable with. So maybe you have a strategy, you’re going to start with the posits only as MVP one and in the future start moving then your lending and your credit products into the cloud. So you can decide what makes most sense. So you can you can test you can feel comfortable, you can see everything that is working. And then you can start moving according to your your needs and your your risk appetite. So at the end of the day, you have a partner in 10 Windows that allows you to move not only your core banking at your speed and your desire, but also move all the other platforms that support the core and surround the core into into a core environment.
Whitney McDonald 10:29:30
Which makes it less daunting, right? You don’t have to do it all at once you can kind of do it piece by piece and see how it works and then determine okay, what’s the next piece that we should move over? You don’t have to do it all in one fell swoop.
Rodrigo Silva 10:29:45
That is absolutely correct. So you can take your time. And depending on your business strategy and your risk appetite, and how comfortable you are with the move, you can decide which pieces to move first. And again, that is those are the type of conversations that we love to have with clients. I’m very fortunate that in my role, I have a chance to speak with many banking executives and talk to them and with them about, you know, what are their appetite to move to cloud? And we showed some stats earlier on it, everyone’s talking about it. And the question is, how quickly can we move? And what should we move first? And who are we going to be working with and we’re glad to see that there’s a lot of trust in what we have been able to show the market. And, and we’re seeing a lot of interest in, in this move.
Whitney McDonald 10:30:32
So we’ve been seeing or following along this cloud migration journey. For quite some time. We talked through some benefits, we’ve seen the lift and shift. But what do you think is next within this cloud banking model? How is this cloud migration evolution changing? What are you watching for? What’s next in your perspective?
Rodrigo Silva 10:30:56
Yeah, so what we’re seeing is the market is changing. And so is the way the banks consume technology, right? They’re moving to SAS, we end with a SaaS offering, you are basically allocating all those quality, the responsibilities around managing the infrastructure, managing the security, the the monitoring the day to day operations, the close of business, the updates the upgrades, putting that in the hands of a of a vendor, right, an organization like like dominoes on a cloud environment. So we’re seeing them move more and more that is very, it’s a model that has been in place, especially in North America for many years. But we’re seeing that more and more around the world as well. That took a little longer to adapt and to adopt that data. Call it the the SAS model or just putting With all that responsibility in the hands of a vendor, now, what we’re seeing as the next wave is, is really is Cloud Analytics, right the amount of call it what the banks can do with all the data that can be available in the cloud, because cloud allows you to allows the scalability to really move tremendous amount of data in and in with the speed and scalability that you need to, to be able to manage that. And with with Cloud Analytics, banks will be able to to have real time insight into customer behaviors, market trends. And that is super important as they are launching their new products and their next best offer and how they’re managing other aspects of their business such as risk profiling, Fraud Management, so on and so forth. So So with a highly scalable, says model, together with a robust localization and local operations, right, the banks can feel comfortable on moving into into the cloud environment and, and again, with a vendor that has been doing that for a while.
Whitney McDonald 10:33:04
You’ve been listening to the buzz, a bank automation news podcast, please follow us on LinkedIn. And as a reminder, you can rate this podcast on your platform of choice. Thank you for your time, and be sure to visit us at Bank automation news.com For more automation news,
Transcribed by https://otter.ai
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JPMorgan continues its cloud migration efforts as it works to move its applications and data to the cloud this year. “Getting our tech to the cloud. … It’s essential,” Chief Executive Jamie Dimon said today in his 2023 letter to shareholders. The $3.7 billion bank plans to move 70% of its applications and 75% of […]
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