Industry executives and experts share their predictions for 2020. Read them in this 12th annual VMblog.com series exclusive.
By Ciaran
Chu, payments cloud lead, ACI Worldwide
Large Banks Race to the Cloud
Up to now,
larger banks thrived with their traditional revenue streams. They have been
slower to move to the cloud because of legacy systems and the amount of
highly-sensitive information to migrate. But with new pressures - nimble
fintechs offering banks' customers alternatives they didn't have before -
larger banks are now in direct competition with startups.
Thriving in
today's ecosystem seems simple: offer the simplest means of converting a
transaction so consumers enjoy a positive experience. More and more merchants
are turning to cloud-first payments companies that offer the APIs and
development support to ramp them up quickly and immediately help them reduce
friction between the merchant and their consumer.
I predict
in 2020 we will see the payments industry rapidly adopt the cloud, which will
provide larger banks with the agility to adapt to the changing financial
environment to the technology necessary to deployed in the public cloud. It
will help the larger banks and stay competitive while and meeting customers'
consumers' always-on real-time, on-demand expectations.
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About the
Author
Ciaran Chu,
payments cloud lead, ACI Worldwide
Ciaran is
responsible for ACI's company-wide strategy leveraging public cloud and the
cross-functional execution of ACI's public cloud program.