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.

##

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.