The cloud has revolutionised countless businesses, sectors and industries – some being changed almost beyond recognition. Now, this truly disruptive technology has a new vertical in its crosshairs: the financial sector.
Back in 2010, Metro Bank was awarded a banking licence. This alone might not seem out of the ordinary, but it unarguably was, being the first such licence to be awarded in some 150 years. Since then, a vast number of banking licences have been issued, with many having the cloud to thank for it.
The latest of these is online-only CivilisedBank, which is launching in the UK with one eye on the established high street names. So what exactly can the cloud offer CivilisedBank and its ever-growing list of financial peers?
Trust
It wouldn’t exactly be outlandish to suggest that there’s been a dearth of trust in the banking sector over recent years. Countless inches of negative press have been published since the global financial crash of 2007 – leaving bankers with the kind of reputation typically reserved for lawyers, estate agents and ex-partners.
The cloud is doing wonders to change this, however. As it becomes a much more commonplace part of work and domestic life, Brits are assimilating the cloud with trustworthiness. Many individuals would even be willing to trust new, ‘challenger’ banks over their more established competitors, provided they could be assured the right technology is in place.
Online-only
The days of brands needing a physical presence (preferably in the high street) are long gone. Just mentioning the names Asos and Very should attest to this – and that’s leaving out the monolith that is Amazon. This makes one very clear illustration; that brands do not lose respect, authority and (most importantly) custom by operating solely online.
By cutting overheads in this way, a vast number of new, disruptive players can enter the market and push high street names to be much more competitive. For banks, though, the idea of operating without the cloud simply cannot be entertained. With customers needing the flexibility of accessing their funds or getting information at any time of day – not to mention the UK’s laws on holding private data – the cloud is the online-only banking world’s most feasible solution.
While it may take a little more than some disruptive new banks to restore the routinely lambasted industry’s reputation, their introduction will certainly make for a more interesting spectacle – not to mention the added competition, which helps all consumers.
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