Since the global financial crisis, sluggish economic growth, stricter regulatory requirements and rapidly changing consumer behavior have placed unprecedented demands on the global banking industry. Banks in both emerging and developed economies have an opportunity to manage enormous capital growth and wealth creation. To regain customer confidence and earn their slice of the increasingly competitive market, banks must transform themselves - Big Data and analytics technologies as well as cloud computing are presenting unique opportunities to do just that, enabling banks to leapfrog the competition.
Banks need to develop new, innovative products and services tailored to the individual customer. Big Data and analytics technologies are especially promising and differentiating for banks - with no physical products to manufacture, data is one of arguably their most important assets. Banks also have many reasons to like cloud computing: lower cost, standardization, consistency. But increasingly they are embracing the cloud because it makes them more agile and responsive to changing market conditions and customer needs. Cloud is becoming a way for banks to deliver new products to market faster, accelerate their growth agendas, and enter new foreign markets.
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