The bank of 2030 won’t resemble the one we see now at all. Banks need to start developing plans today to assist them get ready for the future as they deal with shifting consumer expectations, evolving technologies, and alternative business models. a crucial sign of the environment’s change? C-suite executives, board members, and chief information officers are increasingly focusing on cloud computing.

Leaders in banking and capital markets are beginning to understand that the cloud is more than just a technology; it is a place where banks and other financial services companies may store their data and applications and access cutting-edge software online.

The top public cloud providers provide a wide range of cutting-edge products-as-a-service that are accessible on their platforms and assist banks in implementing business and operating models to enhance revenue generation, increase customer insights, control costs, deliver market-relevant products quickly and efficiently, and assist in monetizing enterprise data assets. Additionally, the cloud presents a significant potential to integrate the business and to eliminate information and operational silos across risk, finance, regulation, customer service, and other areas. Massive data sets can be combined in one location, at which point the company can use advanced analytics to gain comprehensive insights.

Bank leaders are thinking about how they can use the cloud in three areas “above the line” to open up new business frontiers and in three areas “below the line” to improve the organisation after focusing on the technology’s value as a less expensive, quicker, and more “elastic” substitute for on-premise data storage for years. Applying cloud technology in these six areas could aid banks in enhancing shareholder returns and corporate success.