AI and Cloud: The Proving Ground for Regulatory Resilience in 2024 – Finextra

The Cloud Adoption Imperative

The current macroeconomic landscape is marked by exceptional volatility and uncertainty, posing challenges to traditional models in the financial services sector. This climate demands greater flexibility and responsiveness from established players to meet evolving customer needs, while managing costs and risks effectively.

Cloud infrastructure and artificial intelligence (AI) are key technological drivers enabling financial institutions to adapt to this changing market. Cloud computing, in particular, has emerged as a fundamental component of the financial system. It supports the necessary transformations banks and other financial bodies must undertake.

The adoption of cloud computing aids firms in streamlining processes, minimising risks, and enhancing efficiency. It also improves the capacity to identify new business opportunities and revenue sources. A central aspect of its impact lies in offering more tailored customer propositions, better pricing, and conducting operations that are safer and less risky.

Furthermore, cloud computing is essential for maintaining competitiveness in the new financial landscape. It empowers financial institutions to be more agile, resilient, and efficient, aligning with regulatory standards, especially in terms of outsourcing. By embracing cloud technology, financial institutions can revolutionise their business models, fostering new competencies, increasing efficiency, and delivering greater value to customers.

Download this Finextra impact study, produced in association with Microsoft Azure, to learn more.

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AI and Cloud: The Proving Ground for Regulatory Resilience in 2024 - Finextra