We are currently living through one of the most difficult times in recent memory. The impact on our lives, including our financial lives, has been profound. However, once the storm passes, there will be a time for reflection and reorganising the way we do things. For banks, this will be a perfect moment to reinforce strategies that create more resilient systems.
COVID-19 has dramatically changed the way we shop. In lockdown, people and businesses are relying on digital payments to keep things moving. Research has revealed a 209% increase in online retail sales during April, compared to the same month last year. But it’s not all about consumer spending; as supply chains become stretched, cashflow and processing business-to-business (B2B) payments faster is also of concern.
Meanwhile, businesses are relying on banks to quickly scale up and disburse government-backed funds to keep them afloat. Figures from UK Finance show UK banks nearly doubled the number of business loans for those impacted by coronavirus in a week, but it’s not nearly enough. The pressure to quickly process loans and transactions has never been higher, but two things, in particular, can cause a hold up: controls and capacity. An effective way of addressing both lies in the public cloud.
Control Concerns
Many tier one banks, operating with outdated systems and facing a heavy compliance burden, have become overwhelmed during this time. Many are already feeling the need to do things differently, and not just for the short term. Cloud-first fintechs are liberated from legacy to focus on agility, navigating market trends and, fundamentally, their customers. However, they don’t service the majority of customers in either business or retail banking, yet.
The pandemic has highlighted the limitations of the status quo. For example, in the UK, rigid controls around communication and confidentiality mean most banks’ customer call centres cannot

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