FinTech and cloud in banking

The use of technologies in financial services is not new. Financial institutions have, for a long time, been implementing technological solutions to support the provision of services to their customers and to ensure compliance with their regulatory obligations. They have also long relied on outsourcing arrangements with external service providers for the provision of technological solutions. However, the recent acceleration of ‘FinTech’ which is becoming more prevalent appears to be elevating this process to a new level. This is due to recent significant investments in new technologies and the blend of new firms entering the market meaning that we now have incumbent financial services institutions, specialised start-ups as well as global technology companies all providing financial services in various forms.