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[New Report] The Future of the Global Financial Ecosystem 2024Finextra Promoted[New Report] The Future of the Global Financial Ecosystem 2024

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Expert opinions

Steve Round

Steve Round Co-Founder at SaaScada

Why responsible data use means better banking experiences

One concern that’s arisen during the Farage debanking scandal has been the question of how responsible banks are when handling our data and meeting their customers’ needs. Whilst the Farage fiasco has obviously given rise to concerns about the use and potential disclosure of data held by financial institutions, it is important to remember that dat...

/risk /cloud

Konstantin Rabin

Konstantin Rabin Head of Marketing at Kontomatik

The San Francisco Fed Anticipates Crumpling Inflation

The San Francisco Fed forecasts where inflation, lead by housing, will likely go next. Housing is the only category of inflation where you can look back a year and get a sense of what's coming next month. Housing inflation makes up the largest part of the consumer price index (CPI). It's calculated based on something known as owners' equivalent ren...

Clare Rowley

Clare Rowley Head of Business Operations at Global Legal Entity Identifier Foundation (GLEIF)

The Value of the LEI in Cross-Border Payments: Enhancing Corporate Invoice Reconciliation

The need to harmonize cross-border trust services continues to grow in line with the ever-increasing volume of trade and commerce taking place across digital platforms, globally. In this effort, the LEI can play a fundamental enabling role. The Financial Stability Board (FSB) has already endorsed the LEI for supporting the goals of its G20-endorsed...


Raja Creditmantri@123

Raja Creditmantri@123 Business Analyst at Creditmantri

Essential Considerations Before to Applying for Your First Credit Card

Embarking on the journey of acquiring your inaugural credit card marks a significant financial milestone. This decision, however, warrants careful deliberation to ensure it aligns with your unique circumstances. In this comprehensive guide, we'll delve into the pivotal factors you should ponder before taking the plunge into the realm of credit car...


Nick Green

Nick Green Director at Purple Patch Broking Ltd

Transparency in credit data: What does it really mean?

From determining eligibility for a new loan to assessing financial vulnerability, credit data plays a pivotal role in financial decisions. Yet, how often do we pause and ask: How transparent is this data? When we discuss 'transparency' in the context of credit data, it's not just about clear reports or scores. It delves deeper, probing the integrit...

/risk /retail Banking





White Paper

Build, Buy or Bust – the hybrid platforms leapfrogging legacy systems

The age-old Build Vs. Buy conundrum has never been brought into sharper focus than it is now. In light of unprecedented unpredictability and economic volatility in recent times, in light of converging pressure brought about as a result of myriad payments systems, real time rails, cross-border implications in a global village, standards development and heightened public awareness and expectation, financial institutions are leaping forwards by falling back on partners to bring systems in line with modern business expectations.  Undoubtedly, the advent and availability of open source technology has intensified and strengthened both sides of the Build Vs. Buy argument. For one thing, it has enabled banks and financial organisations to tailor and sculpt new processes and systems around their exact needs, with the availability of non-proprietary technology. For another, it has brought about a plethora of third party ‘enablers’, as well as having inspired fintech services firms by way of creating plug-and-play or pay-as-you-go offerings.  And alongside all of this, the development of cloud technology and its permeation throughout the financial services industry has oiled the wheels for the journey, facilitating the bespoke and dynamic capability that open source cloud offers, and compounding the technological know-how and prowess of both banks and fintech providers the world over.  There are other influencing factors, such as the API economy, the concepts of open finance, open data; external global, market and economic drivers and events that shape the demand for improved and instant banking services in the first place, putting pressure on operations to the point that banks need to fast-track pretty much every modernisation or product development project they have going, inevitably having to outsource some of this burden.  Download this Finextra report, produced in association with Cloudera, to learn more.

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Impact Study

Power your banking value chain with AI/ML at scale

In a world of rapidly advancing technology, artificial intelligence (AI) and machine learning (ML) are essential to a bank's growth strategy.  McKinsey cautions that banks that do not prioritise AI adoption are at risk of being overtaken by competition and abandoned by customers who are looking for highly personalised experiences. The consulting firm cites four key trends that are leading banks to incorporate AI/ML into their core strategy and operations: Demanding customer expectations driven by digital banking improvements Competition from leading banks’ use of AI/ML solutions The disintermediation of traditional financial services by digital ecosystems Encroachment of big tech players into or adjacent to traditional financial markets and business models. Forward-looking financial institutions are eager to integrate AI/ML into their operations and leverage rapidly evolving AI/ML tools to more quickly and efficiently deliver hyper-personalized products and services to customers, improve operational efficiency, increase revenue, and drive innovation. International Data Corporation (IDC) forecasts that the banking and retail industries are set to deliver the most significant investments in AI/ML over the period of 2022-2026, and are projected to account for roughly 25% of all AI spending worldwide. As in any significant transformation journey, banks face a number of considerations and challenges along the way. First, they’re increasingly required to carefully balance the benefits of innovation brought forward by AI/ML solutions, alongside new regulation designed to ensure fair treatment of customers. Additional challenges in banks’ AI/ML journey include skills gaps and the ability to effectively scale AI/ML capabilities beyond pilots and singular use cases. According to Organisation for Economic Co-operation and Development (OECD) data, AI applications are increasingly evident across a breadth of financial market activities. However, such use cases are approached in silos leaving an opportunity for firms to embed AI/ML across the end-to-end value chain.  Download this Finextra Impact Study, produced in association with Amazon Web Services (AWS), to learn more.


Event Report

Entering New and Niche Markets with BaaS

A Financial Cloud Series Report Banking-as-a-Service (BaaS) has emerged as a prominent and steady trend in the banking sector, significantly disrupting the industry and introducing consumers to faster and more personalised services. Working hand-in-hand with embedded finance, BaaS allows third-party distributors to provide banking services, essentially integrating financial services in non-banking infrastructures. Research revealed that the BaaS market is expected to reach $11.34 billion globally by 2030, a huge jump from $2.41 billion in 2020. The rapid acceleration of the BaaS market is due to the speed of digital transformation currently occurring in the financial industry, with a sharply increasing number of banks and consumers seeking to integrate BaaS services into their offerings in order to provide quicker and more efficient experiences. The rapid growth of third-party non-bank platforms has grown exponentially in recent years to incorporate BaaS services into their offerings. The global market has embraced BaaS and new innovations are pushing the trend to become even more significant in the financial industry. BaaS opens up new opportunities for smaller businesses and for a diverse range of companies to facilitate banking operations on a wider scale. The banking sector has evolved and become more diverse and sophisticated through BaaS, which allows companies to focus on what is best for both businesses and banks. To understand how embedded finance and banking as a service can help to transform the backbone of business operations, experts came together for a Finextra webinar, hosted in association with Temenos, 'Entering new and niche markets with BaaS'. The panel explored how banks can best diversify their product offering with cloud.




How can scaling up in the UK drive Fintech growth?

Louise Smith, Chair of Innovate Finance and WTW Neuron Digital Trading, talks with Richard Peers from Responsible Risk, about scaling and growing fintech companies in the UK, including how to effectively navigate the regulatory landscape and how to capitalize on available opportunities.


Long reads

Madhvi Mavadiya

Madhvi Mavadiya Head of Content at Finextra

Future of Fintech in the Middle East 2023: Cloud connectivity at the centre of fintech innovation

This is an excerpt from The Future of Fintech in the Middle East 2023 report. Alongside Dubai and Bahrain, Saudi Arabia has repeatedly been highlighted as a digital banking leader in the Middle East, with 76% of banking customers using online or mobile applications. According to McKinsey, top Saudi digital banking offerings include loyalty program...

Madhvi Mavadiya

Madhvi Mavadiya Head of Content at Finextra

Future of Fintech in Africa 2023: Cloud will open new doors for the African fintech industry

This is an excerpt from The Future of Fintech in Africa 2023 report. In recent years, Africa has awoken to a new dawn when it comes to digital transformation and innovation with the cloud. The continent displays numerous promising indicators of a region ripe for fintech investment and development, but the scale, complexity, and the benefits of new...

Madhvi Mavadiya

Madhvi Mavadiya Head of Content at Finextra

Bridging the cloud migration gap

Financial services sector participants are aware that innovation usually increases at a slow, gradual pace, and as certain technologies mature, this leads to acceleration. This has not been the case in recent years and much of this accelerated adoption of technology has been because of fear, uncertainty, or doubt. Exponential growth has been on th...