Benefits of Deploying Fraud Solutions on a Cloud-Based Platform
I have spent a lot of time talking to executives across the globe for recent research efforts. One of the pleasant surprises from these research discussions is that we are seeing a lot of movement towards the cloud.
Financial institutions and their fraud and AML groups have traditionally lagged behind some of the other parts of the bank in moving elements of their infrastructure to the cloud. This is largely because there is so much sensitive data and there's a lot of worry about data security implications.
As I've talked to banks that are embarking on this journey, we are seeing that some banks recognize that the security in the cloud is actually better than what they can achieve themselves.
The benefits in terms of expense efficiencies, as well as the ability to get to the latest and greatest vendor technology without getting in line in the IT queue, are moving financial institutions pretty rapidly towards cloud-based implementations.