Oracle and the EBF Cloud Banking Forum collaborate to harmonize the approach to cloud adoption

Even more than before COVID-19, customers require personal digital experiences from their banks, and European banks see the cloud as an important driver to boost digital innovation. ​ But banks are risk-aware and regulated. ​ To unlock the potential of cloud computing, they need to have clarity on how their cloud usage will impact data ownership, resilience, and compliance. ​ When the European Banking Federation (EBF) brought together the most influential banks, EU regulatory authorities, and cloud providers, Oracle recognized that this was an excellent opportunity for Europe to show leadership and expand the digital economy in financial services. ​ Together, the EBF participants created a common risk-based approach to cloud adoption.

Customer needs are changing quickly. ​ In an Oracle study, 86% of respondents say that they want to make payments and transfers via digital channels. ​ 68% even want to take up personal loans digitally. ​ To manage their way through the pandemic, banks need to create a new rapport with their customers and deliver products for the changed digital reality. ​ By using cloud services, banks can become more agile, increase margins, and create excellent customer experiences, by making innovative technologies available faster and at a lower cost. However, while they define new ways to delight their clients, banks still need to manage cyber-risk, regulation, and profitability under economic pressure. ​

Banks are ready to move large, mission-critical workloads to the cloud. ​ However, in a world where cloud models and regulatory frameworks evolve quickly, controlling all aspects of cloud adoption is a daunting task. ​ When is it better to consider private, hybrid, or public cloud? Does hybrid cloud mean the same thing to a cloud provider, a bank, and a regulator? How does the European legal and regulatory context apply to cloud use cases? What does this mean for data privacy?

The EBF Cloud Banking Forum, a cross-industry collaboration, realized that a common nomenclature and risk-based framework would elevate the mutual understanding and quality of cloud adoption. When the forum invited Oracle as ​ participant to contribute to the technical paper “The use of Cloud Computing by Financial Institutions”, our experts tapped into their experience working with the largest banks on mission-critical cloud and on-premises implementations. ​ With other members of the Forum, they evaluated big data and innovation-technology use cases.

Financial institutions should consider using the EBF Cloud Banking Forum technical paper when they need to evaluate the best cloud-based architecture for specific use cases. ​ Based on numerous examples, the technical paper offers a visual spider-web planning tool that allows stakeholders in the bank to discuss and communicate cloud requirements in a unified way: the most appropriate cloud layer, control framework, regulatory context, and criticality of data and function. ​

The tools in the technical paper will significantly improve the mutual understanding of cloud projects by banks, regulators, and cloud providers in Europe. ​ Together, they will spearhead the digital economy in the European single market and deliver stronger and safer financial services innovations to European citizens.

Source

https://www.oracle.com/a/ocom/docs/industries/financial-services/fs-adaptive-bank-viewpoint.pdf

Contactinformatie:
​Julien Harbers
​PR Manager Oracle Benelux
​E: [email protected]