1、1Thought Machine|The truth about cloud native core bankingThe truth about cloud native core banking1Thought Machine|The truth about cloud native core bankingAuthors:Fabian Siddiqi Director of Cloud Engineering Thought Machine Brian Dempsey Director of Partnerships,North America Thought Machine Robin

2、 Zhang Director of Marketing,North America Thought Machine IntroductionThe banking industry is experiencing seismic change,as the advance of cloud technology,rapidly changing customer expectations and increased competition apply pressure on traditional banking models.Meanwhile,more and more customer

3、s are moving their financial transactions online a trend that has been further precipitated by the pandemic.This generational shift in banking has impacts across all channels and services:physical branch,online,mobile,retail,and commercial banking services are all under pressure to deliver and innov

4、ate in an increasingly competitive environment.A fundamental change in consumer behaviour is setting new expectations of banking products and services.Customers are demanding ease of use,24x7 availability,real-time data and analytics,exceptional customer support,full visibility of all banking produc

5、ts,and more.In the first instalment of this whitepaper series,Transform banking.Transform core.,we drew the conclusion that banks must act immediately to survive and compete in the digital era.A key step in taking control of the future is to migrate their core banking systems to the cloud.In this ne

6、xt instalment we will discuss the key components of cloud native technology and its benefits:scalability,flexibility,availability,elasticity,and more.To take full advantage of these benefits,core banking systems need to be built in the cloud and for the cloud coined by many technology giants as clou