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Banks to Win Back Trust with the Cloud: A New Report from Accenture

Posted on Jun 18, 2012

It’s no secret the public’s image of banks suffered as a result of the 2008 financial crisis. However, a new report out from Accenture lays the groundwork for banks to regain the people’s trust and approach new markets, all through the use of cloud technology.

Cloud computing is a disruptive technology that is freeing businesses from the traditional restraints imposed by technology. The authors of the Accenture report, Emannuel Sardet of Accenture Financial Services and Emmanual Viale of Accenture Technology Labs, predict that banks can leverage this enabling technology to “enter and scale up in emerging markets more quickly and at lower cost and risk.” In addition, banks can use cloud computing to bundle together financial products that are delivered from the customers point of view instead of the bank’s.

This smart cloud-base bundling makes the consumer feel more in-control of the financial products and services they are buying, promoting trust. Regaining trust is key for banks to secure their position at the forefront of financial services and avoid being downgraded to just a back-office utility.

The time for banks to act is now. There are numerous financial services start-ups that are aggressively pursuing business that was traditionally in the banks’ domain. Just look at the success that Mint.com, LevelUp, Dwolla and BankSimple have enjoyed by re-imagining financial services using cloud delivery methods. Perhaps this Accenture report will not only be a wake-up call to banks, but also a potential roadmap for re-imagining their non-credit services using cloud payment processing or bundling techniques.

Source: Forbes June 2012 - Could Cloud Computing Help Restore our Trust in Banks?