The Cloud Computing Market is currently valued at over USD 236 Billion and it is estimated to reach USD 791.48 Billion by 2028. This article will look into the basics of cloud banking and how it is transforming the world of finance. Finally, it will showcase how ARYZE, as a digital full-reserve bank will utilize cloud banking to promote financial inclusion.
What is cloud banking?
The banking industry is one of the oldest in human history and thus it has remained very stable and stagnated since its origins. However, with the dawn of the new digital age, technologies such as cloud banking have emerged to offer banks a transformative solution to boost their data handling capabilities.
Internet is “the cloud” in cloud banking.
According to Microsoft, cloud computing is the delivery of computing services—including servers, storage, databases, networking, software, analytics, and intelligence—over the Internet to offer faster innovation, flexible resources, and economies of scale.
Types of cloud banking
- Public : in this model, cloud solutions are located outside the bank’s reach. This means that not all controls will be operated by the institution itself. Publicly hosted cloud services are available on the internet.
- Private : in contrast with the public model, the cloud solutions are located inside the bank´s perimeter. Therefore this is the model where most financial institutions start their cloud journey. It leverages all the established controls of the selected bank.
- Hybrid : this model combines private cloud and public cloud services that may include third party service offerings such as Platform as a Service (Paas), Infrastructure as a Service (IaaS) and SaaS (Software as a Service). Automation and various tools, connect these platforms .
How will ARYZE use cloud banking ?
ARYZE´S back-end will be developed by IBM and Episode Six. The partnership is essential in achieving the overall vision of banking the unbanked in a co-creation approach using IBM’s Open Hybrid Cloud platform and the IBM Garage design thinking approach to drive agility and a flexible cloud native approach.
Source: ARYZE Deck 2021
Episode Six’s technology provides a perfect foundation to develop ARYZE’s solutions and is complementary with IBM’s approach to creating financial service innovations on a hybrid multi-cloud platform.
Source : IBM Technology
A unique value proposition
ARYZE will make it significantly cheaper and easier to move money globally through a single cloud based infrastructure that includes the unbanked people of the world. Smarter data management will make the tracing of illegal money transfers easier and lower credit risk. The enhanced capabilities that cloud enables and the bridging of the traditional financial system with the new digitalized era are some of ARYZE´s strongest value propositions compared to other services in the market.