Anthonio Separovic, Co-founder and CEO of Oradian, states that fintech companies leveraging cloud-based core banking systems can significantly reduce the time it takes to launch their products and services, enabling them to go to market much faster.
He points out that features such as seamless integrations, scalability, and continuous innovation offered by cloud core banking systems allow fintechs to operate more efficiently and at greater speed.
Speaking during a media session at the Oradian Core Banking Summit: The Future Is Now, held in Lagos on November 28, 2024, Separovic explains that cloud technology simplifies the process for fintechs, enabling them to focus on their core value propositions without being burdened by the complexities of traditional banking infrastructure.
With cloud-based solutions, fintechs can quickly access essential banking functionalities, such as account management, payments, and compliance, through a unified platform, enhancing both flexibility and speed.
Faster Response to Market Demands
Separovic further highlights that cloud technology enables fintechs to scale quickly, allowing them to offer new services without the constraints of legacy systems. This ability to innovate and scale rapidly gives fintechs a competitive edge in the market.
At the Oradian Core Banking Summit, experts like Victor Asemota (Tech Entrepreneur), Kamal Boushi (CEO, Renmoney), Adewale Salami (Group CIO, First Bank), and others discuss the adoption of cloud core banking systems by traditional banks.
Pius Emeya from Access Bank emphasizes the security, cost-effectiveness, and speed of cloud systems. He notes that the decision between cloud and on-premise solutions depends on a bank’s infrastructure and strategic goals. He points out that digital banks benefit greatly from the scalability of cloud systems, while legacy institutions may prefer hybrid solutions that integrate cloud with their existing systems.
Victor Asemota stresses that the key distinction in banking today is not between large and small banks but between fast and slow. He advises banks to focus on agility and responsiveness rather than merely on infrastructure costs.
Adewale Salami from First Bank stresses that technology must align with customer journeys to improve the overall client experience, urging banks to innovate in ways that enhance service delivery.
Kamal Boushi encourages banks to focus on their core strengths and firmly supports the adoption of cloud solutions, stating, “On-prem or cloud? I’ll say cloud.”
The panel concludes that cloud adoption should align with each bank’s stage of development and strategic objectives. While new digital banks can quickly leverage cloud capabilities, traditional banks must carefully evaluate how to integrate cloud systems with their legacy infrastructure, focusing on a customer-centric strategy that drives speed, innovation, and scalability.
