"The only way to scale is through adoption of cloud. "A lot of banks realised, as the pandemic set in, that they were not quite prepared for the scale of remote working, the scale of customer access or online access," he pointed out. "I think that adopting the cloud by banking and financial services organisations is inevitable," said Mr Nallapan.Ĭloud services are also scalable as demand arises. Many are now embracing digital assets including cryptocurrency, non-fungible tokens (NFTs), or even various metaverse-linked applications, for example.Īnd as with many other organisations, more and more of what banks do will be done in the cloud, to take advantage of the speed and agility that is not possible with conventional data centre infrastructure. In any case, banks need to continually adapt to new technologies and trends to stay relevant. This is technically called an open application programming interface (API). Because consumers generally place high trust in banks, they are more likely to be receptive to third-party providers offering some services in conjunction with or on behalf of their banks. Open banking is a system that gives banks the ability to connect with third-party providers to offer a wider range of services. To reach out to current and potential customers, "banks want to be present everywhere and one way for them to do that is the adoption of open banking", said Kunaciilan Nallapan, vice-president for Asia Pacific, China and Japan of F5, an American technology company specialising in application security, multi-cloud management and online fraud prevention. Now it's time for banks to go after the customers, he said at Think 2022, a recent technology conference sponsored by IBM in Singapore. But as digitisation is becoming the norm, the bank is becoming more invisible and a service more like a utility. In the past, customers were the ones going to brick-and-mortar banks. It's not just lending and taking deposits, but customers expect them to be an adviser for what they're doing," says Bambang Moerwanto, regional vice-president of the Germany-based enterprise software corporation SAP. ![]() "The traditional business model of banking has changed because customers expect more from banks. It's a dramatic shift that is compelling banks to transform or risk being left behind. Customers emerging from Covid-19 are demanding new and better sets of services to meet their new consumption patterns, be it how they shop, eat, work or transfer money. Four of the past six presidential elections in Wisconsin have been decided by less than a percentage point.The financial sector is on the cusp of yet another transformation. Thursday’s visit is the first of this election cycle and would be Harris’s fourth trip to Wisconsin since taking office.īiden won perennial battleground Wisconsin by just under 21,000 votes in 2020, flipping the state for Democrats after former President Donald Trump carried it by just short of 23,000 votes in 2016. Harris last came to Wisconsin in September 2022 as part of a campaign stop just ahead of the November midterm election. States must complete a multi-step process before they can use the money. It’s part of a plan to distribute $42.5 billion nationwide to provide reliable and affordable internet service for every home and business in the U.S. The visit comes a little over a month after President Joe Biden’s administration announced that Wisconsin will receive more than $1 billion in federal money to expand high-speed internet access. Harris will be joined by Commerce Secretary Gina Raimondo for the stop in Pleasant Prairie, which is 35 miles (56 kilometers) south of Milwaukee near the Illinois border. There were no immediate details about the campaign events. ![]() ![]() The White House announced the planned stops on Sunday. (AP) - Vice President Kamala Harris plans to visit southeast Wisconsin on Thursday, making a stop in Pleasant Prairie to tout broadband and affordable connectivity before going to Milwaukee for a pair of campaign receptions.
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