A revolutionary approach to software development has the potential for banks to reclaim their technology advantage. Serverless computing, where applications are separated from the physical server infrastructure, can help banks overcome one of their biggest hurdles—migrating off legacy infrastructure. Every bank is first and foremost a software company and serverless computing provides the opportunity for banks to disrupt their own IT.
The rapid speed at which FinTech startups introduce new services is a primary reason financial service firms are vulnerable.
Serverless allows development teams to exclusively focus on new application development. As banks increase the pace of their application development, while also leveraging their industry expertise and troves of consumer data, they can regain their technology advantage.
Banks need to disrupt their own IT organizations. Banks can better compete and possibly regain their technology advantage embracing serverless computing — a technology where applications are stripped into individual functional “events” that are both cost efficient and portable. Serverless computing provides an opportunity for organizations to relinquish legacy infrastructure and take full advantage of the public cloud, rather than just adopting software-as-a-service applications. This could help level the playing field and also remove structural limitations for banking innovation.
PwC offers a seamless end-to-end services portfolio to help financial incumbents to leverage FinTech trends and convert threats into opportunities:
Financial Services Leader, PwC US