Banks may need to share information with other financial institutions sooner than they thought. That will cause companies to finally embrace the cloud.
At some point over the next few years, banks will be required to relinquish control of the client information they now hold. They’ll have to share financials, credit rating information, product preferences and more with other financial companies – competitors and FinTech startups – and give customers the ability to pass their data over to whomever they want. If that seems like a stretch, then you haven’t heard of open banking.
