VIEWPOINT

BIG BANKS CAN

CHALLENGE FINTECHS
WITH CLOUD BANKING

Traditional banks struggle to be as agile as their emerging

fintech competitors. However, a new open-source cloud
migration platform could put them on equal footing if they can
also update their culture and product development process.
External Document © 2019 Infosys Limited
Fintech startups keep on a like-for-like basis. Fintech startups
have a different risk appetite and
repositories, such as those created on
GitHub, have skyrocketed, crossing
the customer at the core funding model, and have for the most over 100 million in 2018.9 These allow
part yet to prove that they can achieve new businesses to design and build
Fintech startups have dominated the
and sustain profitability. However, from digital products easily and quickly
headlines in banking for several years
a technology perspective, traditional by stitching together existing code.
now. While they represent a very small
banks can learn something from Software developers today need fewer
cross-section of the market, their
fintech startups, particularly around skills and less time to make ever-more-
digital strengths and speed that they
their use of the cloud and agile and sophisticated products.
bring has impressed customers and
DevOps methodologies. The challenge
industry stalwarts alike. Figure 1 tracks the falling cost
for banks has been a technical one —
of computing and the increased
The key to their success is an ability secure usage and adoption of cloud
availability of open-source code, by
to be agile and rapidly develop technologies to their full potential.
using the proxies of storage cost and
new features in line with customer That is until now.
GitHub repositories. Over this time, it’s
feedback — something large
clear to see how digital startups have
incumbent banks really struggle
to compete with. Take Monzo, for Cloud and open source benefited, using the growth in the
number of unicorns.
example. Its “Big List” had feedback help innovate rapidly,
and ideas for new products and
features shared by customers.1 The economically Cloud and open source together
unicorn (private companies worth The upsurge in fast-moving, innovative
more than $1 billion), in-turn, kept
enable businesses to rapidly
startups, and fintechs, has been
customers updated on the progress fueled by cloud and open source. The iterate products at low costs
on each of those products. Within exponential fall in the cost of data
three months of creating its initial list, processing from $200K in the 1980s7
The key element here is the
80% of the requested add-ons and to $0.03 in 20178 has made the cost of
combination of cloud and open source
upgrades were completed.2 hosting, launching and testing new
that enables new businesses to rapidly
According to Aberdeen Group digital business ideas extremely cheap.
iterate products at very little cost.
research, companies can generate a Meanwhile, open-source project
10x greater year-over-year increase in
annual revenue by adopting a voice of Figure 1. Startup success has been fueled by falling compute costs,
customer strategy.3 Forrester research and increased open-source availability
has found that customer experience
leaders can grow revenue nearly 6x
0.08 90
faster than their competitors.4
Traditional banks, on the other hand, 0.07 80

Number of unicorns / GitHub repositories (in millions)

81
struggle. Their legacy technology and 70
0.06
siloed data makes it hard for them to
respond at pace to customer feedback 60
0.05 62
and needs. This chokes innovation 57
50
$ per GB

and slows the response to changes in 0.04

43 40
products. According to Oliver Wyman,
traditional banks take between three 0.03
30
to six months to launch offerings that
0.02 20
fintechs can introduce in two weeks.5 20
15
In one case cited by Amazon Web 13
0.01 10
5 6
Services (AWS), National Australia Bank
used to take weeks for the workload 0.00 0
deployment of its forex platform before 2009 2010 2011 2012 2013 2014 2015 2016 2017
it moved this capability to AWS.6
Storage cost per GB (LHS) Number of unicorns (RHS) GitHub repositories (RHS)
Of course, fintech startups and
traditional banks cannot be compared Sources: Visual Capitalist, Mkomo.com, Backblaze.com, Wikipedia

External Document © 2021 Infosys Limited

 They have agile and lean business Quick-testing philosophy: experiences. Legacy technology
models allowing them to take maintenance is also expensive, with
Lean startups are often said to be
on calculated risks. This dynamic experts estimating it to be 80% of
based on the philosophy of “fake
gives fintech startups an edge over banks’ IT budgets.17
it before you make it” and “move
traditional banks in the following ways:
fast and break things.” What this Banks store data in various locations,
means is startups often build just often accessed by different users. This
Start small, scale fast: the proposition but not the business siloed approach creates multiple layers
Take one of Europe’s fastest-growing functionality behind it. This allows of data duplication.18 Numerous data
unicorns, Revolut. The startup began them to be quick and test whether the warehouses and lakes increase storage
small in 2015, providing a forex proposition will work. But in a heavily costs and have a bearing on run-the-
interchange payments platform. The regulated market such as financial bank costs. Traditional banks also
neobank added multiple products and services, this is not always appropriate. suffer from their inability to benefit
services quickly — within 18 months from data analytics and insights that
It’s possible to see how this new
clients could open current accounts. can improve customer decisions
approach results in rapid growth.
Insurance, crypto and stock trading and experiences.
Again, Monzo is a great example.
services were also built. The digital The unicorn is built on cloud-native Traditional banks move data manually,
bank recently received a European technologies and open-source tools. with project teams being set up for
banking license and plans to launch This helps keep costs low, and speeds each data movement that can run
savings accounts and extend loans. up product development and testing. into months. This is time-consuming
All this happened within a span of It enabled Monzo to grow its customer and counterproductive in this digital
four years. base to 2.6 million in four years, thanks age, where customers’ demand for
to its ability to rapidly deploy product instant, real-time, and personalized
Technology infrastructure: features such as real-time transaction products and services has become the
Startups have their infrastructure built notifications, bill splitting and new normal.19
for digital. Revolut’s platform, built utility payments.14 Customer data in any form is
on the Google Cloud Platform (GCP)10 Another example is Starling Bank, sensitive for banks. Cloud vendors,
and its suite of services, allows the which has its IT infrastructure hosted such as Google and Microsoft, have
fintech to scale at speed. Customers in the cloud, resulting in a lower cost outstanding security expertise, and
can open an account within minutes base.15 The bank’s lean and agile all are certified compliant with federal
and transfer money in seconds. The infrastructure equips it to quickly data governance standards. Despite
bank has onboarded more than 6 innovate, effectively. This digital this, there are still significant cultural
million customers, with 350 million infrastructure facilitates customer data factors to overcome. For instance,
transactions worth over $40 billion.11 to be fed back into the system and Stephanie von Friedeburg, then CIO
derive insights that help consumers of the World Bank, faced pushback
Digital natives: make better-informed, personalized from her legal team when she tried to
financial decisions. move the organization to the cloud.
N26, a digital bank, said that its
Eventually she was able to make
costs are one-sixth of that of any
her case that the business agility,
comparable incumbent bank, as
its technology infrastructure works
Technology issues weigh combined with other benefits of the
more efficiently and it does not have on traditional banks ... cloud, outweighed its risks, and the
international institution adopted
physical branch costs.12 Fintechs, Legacy systems are the biggest cloud technology.20
with their digital-only approach, barriers to digital transformation
save significant costs compared to (named by 45% of respondents) This whole situation is further
traditional banks. According to a according to financial services complicated due to the European
recent Economist article, fintechs executives survey by the Infosys General Data Protection Regulation
need to make $50 to $60 per customer Knowledge Institute in 2019.16 The (GDPR), which affects any business
to break even, and that’s including reliance on legacy technology stops targeting the European market. Given
their product development and banks from taking advantage of agile the requirements that GDPR places
customer acquisition costs. However, ways of working. It also complicates on businesses, the ability to track and
for traditional banks, this figure is and hinders banks from accessing manage data lineage becomes all the
more likely in the region of $200 to their huge customer data for analytics more important. But it adds another
$400 a customer.13 and insights that improve customer layer of challenge to the financial

External Document © 2021 Infosys Limited

45% of executives consider legacy
systems to be the most serious
barrier to digital transformation
in 2019

External Document © 2021 Infosys Limited

 industry, which is already swamped
with large volumes of siloed, high-
4 million customers in a little under
3 years.23 To do this, Marcus has
… but they can now
volume data. used cloud technology and agile catch up
methodologies. For instance, it used
Legacy technology is such a barrier A new era of cloud technology is
this approach when it implemented
that the best examples of large banks coming for traditional banks that
Finacle’s consumer lending solution on
launching fintech propositions are will enable banks to avoid starting
Goldman Sachs’ Cloud that went live
those that have been able to start from from scratch when building modern,
in the U.S. in under ten months and
scratch, rather than building on old digital-first propositions. Code-named
within budgets.24
technology. This is very common in JuniperX — the petabyte-scale data
Asia where banks aren’t encumbered Yet, such spinouts are not necessarily management cloud platform, part
by as much legacy technology. For a long term solution for traditional of Infosys Cobalt, built by Infosys
example, India’s ICICI Bank completely banks who already have retail in partnership with one of its large
built its business on the Finacle core banking operations. For Goldman banking clients enables banks to
banking platform.21 This helped it Sachs, Marcus represents their very integrate their legacy data with the
roll out new features and products first business in retail banking. cloud quickly and safely. The data
quickly. ICICI introduced India’s first Established retail banks that take this management platform (an end-
mobile banking application, iMobile, in route, however, will still eventually to-end data delivery suite) could
2008, and within 10 years added over face the complication of integrating be a fundamental part in helping
250 services.22 customers, data and processes with banks leapfrog into the cloud space
their parent bank. Yet this may well be and develop products quickly. In
In the west, the best example is Marcus
worth the challenge if it means they this way, traditional banks can use
by Goldman Sachs. Started in 2016,
attract a new demographic and grow JuniperX to start being more like
the digital bank has built its entire
market share. fintech startups and solve their legacy
business on the cloud that helped
it garner $50 billion in deposits, $5 technological issues.
billion in loan balances and nearly In fact, the platform is already being
used by the client as a critical enabler

External Document © 2021 Infosys Limited

to benefit from new technologies and established, a bank can begin to treat digital native. There are still several
advanced analytics. JuniperX allowed the data trapped in its legacy systems operational, strategic and cultural
the bank to move data in a scalable as if it was in the cloud. This means it elements to be tackled:
and an efficient manner, in line with can begin to use more open-source
the stringent regulations placed upon tools to analyze data and build and test Hierarchy
it. It had to also meet the required new customer features.
Traditional banks are known to
standards of the evolving cybersecurity
Banks with data in the cloud and operate large hierarchies and are
and regulatory risks in the digital space.
access to open source can suddenly extremely process-oriented. This slows
JuniperX — initially created to move be agile with managing their down decision-making and increases
data to the cloud, at scale, while customer data. The platform can help a product’s time to market. Fintech
simultaneously adhering to the bank’s them understand their customers startups, on the other hand, work in
controls — ensured the safe and better, draw meaningful insights a flat environment where decisions
consistent arrival of data. It was initially from the data and build better are fast-paced and products are
tested on the bank’s commercial financial products. released quickly.
banking business, and helped move
As banks have significantly more data
the business’s daily data to the cloud. Culture
than fintech startups do, they have the
The platform reconciled and audited
opportunity to do much more with To be safe, steady and considerate
data feeds registered in accordance
the data, such as advising corporate are imbibed in the culture of every
with the bank’s security standards.
clients on where and how to spend traditional bank — the opposite of
With JuniperX, the bank saved $8.5 their resources. how fintech startups operate. These
million on license renewal costs for the digital natives have a consumer-centric
Ab Initio software that addressed real-
time data processing and application Yet, traditional banks approach and are risk-takers that help
foster innovation, test quickly, fail fast
integration.25 The client also saved suffer from a host of and change with agility.
millions of dollars by moving over
230 terabytes of data and Teradata other issues
workloads to GCP using automation JuniperX solves a lot of the technical
and software code conversion.
Digital natives are consumer-
issues that banks face in utilising the
cloud effectively. However, this alone centric and risk-takers
This is just a glimpse of what JuniperX
can enable. Once the platform is will not transform a bank into an agile

Figure 2. Fintech startups versus incumbent banks — the positives and the negatives

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 Regulatory The incumbent What’s clear is; by leveraging a
platform such as JuniperX, they both
The banking industry is heavily
regulated. A tier 1 bank can spend
advantages can start benefiting from the cloud,
becoming faster and more agile as
nearly $300 million a year to update Incumbents do still have a strong
a result. Technology alone isn’t the
existing software and meet regulatory chance to succeed. They are well
silver bullet to traditional banks’
requirements.26 This regulatory regulated; have a large swathe
woes; however, with JuniperX, it will
framework also restricts their ability to of customers and the data that
be less of an issue. To become fully
benefit from new technologies. comes with them; and benefit
agile, banks need to fundamentally
Fintechs are not bound by regulators from economies of scale, with a
change their culture, increase their
and can grow fast. Revolut had 3.2 combination of retail, corporate
risk appetite and act more like their
million customers27 even before it had and investment banking divisions
fintech competitors.
a banking license — offering prepaid under one roof. This enables them
forex cards and services that mirrored to act as a one-stop shop for their
a checking account.28 Fintech startups customers. However, they need
focus on building the platform and to focus these resources in a more
enriching customer experiences. agile way to compete with fintech
They use their partnerships with startups and provide customers with
financial regulated entities to navigate responsive products.
regulators. For instance, before
It’s also worth bearing in mind that
receiving its banking license, Revolut
fintech startups do not compete
customers could open an account that
strongly in all areas. For instance,
was indirectly opened and maintained
at either Lloyds or Barclays.29 most charge for services such as cash
withdrawals or contactless payments
that traditional banks either offer
Funding
for free, or price at a lower level.
Banking is a capital-intensive business, Also Starling and Monzo both offer
and while traditional banks are known interest on their current accounts, but
to be cash-rich, fintech startups are these are not necessarily at the most
funded without a bottom line. They competitive rates.35
take on additional risks because of
the availability of cheap venture
capitalist funding. This stems from Future of banking —
venture capitalists’ desire to buck the who do you think will
low-interest rate regime and turn their
investments into unicorns. Revolut win: fintech startups or
has raised $336 million from global
VCs to date, making it the fastest-
traditional banks?
growing unicorn, with a valuation of It’s too early to say who will come
$1.7 billion. It reported a loss of £7.1 out on top as fintechs and traditional
million in 201630 and £14.8 million banks compete for customers. It’s also
in 2017.31 Yet, venture capitalists are important to note that currently their
not shying away: Revolut plans to businesses and propositions can’t be
raise an additional $500 million in compared directly. Each have positives
2019.32 The era of fintech startups is and negatives (Figure 2), and while
such that crowdfunding has become banks are well funded, fintech startups
a viable seed-funding option. In seem to have no need for profitability
2016, Monzo raised £1 million in 96 — yet. While banks are bound in
seconds.33 Preregistrations for Revolut’s a regulatory environment, fintech
£1 million crowdfunding garnered startups aren’t, and they can be quite
£12.9 million.34 flexible in their business model.

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 Authors
Ajay Vij Samad Masood Sharan Bathija
SVP and Industry Head – Financial Services Infosys Knowledge Institute Infosys Knowledge Institute
[email protected] [email protected] [email protected]

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External Document © 2021 Infosys Limited
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