The idea was born out of long standing frustration encountered with payments providers & teams struggling to take advantage of public cloud. As payments numbers continue to grow, there is also a serious need to leverage the vast datasets locked away in payments databases in order to increase their agility and improve the overall client ecosystem.
I started to ask the reason why payments was lagging in cloud adoption & dropped this into a mindmap (Mindnode), outlining the challenges, the value potential and solution options.
The intention was to provide a call to arms with a quick, tangible step to adopt a data streaming architecture that blasts through the “analysis paralysis” challenge that has subverted many previous attempts.
The time seemed right with the a number of overlapping events:
- Prevalence of streaming architectures.
- Desire for payments to modernise ecosystems.
- Ease of public cloud adoption & agility benefits.
Those companies we have seen unlock the data advantage benefit from:
- enhanced digital engagement.
- horizontal integration in additional sectors and offerings.
- recommendation engines for cross-selling and upselling.
My view is that there should be a more aggressive drive race towards formulating the first mature Self-Driving Finance offering. The resulting benefit to profitability, market efficiency, and customer satisfaction will be a major strategic benefit.
Read the report here