Current Crisis Could Push Banks to the Cloud Sooner

Digital banking and cloud based banking solutions are seeing a big uptake with the current crisis; Paul Taylor of Thought Machine believes a crisis like this will help to push banks to the cloud sooner; “Each event like this,” Taylor tells AltFi. “Pushes banks further towards realising they really have to get on top of cloud-centric banking once and for all.”; he goes on to say that fixing the foundation of banking could help to put millions back into the pockets of banks and ultimately the consumers; the company just raised a big round of capital and is looking to use the new capital to expand internationally and move into new areas of banking; “Currently we’re very much focused on retail banking, but small and medium-sized enterprise (SME) banking is pretty close, so we’re looking at that, and then it’s private banking and commercial or corporate banking,” Taylor tells AltFi. Altfi

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