In SAP Industry Live, Bob Evans sits down with SAP executives, customers, and partners to gain insights into cutting-edge innovation in the banking market and the insurance market. In today’s episode, Bob, Jason Cawthorn, vice president, sourcing execution, TD Bank Group, and Falk Rieker, global head of banking, SAP explore how the banking industry is cautiously embracing cloud technology to meet evolving customer expectations while addressing regulatory challenges.
SAP, TD Bank | Future of Tech in Banking
- Banking’s move to the cloud: The banking industry is shifting from building and maintaining on-premise infrastructure to adopting cloud services to improve efficiency and agility. The shift is gradual due to the responsibility of safeguarding data and complying with stringent regulatory requirements.
- Global regulations: Navigating diverse global privacy laws and regulatory requirements remains one of the industry’s biggest challenges. There are few common positions, although regional agreements are a step in the right direction. There’s an example of a customer who had to talk to more than 50 different regulators while implementing an SAP suite.
- AI and machine learning: Artificial intelligence (AI) and machine learning are being applied in banking processes to improve efficiency, predict contract consumption, and provide guided buying procedures.
The Big Quote: “. . .cloud is not like the old managed services where you took your mess, and you made it someone else’s problem to execute. It really does require you to understand what you have today [and] where you want to go. And you have to be prepared for that. Because otherwise, it really could be a very unpleasant deployment . . . we avoided a lot of that by being prepared and taking our time and not rushing.”