New research commissioned by Snowflake reveals that leading financial institutions are prioritizing the adoption of cloud technology to strengthen cybersecurity, fraud detection and claims management. Recent high-profile cyber-attacks and increased financial crime have heightened the urgency for technology teams to invest in cloud solutions that ensure data security and governance.
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The study highlights the need for financial organizations to address emerging threats and combat rising financial crime as banking and payment systems become more digitalized. By investing in advanced cloud data analytics, institutions can enhance fraud detection in real-time, improve customer experiences and respond more swiftly to sophisticated criminals with intricate knowledge of banking processes and vulnerabilities.
Rinesh Patel, Global Head of Financial Services at Snowflake, emphasizes that organizations aim to achieve improved customer outcomes and commercial success while ensuring the highest levels of data security and governance. Legacy technologies pose an opportunity cost as the demand for data continues to rise. To combat financial crime, gain valuable data insights and meet the needs of today’s customers, leveraging the value of cloud technology is crucial.
