Modern life relies on the functioning of data centres; from bringing Netflix to our homes to powering our Google searches.
One of the latest additions to cloud-first existence is the digital-only bank, and it’s taking the world by storm.
In fact, the latest Accenture Digital Banking Tracker shows digital lenders gained over six million new customers in the second half of 2019, with the global total reaching a staggering 19.6 million.
As digital-only disruptor banks continue to emerge, the technology behind open banking develops, and demand for mobile services increases. The data centre has never been so vital to the banking industry.
Digital Banks are the ‘it’ thing
It’s clear that encouraging new customers to join digital-native banking platforms is no struggle.
However the Digital Banking Tracker shows that long term profitability is. We’ve already seen digital banks having to deal with a range of IT challenges which stem from their chosen infrastructure decisions.
Monzo – the darling of the UK fintech scene – suffered late last year as users lost visibility of their savings after an influx of customers requesting to receive their Christmas wages, through the “Get Paid Early” feature.
Traditional banks have suffered too. On New Year’s Day, thousands of Lloyds Bank, Halifax and Bank of Scotland customers were unable to use online banking services due to an IT outage.
While these outages can be caused by a plethora of different reasons, finding ways to eliminate each one delivers huge savings to banks – especially as the cost of customer support alone is one of the highest for the likes of Monzo, who reportedly spend 67% of all account costs on it.
The data centre is a pivotal factor in providing a first-class customer experience, and any downtime can have serious consequences.
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