Anthonio Separovic, Co-founder and CEO of Oradian, a cloud-based core banking solution provider, highlighted the significant advantages that cloud technology offers fintech companies. Speaking at the Oradian Core Banking Summit in Lagos on November 28, 2024, Separovic emphasized that fintechs leveraging cloud-based core banking systems can drastically reduce the time needed to bring their products and services to market.
According to Separovic, cloud technology enables fintechs to launch new products much faster than with traditional banking infrastructure. The seamless integrations, scalability, and continuous innovation inherent in cloud systems empower fintechs to innovate quickly and operate more efficiently. He pointed out that with cloud technology, fintechs can quickly adapt their services to meet customer needs and market demands.
“Traditionally, when fintechs want to develop a product, they have to go through extensive design, coding, and testing. But with cloud technology, everything is parameterized. Fintechs can release a new product within a few hours,” said Separovic. This rapid time to market is a key competitive advantage, allowing fintechs to be more agile and innovative compared to traditional financial institutions.
Separovic also highlighted that cloud solutions enable fintechs to focus on their core value propositions, such as customer-centric services, without being hindered by the complexities of managing legacy banking infrastructure. Cloud platforms offer essential banking functionalities—such as account management, payments, and compliance—through a unified platform, maintaining flexibility and speed.
The summit, which featured notable panelists like tech entrepreneur Victor Asemota, Kamal Boushi, CEO of Renmoney, and Adewale Salami, Group CIO of First Bank, also addressed the broader adoption of cloud banking solutions. Pius Emeya, Head of IT at Access Bank, pointed out that cloud technology is more secure, cost-effective, and faster, although the choice between cloud and on-premise solutions should depend on a bank’s existing infrastructure and goals.
Victor Asemota argued that in today’s banking landscape, the distinction is not about the size of the bank but about speed and agility. He stressed that banks need to prioritize responsiveness over the physical costs of infrastructure. Meanwhile, Kamal Boushi from Renmoney advised that banks should focus on their core business and leave non-essential tasks like payroll and legal matters to other experts, emphasizing the benefits of cloud adoption.
The discussions at the summit concluded that the adoption of cloud technology should align with each bank’s stage of development and strategic priorities. While newer digital banks can easily take advantage of the scalability and speed of cloud systems, traditional banks should carefully consider hybrid solutions that integrate cloud capabilities with their existing legacy systems to enhance innovation and customer service.
