Nine vital questions to ask before buying that new cloud core banking platform

Not all cloud systems are built equally. Here’s how to make sure you are getting the full benefit of cloud-based software.

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The cloud is powering the new generation of banking software. Services that reside ‘in the cloud’ are hosted in remote data centres and accessed from a browser on the end-user’s computer or mobile device via the internet. No software is installed on the user’s device. Everything – data, software, processing – reside in the service provider’s data centre.

Cloud v cloud-native

At Oradian, we began with the cloud. It’s one of the reasons that Instafin, our core banking and core lending platform, is so powerful. It’s not something we adapted for the cloud – we built it there. Instafin is a cloud-native system which benefits our clients in all kinds of ways:

Accelerates growth Liberates their business Reduces costs
Cloud technology is infinitely scalable, making it faster, easier, and cheaper to grow.
With no need for networks, servers, and software licences, they are free to focus on their business.
Our clients no longer need to set up or maintain servers. It’s all covered by their annual Instafin subscription.
Puts them in expert hands Real-time insights Reduced downtime
Cloud data centres are run by experts in cloud services dedicated to providing a safe, reliable, and secure infrastructure.
All their data is in one place so they can instantly create real-time statements and reports covering their entire financial institution.
We guarantee 99% uptime. By comparison, the average MFI, for example, loses 15 days a year to system downtime and failures.
Increased security Risk mitigation Keeps them up-to-date and ‘future-ready’
Cloud data centres such as those used by Oradian boast the highest possible levels of defence against hackers.
All data is replicated at multiple locations. If an earthquake hits one data centre, another kicks in.
Our clients instantly benefit from the updates and upgrades we make.

Those nine vital questions

So, here they are. Those nine questions you need to ask to make sure the core banking system you are buying really is drawing on all the advantages of the cloud:

Only if a vendor can answer yes to all these questions can they claim to provide a truly modern, subscription-billed cloud solution.