Location, security and privacy are top cloud concerns
Richer economies more likely to domesticate and operate hybrid servers
Location of servers, security risks and privacy are the majority of central banks’ greatest concerns for using the cloud, the Fintech Benchmarks 2023 find.
Respondents were fairly evenly split with regard to the locations of their cloud servers: 36% of 28 central banks said their cloud servers are domestic, and 36% said their cloud servers are based overseas. Slightly fewer, 29%, said they use both access types.
Location of servers (75%), security risks (75%) and privacy (72%) were the most
Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.
To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe
You are currently unable to print this content. Please contact info@centralbanking.com to find out more.
You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.
Copyright Infopro Digital Limited. All rights reserved.
As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (point 2.4), printing is limited to a single copy.
If you would like to purchase additional rights please email info@centralbanking.com
Copyright Infopro Digital Limited. All rights reserved.
You may share this content using our article tools. As outlined in our terms and conditions, https://www.infopro-digital.com/terms-and-conditions/subscriptions/ (clause 2.4), an Authorised User may only make one copy of the materials for their own personal use. You must also comply with the restrictions in clause 2.5.
If you would like to purchase additional rights please email info@centralbanking.com
More on Fintech
Working group minutes: central banks weigh CBDC design choices
Central bankers discuss CBDC design elements, adoption rates and cross-border payments
Fintech Benchmarks 2024 – model banks analysis
Data reveals how advanced and emerging economy central banks structure their fintech functions
Fintech Benchmarks 2024 report – the promise and threat of AI
Data reveals how central banks are developing CBDC, tapping into AI tools and using cloud services
Most central banks’ cloud services are software-focused
Operational environment is largely hybrid and public, while access to server is often domestic
Fintech employees trained in AI in just over one-third of central banks
Senior management staff are least trained across jurisdictions
AI being adopted in over half of central banks
Supervision, document automation, data analysis and research are primary areas of use
Regtech strategy still lacking in majority of central banks
Stress testing, AML/CFT risk and reporting are top areas of application
Suptech strategy adoption remains below 50%
Resource constraints and data quality issues are still barriers