Episode 338: Banking on Success in the Cloud

This week on Breaking Banks Jason Henrichs hosts John Weinkowitz from our sponsor Finastra and Tom Feher from Microsoft to discuss Finastra’s pinnacle core, Fusion Phoenix. Tom and John explore how Microsoft’s Azure Cloud has enabled Finastra to lead the pack in utilizing the cloud to help banks innovate faster and more efficiently. Then, stay tuned as Jason Henrichs speaks to, Sherri Davidoff CEO of LMG Security, about security challenges faced by industries on the bleeding edge of technology. Sherri explains how financial institutions can elevate innovation efforts while also remaining secure. Show Hosts: Jason Henrichs Show Guests:Sherri Davidoff CEO of LMG Security Tom Feher from Microsoft John Weinkowitz from Finastra  Sponsored by Finastra TOPICS DISCUSSED: [3:20] How has Finastra embraced cloud technology and how have they leveraged it to make it easy for banks? [3:50] Why did Finastra go all-in on cloud computing technology? [6:17] Were the bigger banks the first to invest in cloud technology and is the playing field being leveled by fintechs? [10:15] Are we seeing a large number of banks considering migrating to the cloud since the COVID19 crisis? [13:02] Customers are increasingly demanding self-service features from their financial institutions. [17:20] Banks are getting really smart about security as they open up to new opportunities and partnerships. [20:00] Finastra customers are realizing the value of KYI, plug and play technologies, and the importance of actionable data. [23:30] Leveraging data to lower risk and find new opportunities is of value for Finastra clients. [29:43] Jason makes the point just because you can physically touch a server does not mean it’s more secure. [31:20] Sherri explains that the cloud has both the ability to be secure and insecure. It’s important to vet your provider. [36:00] Sherri discusses two-factor identification in detail. [41:45] Would it make sense to have hardware tokens? [42:20] Is regulation keeping up with how banks view cybersecurity and technology? [48:02] Security assessments are valuable in today’s climate for organizations and consumers. RESOURCES MENTIONED: Microsoft Azure Finastra Zelle Lyft UberLMG Security Verizon ATT TMobile Breaking Banks is the #1 global fintech radio show and podcast. Tune in every week for a look at how technology and customer behavior will bring about more changes in banking in the next 10 years, than in the last 200 years. Subscribe at Provoke.fm or wherever you get your podcasts. FULL TRANSCRIPTION Announcer: Financial technology or fintech is one of the fastest growing industries in the world today with New York, London, Tel Aviv, Edinburgh, Singapore, Moscow, and other major cities all buy in for a piece of the action. Welcome to Breaking Banks; the first dedicated radio show that focuses on how this new boom is changing everything from the way we bank to the very concept of money itself. Now, here’s your host, Jason Henrichs.  Jason Henrichs: Today on the show, talking about cloud, specifically financial services in the cloud. Now, historically, when we bring up cloud within financial services, the debate can take on religious proportions. Tech evangelists sing the praises of the architecture, compliance departments scream it’s not secure, IT departments feel more scared when they can physically go hug that box that’s running code in the cage. Until recently, I think everyone felt more secure when remote access was locked down. Now, current circumstances can show that if everyone has to come into the bank in order...