Is there a way to tie the old world with the new? The Cloud offers issuers the opportunity to rapidly move forward in the risk analytics and decision space. Traditionally, issuers utilized “on premises” technology that requires IT’s assistance for updates to their risk infrastructure. Changes that require, time, effort, testing, and governance approval prior to production. This has resulted in changes taking six months to a year before they are put into production. Utilizing Cloud Technology and no/low code processing provides issuers the ability to be more nimble, efficient, and effective in making necessary changes to their evolving risk strategies. Accessing multiple data resources via APIs increases the availability of current data that can be used to power smarter decisioning. Credit risk data (Bureaus), compliance data, internal performance data, alternative data, etc., all play a role in today’s risk analytics practices. For issuers to grow, compete, and thrive they need to reassess their current legacy systems and consider a focus to cloud-based decision solutions.
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