Cloud-based vs Cloud-native. What’s the difference?

When talking to financial institutions about their adoption of cloud-based core banking systems, we often question if they are receiving the benefits from a functional perspective. The answer is often ‘no’ because their cloud-based solutions are effectively using legacy that has been moved to the cloud.

What cloud native means to us at SaaScada is peeling away all those existing pieces of technology and creating a new way of delivering core banking functionality through NoSQL based ledgers so that data can be consumed and transformed into all sorts of different data views, they can also be consumed by our clients and used in their own workflows. This approach also allows real-time use of data for all the things that underpin modern banking like real-time card processing and push notifications. It is this real-time data approach that our eco-system partners leverage to build seamless banking experiences for customers from KYC through to day to day use of banking services.