This article discusses how Cryptomathic CKMS addresses concerns that financial institutions may have regarding key management in the cloud - by bringing banking-grade lifecycle key management and BYOK to Amazon Web Services (AWS) as a hybrid-cloud banking architecture.

This article discusses the concerns surrounding key management for cloud environments and how Cryptomathic addresses them by bringing banking-grade cryptographic key management to the Google Cloud - in the context of a hybrid-cloud banking architecture.

In rethinking their strategies, traditional banks have eight digital business model options to consider in order to remain competitive against untraditional newcomers to the industry.

Consumer behavior have shown a dramatic shift toward a preference for seamless digital banking solutions. Many banking customers now want simple and reliable products and services from their banks and other financial institutions.

Securing data and keeping it private is essential for many organizations and institutions, including banks or ministries, where data security and data privacy are critical. That security and privacy must always be assured and remain in control under the institution or organization.

Banks continue to feel the profound transformational effects that digital technologies have on their business. This can be seen in the creation and acceleration of new business activities, models, competencies, and processes.

Open banking can offer opportunities for retail banks that are faced with competition from newcomers to the banking and finance industry. For those unfamiliar with what open banking is, it can be best defined as “the use of open APIs that enable third-party developers (FinTech or non-banking service providers) to provide applications and services around the financial institution.” These services may be located between the customer and the bank, or placed in the bank’s bank-end.

The need for certain encryption technology features can vary from company to company, depending on their individual needs for securing their data. The recent Ponemon Institute survey, Global Encryption Trends Study, showed that some encryption features are considered more essential than others when considering an encryption solution, especially for strong key management purposes.

In response to changing and more dynamic market demands, banks and financial institutions are turning into financial service platforms. They increase the extent of their digital transformations across the hybrid cloud, guided by three motivating factors: