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"Everybody started to debate as to whether banks and the rest of the industry should start to use more of those cloud services. Initially, for quite a few years, it was much more about moving out of the data centres that the banks had, moving out of mainframes intomore distributed-type technology.

"A lot of that was interpreted into this 'private cloud' term, which was basicallyjust shared infrastructure offered by some of those technology providers."

However,Anyfantakis went on to explain that the picture has changed dramatically during the era of disruption.

"This evolved significantly with the rise of fintechs into much more of an ability to use public cloud," he continue. "So, banks being ale to deploya lot of their core services onto AWS, Microsoft Azure and GCP using, effectively, the public cloud.

"That became much morepowerful because, by doing that, you also take advantage of a lot of the additional services that are in the cloud.

"So, it switched from moving for infrastructure reasons to much more moving because, as part of that, I'm changing the way I develop my technology to take advantage of all the services that are already there, and thereforeaccelerate the delivery that I'm doing."

To watch the session in full, simply follow the video link at the top of this story.

Want to see more from FinTech LIVE London 2023? Stay tuned to ourwebsitefor more content, which will be coming your way very soon.

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Exclusive video: Capital One on embracing cloud and SaaS - FinTech Magazine