Cloud banking was recently described as a “critical tool for financial institutions to stay competitive” in in the ‘Getting cloud right: How can banks stay ahead of the curve?’ report by Deloitte.

The paper also suggested that leveraging these offerings could enable banks to improve their agility and drive innovation.

Pullen outlined that large banks utilising cloud-based operating systems would blaze a trail for others, and the perceptions of regulatory pushbacks would change.

“Certain banks buy [or] build pieces of software that have some element of useful life to them and then there’s a natural point in time when they become obsolete,” said Pullen.

“[As] the landscape is changing so rapidly, those useful timelines are getting much shorter and more and more things are moving to the cloud [at an] increasing pace.”

Pullen suggested that there was room for improvement in terms of the efficiency of the banking sector.

He explained that in the smaller challenger bank, building society and regional bank areas, they often don't have the same technology and legacy systems which prevents their ability to migrate to the cloud.

“At nCino, there's a tremendous amount of interest in moving things that are typically difficult and problematic — for both employees and customers — into more user-friendly applications that happen to be in the cloud.

“[We’re, therefore] pretty well positioned to take advantage of the changing dynamic," he added.