Cloud adoption has accelerated worldwide thanks to more familiarity, a better understanding and proven implementations. As with other sectors, in recent years wealth management firms have been facing huge pressure to improve operational efficiency and performance.

To keep their competitive edge, banks and wealth managers require efficient ways to operate and increasingly turn to SaaS or BPaaS providers offering cloud-based solutions to implement rapid business model shifts. Many are moving to a platform model of operation, and are adopting cloud-based services to achieve their aims.

Business Process as a Service (BPaaS) may be thought of as a combination of the benefits provided by Software as a Service (SaaS), Infrastructure as a Service (IaaS) and traditional Business Process Outsourcing (BPO). It is essentially a process-led implementation and offers core banking activities by a service partner.