The core-banking vendor won the investment and ringing endorsements from the trade group and several banks because its open system and cloud delivery could eventually challenge entrenched tech players.
Serverless computing has its proponents — Capital One and BBVA among them — but the service hasn’t yet proven it can fulfill general systems needs in banking.
Concentration risk, threats to data privacy and the potential for discrimination are among the unintended consequences of letting fintechs and tech giants dabble in financial services without bank-like regulation, an expert says.