Paul Taylor is the CEO of Thought Machine, a next-generation banking software company. He joined us to discuss how banks are museums of technology, but cloud-based tech enables banks to be more agile, scalable and innovate. Today, according to Paul, about 10% of all banking activity has moved to the cloud but only 1% of core banking system are migrated to cloud, which makes the space ripe for rapid transformation in the next 3-5 years. Regulators, initially cautious, are now increasingly supportive of cloud services for banks and see the benefits of scale, innovation, competition etc. for end-consumers. Thought Machine being 100% cloud native believes it separates itself from incumbent bank IT vendors and offers horizontal scalability, automated/fast deployment and zero downtime. Paul believes that over time the best challenger and incumbent banks will converge in their digital offerings and industry laggards will end up with limited new business flows.