Cloud Computing In Financial Service Organizations

Cloud Computing In Financial Service Organizations

While technology seems to be the cost and time efficiency driver in many industries, cloud computing is the emerging solution for the financial service industry, especially capital markets. In order for their assets to be used optimally by multiple consumers, financial organizations require ad-hoc access to significant computing resources, virtual desktops, shared data information, cost transparency, and “What-If” capabilities.

I will list some of the most important cloud changing perspectives that can benefit large corporations and SMB’s:

  • Resource Management – enables organizations to build agile, responsive data center infrastructures;
  • Pay per Use – organizations pay only for the computing resources they are using and not more;
  • Centralized Sharing – resources can dynamically be rented to application owners in the organization;
  • Shorten Deployment Times in extending services – in developing and testing new applications; the cloud platform can be up and running in hours not months.
  • Reduce IT Costs – defer capital and operational expenses;
  • Disaster recovery planning – cloud computing is viewed as a successful recovery solution to store critical information in another location;
  • Green credentials – great energy savings, a fact which translates into being environmentally friendly.

If you browse the financial industry news, compliance and security concerns continue to constrain the industry growth. In the last few years, private clouds offering complete control over data and security are the most widespread option for financial organizations. On the other hand, public and hybrid clouds are still a limited choice, offering less information and visibility on the data and security measures implemented in the cloud environment. Because of today’s perceived lack of control, banks that wish to move forward with public cloud computing are advised to test the model on smaller projects and less sensitive data, a fact which I agree with.

For the highly regulated financial services industry to adopt and implement cloud computing solutions with confidence there are two important aspects to be clarified, besides being more transparent in their security measures. They must build a regulatory guidance associated with cloud technologies and thoroughly see the implied changes in risk management.

Therefore, I consider that cloud computing has not yet reached its potential in the financial service industry because the benefits for extended cloud use and integration of public and hybrid clouds are not yet fully acknowledged. For applied cloud integration examples in financial services, you can read more in the Wall Street article in which Amazon shares its experience: “Amazon Looks to Increase Presence in Financial Services Cloud”.

By Rick Blaisdell

About CloudTweaks

Established in 2009, CloudTweaks is recognized as one of the leading authorities in connected technology information and services.

We embrace and instill thought leadership insights, relevant and timely news related stories, unbiased benchmark reporting as well as offer green/cleantech learning and consultive services around the world.

Our vision is to create awareness and to help find innovative ways to connect our planet in a positive eco-friendly manner.

In the meantime, you may connect with CloudTweaks by following and sharing our resources.

View All Articles

Sorry, comments are closed for this post.

Comic
In The Fast Lane: Connected Car Hacking A Big Risk

In The Fast Lane: Connected Car Hacking A Big Risk

Connected Car Hacking Researchers and cybersecurity experts working hard to keep hackers out of the driver’s seat. Modern transportation has come a million miles, and most all of today’s vehicles are controlled entirely by digital technology. Millions of drivers are not aware that of the many devices in their digital arsenal, the most complex of…

Having Your Cybersecurity And Eating It Too

Having Your Cybersecurity And Eating It Too

The Catch 22 The very same year Marc Andreessen famously said that software was eating the world, the Chief Information Officer of the United States was announcing a major Cloud First goal. That was 2011. Five years later, as both the private and public sectors continue to adopt cloud-based software services, we’re interested in this…

Building a Data Security Strategy – More Important Than Ever

Building a Data Security Strategy – More Important Than Ever

Data Security Strategy Article sponsored by SAS Software and Big Data Forum Security and privacy have been an integral concern of the IT industry since its very inception, but as it expands through web-based, mobile, and cloud-based applications, access to data is magnified as are the threats of illicit penetration. As enterprises manage vast quantities…

Pitney Bowes Selects Aria Systems for Billing on the New Commerce Cloud

Pitney Bowes Selects Aria Systems for Billing on the New Commerce Cloud

Top-Ranked Cloud Billing Company Enables Greater Speed and Frictionless Billing for Unparalleled Customer Experience San Francisco, CA – August 23, 2016 – Aria Systems, which helps enterprises grow subscription and usage-based revenue, today announced that Pitney Bowes has selected Aria’s cloud-based monetization platform as the key billing and monetization component of their new Commerce Cloud…

The Golden Age of Wearable Technology

The Golden Age of Wearable Technology

The Golden Age One of the biggest fads in the technology sector right now is wearable tech. From Smartwatches that let you check your emails, chat with friends and search the web, to fitness accessories that monitor your heart rate and your sleep patterns, this is truly the Golden Age of wearable technology. But some…

Do Not Rely On Passwords To Protect Your Online Information

Do Not Rely On Passwords To Protect Your Online Information

Password Challenges  Simple passwords are no longer safe to use online. John Barco, vice president of Global Product Marketing at ForgeRock, explains why it’s time the industry embraced more advanced identity-centric solutions that improve the customer experience while also providing stronger security. Since the beginning of logins, consumers have used a simple username and password to…

The Cancer Moonshot: Collaboration Is Key

The Cancer Moonshot: Collaboration Is Key

Cancer Moonshot In his final State of the Union address in January 2016, President Obama announced a new American “moonshot” effort: finding a cure for cancer. The term “moonshot” comes from one of America’s greatest achievements, the moon landing. If the scientific community can achieve that kind of feat, then surely it can rally around…

Moving To The Cloud: A Smart Move Or Proceed With Caution?

Moving To The Cloud: A Smart Move Or Proceed With Caution?

Moving To The Cloud You hear it over and over again: The future of computing is in the cloud. Businesses should be moving to the cloud. If you’re not in the cloud, you’re behind the times. But trusting your essential data to a cloud may sound like a dubious proposition. Below are some of the…

Staying on Top of Your Infrastructure-as-a-Service Security Responsibilities

Staying on Top of Your Infrastructure-as-a-Service Security Responsibilities

Infrastructure-as-a-Service Security It’s no secret many organizations rely on popular cloud providers like Amazon and Microsoft for access to computing infrastructure. The many perks of cloud services, such as the ability to quickly scale resources without the upfront cost of buying physical servers, have helped build a multibillion-dollar cloud industry that continues to grow each…

The Cloud Is Not Enough! Why Businesses Need Hybrid Solutions

The Cloud Is Not Enough! Why Businesses Need Hybrid Solutions

Why Businesses Need Hybrid Solutions Running a cloud server is no longer the novel trend it once was. Now, the cloud is a necessary data tier that allows employees to access vital company data and maintain productivity from anywhere in the world. But it isn’t a perfect system — security and performance issues can quickly…

Cloud Computing Price War Rages On

Cloud Computing Price War Rages On

Cloud Computing Price War There’s little question that the business world is a competitive place, but probably no area in business truly defines cutthroat quite like cloud computing. At the moment, we are witnessing a heated price war pitting some of the top cloud providers against each other, all in a big way to attract…

Low Cost Cloud Computing Gives Rise To Startups

Low Cost Cloud Computing Gives Rise To Startups

Balancing The Playing Field For Startups According to a Goldman Sachs report, cloud infrastructure and platform spending could reach $43 billion by 2018, which is up $16 billion from last year, representing a growth of around 30% from 2013 said the analyst. This phenomenal growth is laying the foundation for a new breed of startup…

Teach Yourself The Cloud: Cloud Computing Knowledge In 5 Easy Steps

Teach Yourself The Cloud: Cloud Computing Knowledge In 5 Easy Steps

Teach Yourself The Cloud Learn how to get to grips with cloud computing in business  Struggling to get your head around the Cloud? Here are five easy ways you can improve your cloud knowledge and perhaps even introduce cloud systems into your business.  Any new technology can appear daunting, and cloud computing is no exception.…

Utilizing Digital Marketing Techniques Via The Cloud

Utilizing Digital Marketing Techniques Via The Cloud

Digital Marketing Trends In the past, trends in the exceptionally fast-paced digital marketing arena have been quickly adopted or abandoned, keeping marketers and consumers on their toes. 2016 promises a similarly expeditious temperament, with a few new digital marketing offerings taking center stage. According to Gartner’s recent research into Digital Marketing Hubs, brands plan to…

Cloud Infographic – Disaster Recovery

Cloud Infographic – Disaster Recovery

Disaster Recovery Business downtime can be detrimental without a proper disaster recovery plan in place. Only 6% of businesses that experience downtime without a plan will survive long term. Less than half of all businesses that experience a disaster are likely to reopen their doors. There are many causes of data loss and downtime —…

The Industries That The Cloud Will Change The Most

The Industries That The Cloud Will Change The Most

The Industries That The Cloud Will Change The Most Cloud computing is rapidly revolutionizing the way we do business. Instead of being a blurry buzzword, it has become a facet of everyday life. Most people may not quite understand how the cloud works, but electricity is quite difficult to fathom as well. Anyway, regardless of…