Is cloud computing almost too good to be true for banks?

Grazed from ComputerWeekly. Author: Karl Flinders.

Banks are built on massive IT infrastructures that process huge volumes of data on a daily basis. The cloud’s most obvious benefits will enable banks to keep up with technology changes while reducing costs. The digitisation of services is making it difficult for banks to ignore the cloud.

But concerns over a potential loss of control, availability and data security make moving to the cloud a massive leap in a heavily regulated sector. At a recent meeting at the Financial Services Club (FS Club), Chris Skinner, chairman at the club, said the cloud is still misunderstood, despite it being a talking point in financial services for years…

In 2009 the FS Club hosted a meeting about the cloud in financial services and 165 people attended. “Cloud computing in financial services has been a hot topic for some time and you would think we would know what cloud is all about but we don’t,” said Skinner. “We still have a lot of misunderstandings and ambiguities.”…

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