As businesses evolve and are on the lookout for increased efficiencies, it is no surprise that the attention of financial institutions, big and small, are gravitating towards the benefits of cloud solutions.
The trends are clear, more and more businesses are exploring opportunities to bring operating flexibility to their doorstep, often in favor of customer and user experience. Decision makers in the industry are starting to recognize the potential that public cloud offerings can bring, while still addressing many of their traditional compliance concerns.
This week’s round up focuses on findings and trends pointing to the future growth and adoption of cloud technology across financial institutions.
Banking Data Centers Are Giving Way to Public Clouds
In this piece, Forbes interviews Alexa Guenoun president of the Americas and Global Head of Partners for Temenos. The company recently released a survey that interviews over 305 global bank executives on “themes related to the digitization of banking.” The takeaway here: “Cloud is coming faster than expected in U.S. banking.”
Here are two snippets:
“I was quite surprised. I had thought we would be living longer with data centers rather than public clouds,” said Guenoun. Increasingly the cloud provisioning will be multi-cloud —81% believe a multi-cloud strategy will become a regulatory prerequisite after several years of regulatory focus on cloud technologies in the UK and the US.”
“The survey also showed banks are shifting investment in regulatory compliance, which has consumed a lot of IT budget in the last several years, to a greater emphasis on customer experience — from hyper-personalization to product agility, although compliance still is a high priority.”
News via Forbes.
Why Data Centers Aren’t Keeping Up With The Public Cloud
Forbes calls out four key pillars as to why the traditional data centers are falling behind public cloud alternatives: Rate of Innovation; Safeguarding Privacy, Security and Compliance; Scale and Availability. Although this perspective is taken from within the healthcare industry, the same parallels can easily be drawn to data centers housed within financial institutions.
Have a look: “While we still see some use cases for data centers, the reality is they simply can’t keep up with what the mega public cloud companies (Amazon, Google and Microsoft) can do. Yes, data centers can offer co-location, but the public cloud offers availability zones or regions, essentially data centers themselves but at a scale so much greater than a traditional data center company can offer and with different levels of responsibility in which the burden of the infrastructure isn’t on your organization.”
News via Forbes.
The Public Cloud – Global Market Insights and Forecast to 2023
The forecast for public cloud technology up to the year 2023 has been added to the Research and Markets review. The findings touch on growing advancements of the IT industry as one key factor resulting in the inevitable growth of the public cloud market.
The takeaway: The global public cloud market is anticipated to record a CAGR of around 23% over the forecast period, i.e. 2017-2023
Here’s a sample: “Public cloud platforms help businesses to operate their work processes on a cloud infrastructure instead of deploying equipment on-premises, thereby helping businesses gain profits as the cost of equipment is saved and that there are no worries for timely maintenance of the infrastructure. Additionally, rising concepts of internet of things (IoT), machine learning, artificial intelligence and others along with the advent in IT technologies worldwide are some of the factors that are helping to expand the growth of the public cloud market.”
News via PRNewswire via Research and Markets.