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Six reasons why cloud computing will transform the way banks serve clients – and the five hurdles to overcome

Six reasons why cloud computing will transform the way banks serve clients – and the five hurdles to overcome | Cloud Central | Scoop.it

By providing near-unlimited hardware and software resources on an off-the-peg, pay-as-you-go basis over the internet, cloud computing drives down costs, enables innovation and creates the flexibility to respond to change.

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..... In a recent policy paper, the EC’s European Cloud Partnership spelt out the need to tackle issues around data, privacy security and legal differences across national boundaries.

 

Image courtesy of banking-gateway.com

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BANKING: Banks bet on cloud as IT budgets ease, report claims

BANKING: Banks bet on cloud as IT budgets ease, report claims | Cloud Central | Scoop.it
Spending on IT services in the UK financial sector has grown to £9.8 billion according to analysts TechMarketView, as banks increase budgets and rethink strategies on cloud computing.
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Despite the increase in IT investment, the report said that CIOs will face new demands to keep costs down.

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Standard Bank embraces cloud computing

Standard Bank embraces cloud computing | Cloud Central | Scoop.it
South African lender plans to move its human resources application into the cloud as a low-risk first step before moving other services
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This is a good showcase. "He said regulators’ main fear was that confidential data would be exposed, but security issues had already been addressed."

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BANKING: Cloud Computing Compliance Hazy For Banks

BANKING: Cloud Computing Compliance Hazy For Banks | Cloud Central | Scoop.it
Crictics say the new FFIEC guidance on cloud computing defines the cloud too broadly and lacks specifics - leading banks to do added compliance for most outsourced services.

 

When Peoples Bank & Trust's email system crashed earlier this summer, it turned to a hosted solution to ensure future continuity, and thus triggered an emerging and muddled compliance challenge many banks face.

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How An E-Invoicing Company Could Disrupt The Banking Industry | FastCompany

How An E-Invoicing Company Could Disrupt The Banking Industry | FastCompany | Cloud Central | Scoop.it
Tradeshift is using real-time data to change the way rates get set for small business loans.

 

The money still comes with an interest rate, but the size of that rate gets determined based on the buyer's credit rating, not the supplier's. Which is good news for small- and medium-sized suppliers, which often get hit with higher rates because they are perceived to be riskier bets.

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Deutsche Bank completes cloud computing overhaul

Deutsche Bank completes cloud computing overhaul | Cloud Central | Scoop.it
Deutsche Bank is set to complete the first phase of a major cloud computing overhaul aimed at improving internal application development.
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Financial services move to the cloud

Financial services move to the cloud | Cloud Central | Scoop.it
Senior IT executives in the financial services industry understand that cloud computing infrastructure can boost the value of their services and offer
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Another inhibitor of cloud computing among financial services organisations is the question of data residency.

 

 

Image courtesy of cloudcomputing.ulitzer.com

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Cloud computing delivers innovation, cost cutback in banking - analysts

Cloud computing delivers innovation, cost cutback in banking - analysts | Cloud Central | Scoop.it
According to analysts, banks are shifting to cloud computing since it could deliver innovation and cost cutback in banking.
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Although the Financial Sector is the greater worrier, in the end, once trust is achieved, it will be important for this sector.

 

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BANKING: The opportunity for Cloud in banking

BANKING: The opportunity for Cloud in banking | Cloud Central | Scoop.it
We are all well aware the banking industry is facing many challenges; unhappy customers, increased regulation, strong competition and decreased levels of profitability. The question is; what do banks do to overcome them?
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BANKING: Cloud computing changes all rules in banking

BANKING: Cloud computing changes all rules in banking | Cloud Central | Scoop.it

How will cloud computing shake up the banking industry? The pre-crisis, high-leverage banking approach is no longer fit for purpose in the post-crisis world. For example, to successfully manage current market challenges (e.g., with liquidity, volatility and regulation), retail banks can no longer rely extensively on expensive branch-focused distribution to achieve sustainable growth.

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Banking: Building A Cloud Computing Road Map - Bank Systems & Technology

Banking: Building A Cloud Computing Road Map - Bank Systems & Technology | Cloud Central | Scoop.it
Tips for leveraging cloud computing for banking and financial services IT.

 

Cloud computing has emerged as one of the most significant game changers to hit the technology landscape in the past 20 years.

 

Today's knowledge-based workforce in the financial services sector has become more agile, flexible, and highly mobile.

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