Wednesday, December 7, 2011

Is Cloud ready to hold your money ?


Here are few excerpts from web which shows how Financial Industry is approaching the Cloud computing. It includes Financial Institutions, Cloud Providers & Banking software providers.

Financial Institutions

“Boston branch of the Wall Street Technology Association remain wary of public cloud infrastructure, such as Amazon's EC2, but some have started building out the private cloud.”

“It's understood in Boston financial circles that State Street Bank was ahead of the curve in adopting virtualization and was about 72% virtualized by the time the topic of cloud computing became popular two years ago. State Street now operates seven racks of virtualized servers as its private cloud, with users able to provision servers for themselves.”

“startups are skipping the data center investment .. directly going to cloud”

“Robert Hegarty, global head of market structure-enterprise for Thomson Reuters, said the biggest challenge for IT staffs in financial services is the changing regulatory climate”

Cloud Providers

“Data intensive processing is a common early uses case for financial services customers, including risk analysis, algorithm and model testing and financial simulations. Web and mobile applications and storage and content distribution are also common use cases.”

“Security is top of mind for many customers”

Banking Software Provider

“PaaS is where the future and true value in cloud lies for the financial services industry. PaaS is about the use of intelligent software infrastructure and programming capabilities to enable the convergence of applications, structured and unstructured data, dynamic processing power, and connectivity with intelligent devices.”

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