Home / Technology / Cloud computing in banks

Cloud computing in banks

Just as one survey finishes, another one starts. This one is all about cloud computing.

Cloud computing is a hot topic all around, as I recently blogged, and is often on the agenda at conferences. For example, I recently received an email from Temenos saying that bankers aren’t getting into the cloud because they are concerned about security and potential risks of a technology they view as immature, even though they accept its potential for cost savings.

According to the Temenos survey, 44% of bank executives see the lack of data security as a significant barrier to the adoption of cloud computing. Only 15% are running cloud applications today, which reflects a lack of maturity and confidence in cloud computing; and 80% could not name a leader of cloud computing in the banking sector.

Their survey was performed at a conference of C-level executives and IT managers in May, with the majority of respondents working for mid-market banks (assets of between $10-$250 billion).

The thing banks don’t get is that you can run private clouds; they don’t have to be in public domain.

So why aren’t there more of those around the City?

According to Thomas M. Kilroy, vice president and general manager of Intel's Digital Enterprise Group, it is because banks “buy into the economics and flexibility of cloud computing” but “are tired of the usual pitches on cloud.”

Mmmm … the usual pitches?

What’s the reality?

To find out, the Financial Services Club is running another brief survey about Cloud Computing: the reality.

This is a really short survey and we appreciate your time if you help.

Why join in?

First, you will all get a copy of any results of the research. Second, three lucky (or unlucky?) people will win a copy of any of my books, with one person receiving a free membership of the Financial Services Club for a year.

So that’s worth your time surely?

Click here to take the survey.

Meanwhile, the
Financial Services Club's SEPA and PSD Survey is closing this week.  You
still have time to take part in that one by clicking here.

*

The Finanser and the Cloud Computing survey is sponsored by Cisco:
Cisco  
For details of sponsorship email us.

About Chris M Skinner

Chris M Skinner
Chris Skinner is best known as an independent commentator on the financial markets through his blog, the Finanser.com, as author of the bestselling book Digital Bank, and Chair of the European networking forum the Financial Services Club. He has been voted one of the most influential people in banking by The Financial Brand (as well as one of the best blogs), a FinTech Titan (Next Bank), one of the Fintech Leaders you need to follow (City AM, Deluxe and Jax Finance), as well as one of the Top 40 most influential people in financial technology by the Wall Street Journal’s Financial News. To learn more click here...

Check Also

100 years from now, will we look back and think how ignorant we were?

I was talking about space exploration with a colleague the other day. They looked at …

  • Cloud computing, the dynamic data center.
    Cloud computing helps to increase the speed at which applications are deployed, helping to increase the pace of innovated networked computing. Service deployed applications; Cloud computing can be provided using an enterprise data center’s own servers, or it can be provided by a cloud provider that takes all of the capital risk of owning the infrastructure.
    Cloud computing incorporates virtualization, data and application on-demand deployment, internet delivery of services, and open source software. Virtualization enables a dynamic data center where servers provide resources that are utilized as needed with resources changing dynamically in order to meet the needed workload.
    The combination of virtual machines and virtual appliances used for server deployment objects is one of the key features of cloud computing. Additionally, company’s can merge a storage cloud that provides a virtualized storage platform and is managed through an API, or Web-based interfaces for file management, and application data deployments.
    Layered Service providers offering pay-by-use cloud computing solutions can be adjacent to company’s equipment leases. Public clouds are run by third party service providers and applications from different customers are likely to be mixed together on the cloud’s servers, storage systems, and networks. Private clouds are built for the exclusive use of one client, providing the utmost control over data, security, and quality of service. Private clouds can also be built and managed by a company’s own IT administrator. Hybrid clouds combine both public and private cloud models which may be used to handle planned workload spikes, or storage clouds configuration. Dedicated audits for security policies are a must.
    The benefits of deploying applications using cloud computing include reducing run time and response time, minimizing the purchasing and deployment of physical infrastructure. Considerations for Energy efficiency, flexibility, simplified systems administration, pricing based on consumption, and most of all limiting the footprint of the data center. Virtualized solutions: http://www.shopricom.com

  • Cloud computing, the dynamic data center.
    Cloud computing helps to increase the speed at which applications are deployed, helping to increase the pace of innovated networked computing. Service deployed applications; Cloud computing can be provided using an enterprise data center’s own servers, or it can be provided by a cloud provider that takes all of the capital risk of owning the infrastructure.
    Cloud computing incorporates virtualization, data and application on-demand deployment, internet delivery of services, and open source software. Virtualization enables a dynamic data center where servers provide resources that are utilized as needed with resources changing dynamically in order to meet the needed workload.
    The combination of virtual machines and virtual appliances used for server deployment objects is one of the key features of cloud computing. Additionally, company’s can merge a storage cloud that provides a virtualized storage platform and is managed through an API, or Web-based interfaces for file management, and application data deployments.
    Layered Service providers offering pay-by-use cloud computing solutions can be adjacent to company’s equipment leases. Public clouds are run by third party service providers and applications from different customers are likely to be mixed together on the cloud’s servers, storage systems, and networks. Private clouds are built for the exclusive use of one client, providing the utmost control over data, security, and quality of service. Private clouds can also be built and managed by a company’s own IT administrator. Hybrid clouds combine both public and private cloud models which may be used to handle planned workload spikes, or storage clouds configuration. Dedicated audits for security policies are a must.
    The benefits of deploying applications using cloud computing include reducing run time and response time, minimizing the purchasing and deployment of physical infrastructure. Considerations for Energy efficiency, flexibility, simplified systems administration, pricing based on consumption, and most of all limiting the footprint of the data center. Virtualized solutions: http://www.shopricom.com