Financial Sector Technology is Shifting Towards Cloud Computing

Thu, 09/01/2011 - 08:11 — Steve Pailthorpe

The use of Cloud Computing for financial sector technology is increasing. Financial organisations can utilise the cloud to improve customer relationship management, while also using virtual desktops to improve the efficiency of their computing processes. They can gain confidence and knowledge to support their cloud computing initiatives from the experiences of companies that already have taken the plunge.

Most of these efforts provide useful insights to help companies take one of the critical steps in any cloud computing initiative: setting a clear strategy and road map with achievable, meaningful goals. Merrill Lynch has created an energy-saving risk management platform, and Wall Street's new hosted Electronic Settlement Network offers pay-as-you-go FX trade processing.

 
Some finance firms' are showing reluctance as cloud computing is being driven by suppliers and not market demand. Financial services companies are reluctant to hand over control of their financial sector technology applications to third parties. If you move to cloud computing and it breaks, your business cannot operate whereas if systems are managed internally, you can still run. Cloud use can’t go unchecked. Given how easily data can be moved in the cloud, it’s imperative to know where it is at all times.
 

 

 

 

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