The Banking Sector’s Heart Finally Moves

Banking associations have started after passing a decade in inkling and uncertainty about it liking cloud computing. About donating their sensitive data to an 16, most of them failed to convince themselves. In a recent survey, CEOs and around 71 percent bank executives showed their interest in investing finance and time towards this idea. This speed has augmented compared to the figure earlier this season, revealed by PricewaterhouseCoopers. Be aware that more than half of 115 banking institutions were from the US. According to PWC officials, the largest reason for this change is those offered to banks and financial institutions and that cloud computing service vendors have procured of their services. They have made them more secure, robust and reliable thus, making them accept this technology and winning the trust of banking sector. They’ve made CEOs more comfortable and they have started investing more resources in moving their programs and data in public clouds.

I believe, it is like “better late than never” and feel happy that finally banking institutions have finally begun to accept this technology and make considerable progress in their working process. Formerly too banks were accepting cloud computing, but they were biased towards personal cloud computing because in “private” cloud, all major controls are managed by the consumer as opposed to the vendor. However, this survey shows a clear shift of interest of banking institutions as have started investing in “public” cloud also. The use of cloud computing in banking sectors is software testing and development. It’s clear as testing takes around 3-6 months and of applications takes a substantial quantity of funds.

Banks have begun to transfer resources, accounting and operation apps in public clouds. One example in this context comes from South Africa, where a bank is planning to move its resources apps. If it is satisfied with the outcome, it might put core banking programs in the cloud.

According to specialists, to make security more robust, cloud computing vendors have started encrypting data and while it is in transit. They also have invested in access and identify management. According to the same survey banks have started heading straight towards people cloud computing and skipping the intermediate step of cloud implementation that was private. This information is a big booster. Gartner predicted that using public cloud will see a increase and this report further strengthens Gartner’s predictions. Gartner stated that the use of public cloud computing will increase by 13 percent to make revenue of USD and presented a data 131 billion in 2013. Notice that the revenue earned was USD 111 billion last year. Gartner further predicted that Infrastructure as a Service (IaaS) that includes cloud computing storage and printing solutions would be the fastest growing segment in 2013, as it was last year.

According to the banking sector would rely on top-notch cloud storage providers like GOOG, AMZN, MSFT and RAX. In April AMZN revealed that its S3 service stores over 2 trillion items and it continues to get 1 million requests per minute. According to PWC analysts, this situation will continue to grow and from this planet, data centers will abolish in 15 years from now and everything is going to be saved in the cloud storages.


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