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Cloud Computing In The Financial Sector

Cloud Computing In The Financial Sector

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SUMMARY

Cloud computing has become a key aspect for financial services companies, the report says, as it is the technology enabler that backs the transformations necessary to pursue by financial organizations.

This report is the first of a series of three papers that cover relevant aspects of cloud computing in financial services firms. This first part gives an overview of cloud computing as a technology that makes firms competitive in the new financial services sector and highlights its benefits while also identifying risks.

According to this paper, cloud technologies can help companies accelerate processes, lower down risks and boost efficiency, while increasing the ability to detect business opportunities, being a key aspect to make a positive impact on customers through customized proposals, at more competitive prices with safer operations.

The report also takes a look at the risks of not moving to the cloud. This could be the highest risk scenario for a financial company, the report states, if these companies remain conservative while others are pursuing new technologies to launch a series of innovative and profitable business models. At the same time, personalization and immediacy are also key to customers. These two aspects are changing the competitive landscape, the report indicates.

Financial institutions are in sum defining their cloud strategy, and the decisions are more about how changes are conducted rather than other aspects. Cloud computing is considered an essential enabler to manage financial services companies in the new digital arena and this will only grow over time, according to the paper. Besides, the combination of the different cloud service models will depend on each company’s strategy, the document notes, but the decision to migrate to the cloud is obvious.

This report belongs to a three-part series of reports. The site provides access to all three reports.

OUTLINE

Introduction

Cloud Computing Technology

Benefits Of Migrating To Cloud

Cloud Security

Risks And Mitigants In Context

Risks Of Not Moving To Cloud

Conclusion

 

DETAILS

Overview

Researchfinder Rating
4 out of 5 stars
Title
Cloud Computing In The Financial Sector
Region
Global
Published
March 22, 2019
Publisher
Institue of International Finance
Author(s)
Brad Caar, Daniel Pujaron, Jaime Vazquez
Price
FREE
Language
ENGLISH

Content

Number of Pages
30
Number of Tables
0
Number of Exhibits
1
Topics
cloud
Tags
cloud adoption, cloud applications, cloud computing, cloud security, financial services, global, hybrid cloud, Institute of International Finance, SaaS
Author(s)
Brad Caar, Daniel Pujaron, Jaime Vazquez
Methodology
Not available.
EVALUATION

This insightful report is the first of a series of three researches on the benefits of cloud computing for financial services firms.

Positives:

  • Understandable language
     
  • Well-structured
     
  • Interesting information about the risks for financial companies of not moving to the cloud

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