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Calling retail banks: boarding on your flight to the cloud has now commenced

Alex Kwiatkowski | Oct. 21, 2010
Retail banks are only interested in private clouds for on-demand services

As an aside, it's interesting to see how banks in Australia and New Zealand and other parts of Asia-Pacific are demonstrating a greater propensity to adopt cloud computing. Along with ANZ and Westpac, Commonwealth Bank of Australia has also publicly endorsed the use of cloud. In Japan, Sugamo Shinkin Bank is building a desktop cloud environment to provide automated updates to all related client environments and eliminate the use of update releases for all sites and the need for a separate configuration process on each PC. Institutions in other regions of the world would do well to pay heed to cloud initiatives occurring in Asia-Pacific.

Retail banks are only interested in private clouds for on-demand services

While banks are gradually shifting towards on-demand services for different purposes (such as holding transactional information or performing testing activities as is the case today, or potentially hosting corporate email in the cloud tomorrow), they appear adamant that private clouds are acceptable on security and privacy grounds, whereas purely public ones, delivered by the likes of Amazon, Microsoft, and Google, are not. Westpac, for instance, couldn't let its operational data go offshore, which dictated the creation of a private cloud (as none of the aforementioned providers have dedicated facilities in Australia). We believe that private clouds will continue to be the order of the day, although as the decade unfolds hybrid versions which mix and match private and public elements will slowly begin to emerge. But with all the hype that's gone before about on-demand services, we won't be getting ahead of ourselves. Banks, vendors, and service providers must follow the same principle.


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