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Cloud Computing Strategic Considerations for Banking and Financial Institutions

 

Banking & Financial Service (BFS) institutions are possibly the most advanced in terms of technology adoption and use cloud computing capabilities as a key differentiator. With high levels of business process automation, maturity in the functional portfolio, straight through processing and proven technology outsourcing benefits, BFS institutions stand to benefit significantly from cloud computing capabilities.

With complex compliance and regulatory policies, combined with expansive products and geography coverage, the business impact is even greater. While the benefits are exponential, there are also significant challenges in adopting this model – including legal, security, performance, reliability, transformation complexity, operating control and governance, and most importantly, proof for the promised cost benefits.