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Thursday, 26 March 2015 10:21

Cloud based IT opportunities for the financial services

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Financial Institutions set to gather to discuss security implications and cost saving potential of cloud migration

Cloud based platforms and services have long been utilised by organisations of all sizes across all spectrums of the business world, but typically financial institutions have been slow adopters due to concerns around data security, regulation and the cost and impact of migration from legacy systems. However, in recent years a number of leading financial institutions have incorporated cloud into their IT strategies, recognising the sizeable cost efficiencies and enhanced service delivery on offer. Many more are set to follow. A recent survey conducted by the Cloud Security Alliance suggested that 61% of respondent banks were actively pursuing a cloud strategy.

According to FinTech Connect Cloud Lead, Diaz Ayub, “cloud adoption is increasing exponentially across the financial sector and it is likely that almost all financial institutions with a strong digital footprint will have a cloud strategy in place within the next five years”.

Concerns regarding data security and residency still exist at present but these will continue to dissipate in the face of the clear, tangible benefits that cloud migration offers. In a recent interview with the organisers of Cloud Banking Europe, Anthony Thomson of Atom Bank states “The benefits to the banking sector are absolutely clear in terms of reduced cost, better infrastructure, (and) more investment in development.”

The challenge for the financial industry is not due to a lack of appetite to move to cloud banking software or infrastructure, it's the ability to successfully migrate data from legacy systems.

Cloud Banking Europe, taking place at London’s QEII Centre on April 14-15 is the World’s first significant event highlighting success stories from major financial institutions on their cloud IT strategies. Supported by global technology giants including HP, IBM, EMC, Fujitsu, NTT and Sungard AS, the conference also features contributions from innovative financial institutions such as BBVA, TSB, RBS, Atom Bank and ABN AMRO. Hundreds of participants are attending from across the UK and European financial sector.

The event not only details the tangible business benefits that the cloud offers, but also clearly presents the realities of what it takes to move away from legacy systems. Ayub explains “This landmark event combines technical discussions on data security policies, perspectives from leading regulators, product demos from cloud innovators and crucially, strategic presentations on how to navigate the pathway to cloud migration”.

Find our more about Cloud Banking Europe at www.cloudbankingworldseries.com/europe

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