The benefits of cloud are there for everyone to see. Right from improving productivity to reducing costs, cloud has been providing a ton of advantages to companies. With so many benefits, it’s only right that companies want to make the most of them. Wall Street is no exception to this rule.
Many large financial institutions that are a part of Wall Street have started thinking of using the cloud to get a competitive advantage in a fairly tough market. They want to make the most of cloud to drive innovation and to stand out as a preferred institution among customers.
Some companies like CapitalOne have been using cloud services for some time now, while others like JP Morgan and ANZ Bank have announced that they will be moving to a cloud platform fairly soon. Other smaller companies are likely to follow suit too.
Reliable sources confirm that these financial institutions are considering the top three players, namely, Amazon Web Services, Google and Microsoft, for this shift to the cloud. Long years of effort in laying an extensive and strong infrastructure is touted to be the reason to consider only these three providers.
All the three companies have an expansive network and have all the necessary tools and services in place to cater to Wall Street. Using this infrastructure, JP Morgan and other financial institutions are improve their technical capabilities and in the process, drive up efficiency and bring down costs.
In many ways, it’s a surprise that the larger financial institutions haven’t turned to the cloud yet. Small organizations like credit unions moved their operations to the cloud a few years ago, but the larger organizations have started this move just now.
Security was one of the major concerns that held back these companies from making a shift because even the smallest of breaches can prove to be an expensive affair. But now, cloud security has improved and there’s more confidence in the cloud than ever before.
Also, the fact that hackers were able to breach into the so-called “secure” systems of these companies led them to reconsider their choices, and soon they found that cloud is a tenable option. They not only get other benefits such as improved productivity and lesser costs, but also the security is at least on par with what they have, if not better.
To top it, regulators are also going easy on the idea of moving data to the cloud because they also understand that this is the future and it’s only right for banks to make this transition too.
This is why asset managers, insurance companies and large banks are running different tests, talking to vendors and even modifying their existing policies to ensure that their transition to the cloud is smooth and easy.
Overall, wall street is moving to the cloud soon and it won’t be long before customers can enjoy more services while banks stand to gain financially and from an operational standpoint through this transition.