IDG Contributor Network: Banking on the cloud
The wave of fintech startups, digital challengers and tech giants presents a threat to the big banks that is unlikely to go away soon. The impact of the financial crisis, scandals in the interbank and foreign exchange markets and continued volatility in global markets has meant regulators the world over continue to scrutinize banks like never before. Cloud computing can help the banks to respond more effectively to these challenges by driving down costs, enabling innovation and creating the flexibility needed to respond to change.
Traditionally banks have been reluctant to embrace such technologies, especially on security grounds. Some of this hesitancy is practical: How does one move petabytes of data that is transactional and hence continually in use?
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