To date there has been much discussion surrounding the adoption of cloud computing within the Financial Services industry. Research shows this will gradually pick up throughout 2014, with 71% of firms saying that they will invest more in cloud computing going forward.
SaaS (Software as a Service) is currently the most popular form of cloud service, used by 63% of organisations. However, IaaS (Infrastructure as a Service) usage has grown by 29% throughout 2013 alone. Companies are turning to the cloud for infrastructure such as storage, servers and networking components and it is highly likely that this form of service will continue to rise in popularity during 2014.
So why are organisations looking to use cloud services? Well, the main benefit of using cloud computing, is it is a flexible and scalable environment. If you are working within a bank, investment bank or insurance company, with a vast array of systems and applications, utilising cloud computing across your infrastructure will allow it to grow as required.
Another advantage of utilising ‘The Cloud’ is in storing that all important data. With data getting bigger and more valuable, it is increasingly important to store this information and cloud is the ideal solution to use for this thanks to its scalability.
In order to maximise the benefits of cloud services, it is important that your system architecture is able to connect to cloud applications you have now and the ones you will develop in the future. Cloud integration has its challenges, but it is essential for the development of technology within any finance firm. Throughout 2014 we can expect to see the CIO begin to consider migrating to a cloud integration platform or face being out-scaled by the competition.