Cloud computing vendors should be reaping a windfall from bank clients, if a recent report is a true indicator.
A PricewaterhouseCoopers report issued Tuesday stated that in a recent survey of financial services executives, 71% said they will invest more in cloud computing this year up from 18% who said the same in 2012. And 50% plan to invest in private cloud technology (virtualized computers, storage and network equipment that can be easily shared by applications, users and groups). The survey drew 115 financial services respondents across 11 countries.
According to PwC consultants, migrating to the cloud is no longer just about cutting costs. Private clouds, at least, are being deployed more for agility and faster time to market than for additional cost savings, the report states. "In the longer term, institutions will also benefit from the increased efficiency and lower support costs associated with having a standardized IT infrastructure."
However, security issues linger around the cloud. A separate survey PwC conducted last fall found that only 28% of financial institutions have a cloud security strategy in place.