Firms are turning to the cloud in increasing numbers, but not all of them are aware of the risks involved. Nicholas Pratt investigates.
Financial services of all types have grown more comfortable with the cloud. Furthermore, they are prepared to move more of their operational assets to the public cloud. In 2019, Deutsche Bank announced plans to move the majority of its applications from “expensive and inflexible physical servers” to the cloud. And in July, HSBC signed an agreement with Google Cloud to expand its use of cloud technology and adopt a ‘cloud first strategy’.
Meanwhile, a survey from US-based Tabb Group found that 7% of buy-side firms plan to adopt 100% cloud adoption in the next 12 months. While this may not be a massive number, it is 7% more than in the same surveys run in the previous two years.
Increasingly asset managers are no longer looking at the cloud as just a cheaper option for their IT infrastructure but as a way to manage their administrative burden and their application development. For example, IHS Markit found that 80% of asset managers in Europe and North America plan to use the cloud for their data management by the end of 2020.
The IHS…
