Cloud computing is nothing new for the financial sector. Over the last half-decade, the largest banks in North America have been steadily migrating certain parts of their systems to operate in the public cloud through platforms like Microsoft’s Azure, looking to take advantage of hyperscale computing power.
Late last year, Citibank’s global head of bank research Ronit Ghose discussed the idea of large banks moving AI and other platforms to the cloud, saying “the banking industry must react and evolve to not get wiped out by an extinction event such as digital disruption.” He likened banks to black and white televisions—operating on a dated, yet resilient infrastructure that doesn’t look flashy but works well and results in fewer breakdowns and outages than the modern competitors. In the case of banks, these new competitors would be fintechs.
Enterprise companies are typically looking to cloud solutions for a few key reasons, the most important of which is pure computing power. Cloud ..Read More