“As macro forces like open-source software and cloud architectures have created more opportunity to innovate at a higher pace and lower cost, we’ve seen a general movement in the industry toward digital frameworks and digital business models.” — Don Duet, Former Partner, Technology Division, Goldman Sachs
Businesses across industries face a number of similar IT challenges, including infrastructure scalability requirements, the need for application modernization, and a pressure to use data to build better customer experiences. Additionally, financial institutions also face some of the most stringent security and compliance standards in dynamically changing, ever-complex regulatory environments. IBM emphasizes the role of cloud technology as a powerful tool for meeting these demands simultaneously.
The Federal Reserve Bank of Atlanta emphasizes that technology has brought a host of benefits and challenges to the financial services industry.
“Increasingly, banks depend on technology to provide services for customers, including online banking, financial advice, and mortgages. One type of technology banks have started to embrace is cloud computing. Cloud computing creates an opportunity to reduce capital investment and increase operational flexibility. Banks had been slower than other industries to adopt cloud computing due to security and regulatory...