Getting Cloud right
How can banks stay ahead of the curve?
Cloud is not the future or an emerging trend anymore: it is the present and is a critical tool for financial institutions to stay competitive in today’s challenging business environment. Banks’ digitalisation or innovation success using emerging technologies such as artificial intelligence are depending on cloud computing.
The cloud has become instrumental for businesses to thrive in today’s fast-evolving competitive marketplace. Technology providers are increasingly moving to the cloud, while on-premise deployments decline.
While cloud has become the pillar of IT across industries, banks have been reluctant to exploring cloud options. This Deloitte report deep dives into six areas of cloud that are particularly relevant to the financial services sector.
Here is a brief look:
The case of Switzerland: How do Swiss banks cope with regulations around cloud?
On 26 March 2019 the Swiss Bankers Association (SBA) published a set of guidelines on cloud banking, containing recommendations designed to increase legal certainty and help Swiss banks make more extensive use of cloud services.1
Microsoft plans to offer organisations cloud services from data centre locations in the regions of Geneva and Zurich, providing data residency in Switzerland to support Swiss companies and institutions - including the financial services industry - in the next steps of their digital transformation. The Microsoft Cloud from Swiss data centres is expected to be available from summer 2019.2
Google Cloud Platform has been live in Zurich since March 20 giving companies doing business in Switzerland more opportunities with lower latency access to their data and workloads.3
IBM, Swisscom and other providers offer private cloud services to banks, in addition to the before mentioned hyperscale cloud services from Google and Microsoft.
1Swiss Banking Associations, “Cloud Guidelines, a guide to secure cloud computing,” 26 March 2019. Read more.
2Microsoft Schweiz, “News,” 5 March 2019. Read more.
3Google Cloud, “Infrastructure,” 12 March 2019. Read more.
A series on digital transformation in finance
Are Swiss banks prepared for the new world of banking?