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Five cloud essentials for the boardroom: What banking and financial markets executives need to know about cloud computing

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  • Zimmerman, David K.

Abstract

This paper discusses insights and best practices on cloud computing for the financial sector derived from working with many of the world’s largest financial institutions. Agility is not a word that is often associated with some IT departments, especially in the banking industry. But cloud computing is changing this. Banks have many reasons to like cloud computing including lower cost, standardisation and consistency. But increasingly they are embracing the cloud because it makes them more agile and responsive to changing market conditions and customer needs. Cloud is becoming a way for banks to deliver new products to market faster, accelerate their growth agendas and enter new foreign markets. This means operating in new environments and using new applications, and all this will need to be accomplished within an increasingly regulated and interconnected world.

Suggested Citation

  • Zimmerman, David K., 2014. "Five cloud essentials for the boardroom: What banking and financial markets executives need to know about cloud computing," Journal of Payments Strategy & Systems, Henry Stewart Publications, vol. 8(1), pages 84-93, March.
    • Handle: RePEc:aza:jpss00:y:2014:v:8:i:1:p:84-93
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    More about this item

    Keywords

    indexing cloud; banking; IBM; transformation; cost savings; agility;
    All these keywords.

    JEL classification:

    • G2 - Financial Economics - - Financial Institutions and Services
    • E5 - Macroeconomics and Monetary Economics - - Monetary Policy, Central Banking, and the Supply of Money and Credit

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